Marginal revenue product is measured by:
a. MR × price.
b. MR × MC.
c. TR / MP.
d. MP × price.
e. TC / MP.
d
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Larry spends all his $800 monthly income on pizza and milk. The price of pizza is $4 a slice, and the price of milk is $2 per quart. The relative price of milk is
A) 2 slices of pizza per quart. B) 0.5 slices of pizza per quart. C) $2 per quart. D) 0.5 quarts per slice of pizza.
To calculate the price elasticity of demand we divide
A) the average price by the average quantity demanded. B) the percentage change in quantity demanded by the percentage change in price. C) rise by the run. D) the percentage change in price by the percentage change in quantity demanded.
Consider a market with (inverse) demand p = 100 - 2Q. There are two firms in the market with constant marginal and average costs of $10
a. Determine the Cournot equilibrium quantities and price b. What would be the collusive (joint-profit maximizing) price and quantity? c. Derive the deadweight loss from (i) Cournot Dupoly, (ii) Collusion, and (iii) Perfect competition in this market with the two firms.
The four firm concentration is a measure of
a. the percentage of total output of the four largest firms in an industry b. the total output of the fourth largest firm in an industry c. the percentage of total sales of the four largest firms in an industry d. the total output or sales of the four largest firms in an industry e. either a or c