# EXAM PRACTICE QUESTIONS 11

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University of Toronto Mississauga

Economics

ECO200Y5

Robert Barber

Summer

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TUTORIAL 12WEDNESDAYJULY 16 2014 4PM5PMQUESTION 122pp 445446 Suppose demand is Q100001000P and marginal cost is constant at MC6 From thegiven demand curve one can compute the following marginal revenue curve MR10500Qa Graph the demand marginal cost and marginal revenue curvesb Calculate the price and quantity associated with point C the perfectly competitive outcome Compute industry profit consumer surplus and social welfarec Calculate the price and quantity associated with point M the monopoly or perfect cartel outcome Compute industry profit consumer surplus social welfare and deadweight lossd Calculate the price and quantity associated with point A a hypothetical imperfectly competitive outcome assuming

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