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Course Resources: How many textbooks are required for this course? 

Policies and Important Documents: When is Mrs. Salem available for individual conferences?

Course Resources:  Where do you find the registration code for the electronic version of the literature book?

Answer the question on the basis of the accompanying demand schedule.   Price Quantity Demanded $ 7 1 6 2 5 3 4 4 3 5   The marginal revenue obtained from selling the third unit of output is

OPEC,  the organization of petroleum exporting countries,  opted to keep its output unchanged,  expressing confidence in the market despite global supply strains that kept prices high.    OPEC kept its production at 30 million barrels per day.  A.  Explain how OPEC is acting like a single firm monopoly B.  Suppose Saudi Arabia,  “cheated” on its agreement and decided to  increase its production.  Why would Saudi Arabia choose to do this?  Explain using your understanding of revenue, costs and profits for a oligopoly firm. C.  Explain, using demand and supply analysis what happens in the overall market for oil after Saudi Arabia’s action.  (Note: you don’t have to submit a graph (but you can).  However, you must clearly explain your shifts, direction and what happens to price and quantity as a result.)

  Total Output Price Marginal Revenue Average Total Cost Marginal Cost 1 $ 100 $ 100 $ 100.00 $ 30 2 90 80 63.00 26 3 80 60 52.67 32 4 70 40 49.50 40 5 60 20 49.60 50 6 50 0 50.00 52 7 40 −20 52.29 66 8 30 −40 55.75 80 9 20 −60 60.67 100 10 10 −80 67.60 130   Refer to the data above for a nondiscriminating monopolist.  a)  What level of output should the monopolist produce at to maximize profit?  How do you know? b)  Is this monopolist earning profit?  How do you know? c)  Name an industry that the above table could apply to?  What could be the source of this firm’s monopoly power?

Suppose Phineas  is the only inventor and seller of space suits  in town and therefore holds a monopoly on the sale of space suits.  Phineas can offer additional space suits at a constant  $150 per suit (marginal cost).  For simplicity assume that he has no fixed costs.    Show your work for receive full points. The following is the demand schedule for space suits in Phineas’ town:   Quantity of space suits demanded Price of a space suit Total Revenue (TR) Marginal Revenue (MR) 0 $1,000 $0 — 1 $  800     2 $  500     3 $  450     4 $  150 5 $      0 A. If Phineas acts as a  profit maximizing monopolist,  how many space suits will he offer and what price will he charge? B.  What is Phineas’ profit?  C.   If the market for space suits were perfectly competitive,  what would be the efficient price? D.  If Phineas  was able to price discriminate and also sell his space suits to Aliens who have a higher elasticity of demand than humans (the table above) for space suits, where would he make the larger profit?  

Examine the  market for pizza  For a. and b. describe which curve is affected,  the reason for the shift,  the direction of the shift and what happens to price and quantity as a result of the shift.  Assume that there is no intervention in the market.  You are encouraged to draw graphs to help in your analysis  but do not have to submit them with your answer. a.  The price of cheese, a key ingredient in pizza, rises b.  The price of soda, a complement to pizza,  falls. c.  Assume that both a and b have simultaneously occurred,  what can you say about the effect of both of these events on equilibrium price and quantity? *note a. and b.  have only one shift

I have read the Getting Started module and course syllabus in their entirety.

In what ways did Antiochus desecrate the Temple?