课程名称︰个体经济学 课程性质︰系定必修 课程教师︰林明仁老师 开课学院：社会科学院 开课系所︰经济学系 考试日期（年月日）︰97/03/27 考试时限（分钟）：2小时(有延长10分钟) 是否需发放奖励金：是 谢谢^^ （如未明确表示，则不予发放） 试题 : Part 1:Mutiple choice:(3 points each, 24 points total): 1. The smallest level of output for which average cost is at its minimum is the (a) Absolute cost advantage. (b) Excess capacity. (c) Minimum efficient scale. (d) Profit-maximizing output level. 2. Economies of scale is more likely to act as a structural barrier to entry when (a) the minimum efficient scale is a smaller percentage of the firm's demand. (b) the minimum efficient scale is a larger percentage of the firm's demand. (c) the minimum efficient scale is a smaller percentage of total market demand. (d) the minimum efficient scale is a larger percentage of total market demand. 3. Which of the following statements about a monopoly is false? (a) A monopolist has the same primary objecives as a competitive firm- to maximize profit. (b) A monopolist determines output level but not price. (c) A monopolist will maximize profit at the output level where marginal revenue equals marginal cost. (d) Marginal revenue is not equal to price for a monopolist. 4. For a multiplant monoplist, profit maximization requires that (a) output level is equal across all plants but the marginal cost might differ between plants. (b) marginal cost is equal across all plants but each plant may produce a different output level. (c) both marginal cost and output level are equal across all plants. (d) neither marginal cost nor output level are equal across all plants. 5. Which of the following statements true for a monopolistically competitive market? (a) Barriers to entry prevent new firms from entering the market. (b) Profits will be maximized at an output level where marginal revenue exceeds marginal cost. (c) The demand curve for each firm is perfectly elistic. (d) In the long run, equilibrium economic profits are zero. 6. If a monopolist uses a two-part tariff and consumers have demands that are different but relatively close together, the monopolist will maximize profit if it charges a (a) per-copy fee above marginal cost and a fixed fee equal to the consumer surplus that resutls from the larger of the demand curves. (b) per-copy fee above marginal cost and a fixed fee equal to the consumer surplus that resutls from the smaller of the demand curves. (c) per-copy fee above marginal cost and a per-copy fee equal to the consumer surplus that resutls from the larger of the demand curves. (d) per-copy fee above marginal cost and a per-copy fee equal to the consumer surplus that resutls from the smaller of the demand curves. 7. Bundling increases profit when (a) consumers are willing to pay more for both goods and therefore feel like they are getting a bargain. (b) there is a difference in how different consumers value different goods in relation to each other, (c) packaging lowers the marginal cost of producing and selling the goods. (d) demand increases. 8. For a profit-maximizing monopolist, using the Lernes Index, (a) the more elastic is the demand, the smallest is the degree of monopoly power. (b) the less elastic is the demand, the smaller is the degree of monopoly power. (c) the more elastic is the demand, the greater is the degree of monopoly power. (d) the less elastic is the demand, the greater is the degree of monopoly power. Part 2: Short questions: 1. Explain why a monopolist does not have a supply curve.(5 points) 2. Explain why no maximizing monopolist would ever charge a price where demand is inelastic.(5 points) Part 3: Long questions: 1.(10 points) Consider a monopolist with the following demand function: P=180-2Q. The minimum long-run average costs of producing the good are LRMC=LRAC=20, but this mpnopolist is inefficient and operating with LRMC=LRAC=28. a. Solve for the profit-maximizing price and quantity for the inefficient monopolist. Calculate profit for the inefficient monopolist. b. Solve for the profit-maximizing price and quantity if the monopolist produced the good efficiently. Calculate profit for an efficient monopolist. c. Assume an economist believes that the monopolist is minimizing its costs when it produces with LRMC=LRAC=28. In this case, what would be the economist's estimate of the monopolist's deadweight loss? d. We know that the monopolist is not minimizing its costs when it produces with LRMC=LRAC=28. What is the true deadweight loss for an inefficient monopolist if a cost-minimizing monopolist would produce with lower costs LRMC=LRAC=20? 2.(10 points) Consider a monopolist with two plants with the following marginal cost functions: MCa=18+(1/2)qa and MCb=6+(1/2)qb. The demand function is P=30-(1/4)Q a. Solve for the profit-maximizing level of output for each plant. b. Calculate the monopolist's profit-maximizing price. c. Draw a graph showing the profit-maximizing level of output for each plant, total output, and price. 3.(10 points) Adults have the following demand curve foe Broadway show tickets : Pa=200-qa and cfildren have the demand Pc=100-(1/2)qc.MC=AC=20 a. Solve for the price charged and number of tickets sold in each market with third-degree price discrimination. b. Solve for the elasticity of demand for adults and children at their respective equilibrium points with third-degree price discrimination. In which market is demand more elastic at the equilibrium price/quantity combination. c. Solve for total consumer surplus, total producer surplus, and monopoly profit with third degree price discrimination. 4.(10 points) Suppose market demand is P=100-Q, and solve the pricing schedule if a monopoly profit is using two-block pricingif its total cost, TC=100+20Q+(1/4)Q^2. 5. Suppose the market demand curve a monopoly face is P=Q^-1/e, and its MC=m. (1) Calculate the elasticity of the demand?(6 points) (2) Derive the MR curve.(5 points) (3) how much would the profit maximizing produce, and what is the corresponding price?(6 points) (4) Now suppose the government levies a per unit specific tax t, what is the monopoly price? How much would the price increase?(5 points) (5) Using (4), explain why the incidence of the tax falls on consumers can be more than 100%.(4 points) --

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