Unless specified differently by your course instructor

Unless specified differently by your course instructor

Unless specified differently by your course instructor

.0/msohtmlclip1/01/clip_image002.jpg” alt=”Description: kulogo”>Unit 9
Assignment Template:
Name: –
Course Number: –
Section Number: –
Unit Number: – 9
Date: –

———————————-
General Instructions for all Assignments———————————–
1. Unless specified differently by your course
instructor, save this assignment template to your computer with the following
file naming format:
Course number_section number_LAST_FIRST_ unit
number

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2. At
the top of the template, insert the appropriate information: Your Name, Course
Number, Section Number and Date

3. Insert your answers below, or in the
appropriate space provided for in the question.
Your answers should follow the APA format with citations to your sources
and, at the bottom of your last page, a list of references. Your answers should
also be in Standard English with correct spelling, punctuation, grammar, and
style (double spaced, in Times New Roman, 12-point, black font). Respond to questions in a thorough manner,
providing specific examples of concepts, topics, definitions, and other
elements asked for in the questions.

4.
Provide a list of references at the end of the last page of your
assignment.

5. Upload the completed assignment to the
appropriate dropbox.

6. Any questions about the assignment, or
format questions, should be directed to your course instructor.
——————————————-
Career Competencies —————————————–

In this assignment, you will engage in
developing the following career competencies:

Analyzing Quantitative Data
Analyzing Qualitative Data

——————————————- Assignment ——————————————-

1. Skyscraper City has a subway system, for which a one-way
fare is $1.50. There is pressure on the mayor to reduce the fare by one-third,
to $1.00. The mayor is dismayed, thinking that this will mean Skyscraper City
is losing one-third of its revenue from sales of subway tickets. The mayor’s
economic adviser reminds her that she is focusing only on the price effect and
ignoring the quantity effect. Explain why the mayor’s estimate of a one-third
loss of revenue is likely to be an overestimate.

2. Bob, Bill, Ben, and Brad Baxter have just
made a documentary movie about their basketball team. They are thinking about
making the movie available for download on the Internet, and they can act as a
single-price monopolist if they choose to. Each time the movie is downloaded,
their Internet service provider charges them a fee of $4. The Baxter brothers
are arguing about which price to charge customers per download. The accompanying table shows the demand
schedule for their film.

Price of download

Quantity of downloads demanded

$10

0

8

1

6

3

4

6

2

10

0

15

a.Calculate the total
revenue and the marginal revenue per download.

Price of download

Quantity of downloads demanded

Total Revenue

Marginal Revenue

$10

0

xx

8

1

6

3

4

6

2

10

0

15

b.Bob is proud of the
film and wants as many people as possible to download it. Which price would he choose? How many
downloads would be sold?

c.Bill wants as much
total revenue as possible. Which price would he choose? How many downloads
would be sold?

d.Ben wants to
maximize profit. Which price would he choose? How many downloads would be sold?

e.Brad wants to
charge the efficient price. Which price would he choose? How many downloads
would be sold?

3.
Diagram 1., illustrates your local electricity company’s natural monopoly. The
diagram shows the demand curve for kilowatt-hours (kWh) of electricity, the
company’s marginal revenue (MR) curve, its marginal cost (MC)
curve, and its average total cost (ATC) curve. The government wants to
regulate the monopolist by imposing a price ceiling.

Diagram
1.
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a.In diagram 2., the
government does not regulate this monopolist. Which price will it charge, and
how much will it produce? What does the
red triangle represent? Why?

.0/msohtmlclip1/01/clip_image006.jpg”>

b.In diagram 3., the
government imposes a price ceiling equal to the marginal cost, $0.30. Will the
monopolist make profits or lose money? Explain the shaded area of the diagram
and what it means for the monopolist. If the government does impose this price
ceiling, do you think the firm will continue to produce in the long run?

.0/msohtmlclip1/01/clip_image008.jpg”>

c.In diagram 4., the
government imposes a price ceiling of $0.50, will the monopolist make a profit,
lose money, or break even? Explain area
of the diagram marked by the red dashed lines and what it means for the
monopolist.

.0/msohtmlclip1/01/clip_image010.jpg”>

——————————————–
References:

Unit 9 Practice Assignment Grading Rubric

Content

Percent Possible

Points Possible

Full assignment

100%

40

Overall Writing:

20%

8

correct coversheet information at the top of 1st page

5%

2.00

APA format for answers

3%

1.20

correct citations

3%

1.20

standard English no errors

4%

1.60

At least ONE, or more, references

5%

2.00

Answers: provides complete information demonstrating
analysis and critical thinking:

80%

32

Individual Questions:

1. – Explain the price
effect & quantity effect of Mayor’s estimate.

9%

3.60

2.a. (1) -Calculate
total revenue

2%

0.80

2.a. (2) -Calculate
marginal revenue.

7%

2.80

2. b. – What is Bob’s
price and quantity?

8%

3.20

2. c. -What is Bill’s
price and quantity?

8%

3.20

2. d. – What is Ben’s price and quantity?

8%

3.20

2.e. – What is Brad’s price and quantity?

8%

3.20

3. a. – If no
regulation, what is output level, explain red triangle?

10%

4.00

3. b. – What will
monopoly do, if price ceiling $0.30?

10%

4.00

3. c. – What will
monopoly do, if price ceiling $0.50?

10%

4.00

Sub-total for Individual Questions:

80%

32

 

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