ECON 705 (ECON705)

1. Companies with market power usually prefer to implement price discrimination because Select one: a. charging different prices to people based on their individual demand yields more profit. b. their market power makes them complacent and lazy; it is actually less profitable to utilize price discrimination among consumers with different demands than it is to charge a single price to all. c. it is simpler and more efficient to charge a uniform price than to figure out dozens or thousands o...

Use the following regression results to answer the four questions below. Dependent Variable: QQ Observations: 32 R2R2: 0.7547 FF-ratio: 92.31 pp-ratio on F: 0.0001 Variable Parameter Estimate Standard Error t-ratio p-value L3L3 -0.0016 0.0005 -3.20 0.0032 L2L2 0.4000 0.0950 4.21 0.0002 1. Which of the following equations is derived correctly? Select one: a. AP=−0.0032L2+0.8000LAP=−0.0032L2+0.8000L b. AP=0.L2−0.1333LAP=0.L2−0.1333L c. MP=−0.0048L2+0.8000LMP=−0.0048L2+0.8000L d. Q=−0...

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1. Companies with market power usually prefer to implement price discrimination because Select one: a. charging different prices to people based on their individual demand yields more profit. b. their market power makes them complacent and lazy; it is actually less profitable to utilize price discrimination among consumers with different demands than it is to charge a single price to all. c. it is simpler and more efficient to charge a uniform price than to figure out dozens or thousands o...

5. With three employees, APAP = and MPMP = . Select one: a. 45; 27.5 b. 30; 40 c. 60; 35 d. 50; 30 6. With four employees, TPTP = and APAP = . Select one: a. 155; 38.75 b. 165; 41.25 c. 160; 40 d. 180; 45 7. In economics, a cost which must be paid regardless of the level of output production is called Select one: a. a fixed cost. b. zero marginal cost. c. diminishing returns. d. elastic overhead. 8. When a technology improvement increases the output per employee, then the cost per unit of output...

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