California National University for Advanced Studies Economics Worksheet

Description

ANSWER ALL QUESTIONS

Chapter 8

Assume the following inverted demand function of a firm in the short run: P(x) = 43 – .32x

Derive the MR function from this demand function.

The TC function is: TC (x) = 2500 + 3x + .08x²

which yields the MC function as MC(x) = 3 +.16x

(a). What is the equilibrium price? What is the equilibrium quantity. (Show your work)

(b). What is the short run profit or loss of this firm? (Show your work).

(Refer to page 342, #9 and Live Session 3 discussions to answer the above question)

Chapter 9

1. Briefly explain the main provisions of the following Antitrust Laws: Sherman Act, Clayton Act, Federal Trade Commission Act, Robinson-Patman Act, Celler-Kefauver Act and Hart-Scott-Rodino Act.

2. Provide an example of a monopolistically competitive firm and an oligopoly firm. With appropriate graphs, show at least two features which distinguish the price and output determination of these firms.

Chapter 5

1. With appropriate examples, explain the differences between Simple Regression and Multiple Regression.

2. Explain t-test and F-test. Provide at least one example of each test.

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