EC101 Microeconomics Suffolk University Monopolies VMPL Tariffs & Imports HW This is a microeconomics course. The name of the course is EC101. Please answe

EC101 Microeconomics Suffolk University Monopolies VMPL Tariffs & Imports HW This is a microeconomics course. The name of the course is EC101. Please answer all questions. These questions are based on various chapters from microeconomics theories. Specifically monopolies, VMPL, Tariffs and imports. SUFFOLK UNIVERSITY
Ec101b
Fall 2019
Assignment Four
L. Foglia
DUE: Wednesday, December 4th, in class.
REMEMBER TO PUT ALL ANSWERS BELOW ITS QUESTION.
SECTION ONE:
2.5 points.
a) What is the one occasion when a monopolist might be efficient?
b) What is true of a natural monopoly?
c) If you were to draw price and marginal revenue for a monopolist, what
would that look like?
d) What is true of consumer and producer surplus for a perfect price
discriminating monopolist?
e) What is true of marginal cost pricing that makes it problematic?
f) If a monopolistic competitor has excess capacity, what does this mean?
g) A monopolistic competitor enjoys markup. What does this mean?
h) What is true for the HHI in an oligopolistic firm?
i) Is the Nash equilibrium the best outcome in an oligopolistic game? Why
or why not?
j) In a duopoly, can a competitive outcome occur? If so, when?
SECTION TWO:
2.5 points.
a) WRITE A FORMULA FOR THE VMPL.
b) Use a formula to show when a firm will hire the ‘correct’ number of
workers.
c) If a more efficient machine is used in a kitchen, how might this affect the
demand for kitchen workers?
d) If a firm buys more trucks, what happens to the demand for truck drivers?
e) In part ‘d’, what do we call the relationship between trucks and drivers?
f) At some point, a labor supply curve might bend backwards. What causes
this?
g) If the substitution effect is happening, what does this mean for a workers
labor supply curve?
h)
i)
j)
What happens to consumer surplus as a result of imports?
When the world price of t-shirts is lower than the domestic price, what
happens to producer surplus?
Who gets the tariff revenue?

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