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1、Microeconomics, 9e (Pindyck/Rubinfeld)Chapter 11 Pricing with Market Power11.1 Capturing Consumer SurplusWhich of the following strategies are used by business firms to capture consumer surplus?A) Price discriminationBundlingB) Two-part tariffsall of the aboveAnswer: DDiff: 1Section: 11.1Refer to Fi
2、gure 11.1.1 above. To capture the consumer surplus along the B range, the firm would ideally charge:A) a higher price to consumers willing to pay more and a lower price to those willing to pay less.B) the same higher price to all consumers.C) a higher price to consumers willing to pay less and a low
3、er price to those willing to pay more.D) a range of random prices along the demand curve.Answer: ADiff： 1Section: 11.123) Suppose a firm produces identical goods for two separate markets and practices third-degree price discrimination. In the first market the firm charges $30 per unit, and it charge
4、s $22 per unit in the second market. Which of the following represents the ratio of price elasticities of demand in the two markets?A) E2 = (21/29)E1E2 = (29/21)ElB) E2 = ElE2 = (22/30)ElC) none of theseAnswer: EDiff: 2Section: 11.224) A firm sells an identical product to two groups of consumers, A
5、and B. The firm has decided that third-degree price discrimination is feasible and wishes to set prices that maximize profits. Which of the following best describes the price and output strategy that will maximize profits?A) Pa = PB = MC.B) MRa = MRg.C) MRa = MRb = MC.D) (MRa - MRb) = (1- MC).Answer
6、: CDiff： 2Section: 11.2Bindy, an 18-year-old high school graduate, and Luciana, a 40-year-old college graduate, just purchased identical hot new sports cars. Acme Insurance charges a higher rate to insure Bindy than Luciana. This practice is an example of: A) collusion.B) price discrimination.C) two
7、-part tariff.D) bundling.E) none of the aboveAnswer: EDiff: 2Section: 11.225) Under perfect price discrimination, marginal profit at each level of output equal:A) 0.B) P - AC.C) P - MC.D) P - AR.Answer: CDiff: 2Section: 11.226) Under perfect price discrimination, consumer surplus:A) is less than zer
8、o.B) is greater than zero.C) equals zero.D) is maximized.Answer: CDiff: 2Section: 11.2When a monopolist engages in perfect price discrimination,A) the marginal revenue curve lies below the demand curve.B) the demand curve and the marginal revenue curve are identical.C) marginal cost becomes zero.D)
9、the marginal revenue curve becomes horizontal.Answer: BDiff： 2Section: 11.2The manager of a firm is attempting to practice third degree price discrimination. She has equated the marginal revenue in each of her markets. By doing this, her:A) profits are maximized.B) costs are minimized given her leve
10、l of output.C) revenues are maximized, given her level of output.D) all of the aboveAnswer: CDiff： 3Section: 11.227) Your local grocery store offers a coupon that reduces the price of milk during the coming week. The regular retail price of milk in the store is $3.00 per gallon, and the coupon price
11、 is $2.00 per gallon for the next week. If the store maximizes profits and the price elasticity of demand for milk is -2 for coupon users, what is the price elasticity of demand for non-users?A) -0.67-1.0B) -1.5We do not have enough information to answer the question.Answer: CDiff: 2Section: 11.231)
12、 MNO Limited publishes a magazine targeted at urban professionals who live on the east and west coasts of the U.S., and all of the magazines are printed at a marginal cost of $0.50 per copy at a publishing plant in Kansas. If the East Coast elasticity of demand for the magazine is -1.25 and the West
13、 Coast elasticity of demand is -1.50, what prices should MNO Limited charge for the magazines in these two markets in order to maximize profits?A) Price should be $0.50 in both markets.B) Price should be $2.50 on the West Coast and $1.50 on the East Coast.C) Price should be $1.50 on the West Coast a
14、nd $2.50 on the East Coast.D) Price should be $0.40 on the West Coast and $0.33 on the East Coast. Answer: C Diff: 2Section: 11.232) Johnnys Shop-and-Pay is a regional grocery chain, and their marketing manager is trying to determine the profit-maximizing coupon program for the stores laundry deterg
15、ent brand. Coupon users at the store have an elasticity of demand for this product that equals -3, and the elasticity of demand for non-users of the coupon for the store brand equals -1.5. If the full retail (undiscounted) price of the detergent is $10 per box, what is the optimal discount to provid
16、e for coupon users?A) 25% off50% offB) 75% offThe optimal strategy is to charge the same price to both groups Answer: BDiff: 2Section: 11.233) Calloway Shirt Manufacturers sells knit shirts in two sub-markets. In one sub-market, the shirts carry Calloways popular label and breast logo and receive a
17、substantial price premium. The other sub-market is targeted toward more price conscious consumers who buy the shirts without a breast logo, and the shirts are labeled with the name Archwood. The retail price of the shirts carrying the Calloway label is $42.00 while the Archwood shirts sell for $25.
18、Calloways market research indicates a price elasticity of demand for the higher priced shirt of -2.0, and the elasticity of demand for the Archwood shirts is -4.0. Moreover, the research suggests that both elasticities are constant over broad ranges of output.a. Are Calloway s current prices optimal
19、?b. Management considers the $25 price to be optimal and necessary to meet the competition. What price should the firm set for the Calloway label to achieve an optimal price ratio?Answer: Let Pc = Calloway pricePA = Archwood priceEq = Calloway elasticityEa = Archwood elasticitya.For an optimal price
20、 ration the following conditions must hold. must = Pa1-L! ea 卡 1 + eE丝 must = Pa丝 must = Paf=1-681 + El 1+司彳 3-T5 = r7q = T= 22 + eE 32)n= P- LAC) x Q n = (5.25 -1.50) x 750 n = 2812.50To find consumer surplus, find area of the triangle under the demand curve and above price.CS = 9- 5.25)(750)(0.5)
21、= 1,406.25.The sum of consumer surplus and producer surplus is 1,406.25 + 2,812.50 = 4,218.75.Under first-degree price discrimination-output is at the point where the demand curve cuts the LMC curve.output =1500The firm charges the entire area under the demand curve. PS = (9 -1.5)(1,500)(0.5) = 5,62
22、5.Comparison of E仔iciencya. CompetitionConsumer + Producer Surplus = 5,625b. MonopolyConsumer + Producer Surplus = 4,218.75c. First DegreeConsumer + Producer Surplus = 5,625Monopoly results in a deadweight loss. First-degree price discrimination results in a redistribution of income, but does not result in a deadweight loss.Diff: 2Section: 11.239) The Tir