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ECON705 Economics Analysis For Management

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Question:

e amount of profit that can be achieved using uniform pricing is__________ the profit that can be achieved from price discrimination because _______.
Select one:
a. less than; total demand includes people who would be willing to pay more than, as well as less than, the uniform market price.
b. greater than; the cost of trying to determine every single consumer's individual demand (willingness to pay) is prohibitively expensive.
c. equal to; the and curves are equivalent under either pricing scheme, so there is no profit advantage to either scheme.
d. less than; uniform pricing is more costly so the and

curves are higher than they are under price discrimination.A firm selling in two markets is practicing price discrimination
Select one:
a. anytime it charges different consumers different prices.
b. when it is charging different consumers different prices and the price difference is not based upon cost differences.
c. when it refuses to sell the good to some group of consumers.
d. when it charges the same price to different consumers as long as

they differ in their demand for the good.To successfully practice price discrimination
Select one:
a. the firm must be a pure monopoly.
b. consumers in two separate markets must have identical demand.
c. the firm must possess market power.
d. it must be easy for consumers in one market to sell to consumers in the other market.If it could practice first-degree price discrimination, a firm with market power could earn
Select one:
a. an area half the size of its monopoly power under uniform pricing.
b. its typical monopoly profit as well as the area which, under uniform pricing, would represent consumer surplus and the deadweight loss associated with market power.
c. its typical monopoly profit as well as the area which, under uniform pricing, would represent the deadweight loss associated with market power.
d. its typical monopoly profit as well as the area which, under uniform pricing, would represent consumer surplus.
A news magazine offers students a discount on the regular subscription rate.
 
The total number of subscriptions is optimal, and, at the current prices, the marginal revenue from the last subscription sold to a student is $6, while the marginal revenue from the last subscription sold to a regular customer is $10. In order to maximize profit, the magazine should

a. stop offering students a discount on the regular subscription rate.
b. offer students a higher discount (lower the price to students).
c. offer all customers the same discount received by the students.
d. offer students a lower discount (raise the price to students).

A firm is producing two goods ( and ) that are related in consumption.The demand function for is: Which of the following pairs of goods might the firm be producing?
Select one:
a. bran cereal and sugar-frosted corn flakes
b. shampoo and conditioner
c. cola and caffeine-free coke
d. newspapers and tennis balls

In order to maximize profit, a firm like the one above, which is producing two goods that are related in consumption, should choose the levels of output at which
Select one:
a. the marginal revenue of each good equals total marginal cost.
b. marginal revenue equals marginal cost for each good simultaneously.
c. total marginal revenue equals total marginal cost.
d. total marginal revenue equals the marginal cost of each good.
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