Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
20th Edition
ISBN: 9780078021756
Author: McConnell, Campbell R.; Brue, Stanley L.; Flynn Dr., Sean Masaki
Publisher: McGraw-Hill Education
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Question
Chapter 4, Problem 2RQ
To determine
Changes in output to achieve efficiency in production.
Expert Solution & Answer
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Check out a sample textbook solutionStudents have asked these similar questions
Economic efficiency is
O A. a market outcome in which the marginal benefit to consumers of the last unit produced is greater than its marginal cost of production and in which the sum
of consumer surplus and producer surplus is at a maximum.
O B. a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of
consumer surplus and producer surplus is at a maximum.
O C. a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of
consumer surplus and producer surplus is not at a maximum.
O D. a government outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum
of consumer surplus and producer surplus is at a maximum.
O 560
O 620
QUESTION 4
For a non-competitive firm with a demand curve P = 1800-2Q and marginal costs of MC = $200, how much is the equilibrium price (P*)?
O $500
O $750
O $1000
O $1250
QUESTION 5
For a non-competitive firm with a demand curve P = 1800-2Q and marginal costs of MC = $200, how much is the consumer surplus or
net consumer value?
O $160,000
O $480,000
$560,000
O $620,000
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1p
1 p
Feb 28
QUESTION 10
Assume that Japan is the main supplier of cars to the US. Japanese supply is given by Qs = 40p. American demand is given by Qd =
8000-10p. What is the price in this market.
80
100
160
O 200
QUESTION 11
What is US consumer surplus.
578 thousand
O 245 thousand
O 2.048 million
O 1.025 million
QUESTION 12
What is Japanese producer surplus.
700 thousand
512 thousand
500 thousand
1.4 million
Chapter 4 Solutions
Economics: Principles, Problems, & Policies (McGraw-Hill Series in Economics) - Standalone book
Ch. 4.A - Prob. 1ADQCh. 4.A - Prob. 2ADQCh. 4.A - Prob. 3ADQCh. 4.A - Prob. 1ARQCh. 4.A - Prob. 2ARQCh. 4.A - Prob. 3ARQCh. 4.A - Prob. 1APCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 1RQCh. 4 - Prob. 2RQCh. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Prob. 5RQCh. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 1PCh. 4 - Prob. 2PCh. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - Prob. 5PCh. 4 - Prob. 6PCh. 4 - Prob. 7P
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