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The infant is born at 30 weeks gestational age.  Infant is now 6 months old.  What is the infant’s corrected age?

In market A, a firm with market power faces an inverse demand curve of P = 10 – Q and a marginal cost that is constant at $2. In market B, a firm with market power faces an inverse demand curve of P = 8 – 0.75Q and a marginal cost of $2. Producer surplus in market A is ______ than in market B.

A perfectly competitive industry consists of 700 identical firms, each with a short-run supply curve given byQs=-20+15P. What is the equation for the industry’s short-run supply curve?

c) If the total cost function of a representative firm is TC(q)=50+25q+10q2, is the equilibrium you find in part a) a long-run equilibrium? Explain.

Use the following to answer question 5: q5.jpg  At a price ceiling of $8, there is a shortage of ______ and a deadweight loss of ______.

Monroe consumes crab cakes and tuna. Monroe’s utility increases with the consumption of crab cakes, but his utility neither increases nor decreases with the consumption of tuna. Assuming tuna is placed on the x-axis and crab cake is placed on the y-axis, what do Monroe’s indifference curves look like?

c) If the market is instead perfectly competitive (with the same demand and same cost function), what will be the equilibrium price and output level? How much consumer surplus (CS) and producer surplus (PS) will the perfectly competitive market generate?

Use the following to answer question 33: q33.jpg  The levels of consumer surplus under monopoly and perfect competition are ______ and ______, respectively.

Use the following to answer question 20: Quantity of Output, Q Total Revenue Total Cost 0 0  30 1 100  50 2 200 100 3 300 180 4 400 280 5 500 520 The level of output where marginal revenue equals marginal cost is:

b) How much should a representative firm supply to maximize its profit? If all firms in the market are identical, how many such firms are in this market?