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KAPLAN AB224 – Unit 9 Assignment Monopoly Pricing

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KAPLAN AB224 – Unit 9 Assignment Monopoly Pricing

Unit 9AB224 | MicroeconomicsUnit 9 Assignment: Monopoly PricingName:Course Number and Section: AB224–0XDate:General Instructions for all Assignments1. Unless specified differently by your course instructor, save this assignment template to yourcomputer with the following file naming format: Course number_section number_Last_First_unitnumber2. At the top of the template, insert the appropriate information: Your Name, Course Number andSection, and the Date3. Insert your answers below, or in the appropriate space provided for in the question. Your answersshould follow APA format with citations to your sources and, at the bottom of your last page, a list ofreferences. Your answers should also be in Standard English with correct spelling, punctuation,grammar, and style (double spaced, in Times New Roman, 12–point, and black font). Respond toquestions in a thorough manner, providing specific examples of concepts, topics, definitions, andother elements asked for in the questions.4. Upload the completed Assignment to the appropriate Dropbox.5. Any questions about the Assignment, or format questions, should be directed to your courseinstructor.AssignmentIn this Assignment, you will demonstrate your understanding of monopoly pricing, based on differentmanagement criteria, the impact of price regulation of monopolies, and provide detailed explanationsof how price effect and quantity effect cause marginal revenue to be different from the price.Questions1. The Gulf Sea Turtle Conservation Group (GSTCG), a 501(c) (3) non–profit group of volunteersworking to collect data on nesting sea turtles and to promote sea turtle conservation, isconsidering creating a video to educate people about sea turtle conservation. The cost ofduplicating the video on a DVD and mailing the DVD is $6.58. In a GSTCG member meeting, thevideo plan was discussed. Table 1. shows the expected demand for the DVD at different1 of 8Unit 9AB224 | Microeconomicssuggested donation levels, and they can act as a single-price monopolist if they choose to. Thereceipts will be used to fund GSTCG supplies for their data collection and conservation work. Atthe end of each sea turtle nesting season, any excess funds are donated by the GSTCG to a localnon-profit sea turtle research and rehabilitation facility.Table 1.SuggestedDonation perDVD RequestAnticipatedNumber of DVDRequests$19.000$15.002$9.504$7.7510$3.0015$0.0020a. Complete Table 2. by computing the Total Revenue, Marginal Revenue, and Profitcolumns.Table 2.SuggestedDonation perDVD RequestAnticipatedNumber of DVDRequests$19.000$15.002$9.504$7.7510$3.0015$0.0020TotalRevenueMarginalRevenuePROFITb. The President wants the GSTCG to provide videos to generate the most possible donations(Total Revenue). What price is the President of the GSTCG favoring and how many peoplewill receive the DVD if this becomes the price of the suggested donation? Explain youranswers.2 of 8Unit 9AB224 | Microeconomicsc. The Education Outreach Committee wants the GSTCG to provide videos to the mostpossible number of people. What price is the Educational Outreach Committee favoring andhow many people will receive the DVD if this becomes the price of the suggested donation?Explain your answers.d. The Treasurer of the GSTCG wants the DVD program to be as efficient as possible so thatthe marginal revenue equals marginal cost. What price is the Treasurer favoring and howmany people will receive the DVD if this becomes the price of the suggested donation?Explain your answers.e. The Fund Raising Committee wants the DVD program to generate as much profit indonations as possible. What price is the Fund Raising Committee favoring and how manypeople will receive the DVD if this becomes the price of the suggested donation? Explainyour answers.2. A business has been created to provide needed services to its market. As the only provider of thisservice, it functions as a monopoly, with the ability to set prices and having the entire marketdemand schedule as its demand curve. Because the monopoly is newly formed, there is nogovernment intervention into the monopoly’s pricing actions. Examine Diagram 2. and answer eachof the following questions with complete explanations:3 of 8Unit 9AB224 | Microeconomicsa. What is quantity (a) and why is it important?b. What is the value at point (b) and why is it important?c. What is the value at point (c) and why is it important?d. What is the value at point (d) and why is it important?e. What is the meaning of the green rectangle labeled (e)?f. If there were no monopoly and this was a perfectly competitive market, what would quantityat point (f) be and why is it important?g. If there were no monopoly and this was a perfectly competitive market, what would point (g)be and why is it important?4 of 8Unit 9AB224 | Microeconomicsh. For the market in which the monopoly now operates, what does the red triangle labeled (h)mean, and why is it important?3. A governmental regulating agency was created to oversee the monopoly in Question 2’s operationsand pricing. Diagram 3. depicts a new price ceiling set by the regulators. Answer each of thefollowing questions with complete explanations:a. What is quantity (a) and why is it important?b. What is the value at point (b) and why is it important?c. At what level was the price ceiling set?d. What is the value at point (c) and why is it important?5 of 8Unit 9AB224 | Microeconomicse. At this price ceiling level, will the monopoly make any monopoly profits?f. At this price ceiling level, will the monopoly cover its costs?g. At this price ceiling level, will the monopoly continue in business in the long run?4. Diagram 4. depicts a different price ceiling set by the regulators for the monopoly in Question 2.Answer each of the following questions with complete explanations:a. What is quantity (a) and why is it important?b. What is the value at point (b) and why is it important?c. At what level was the price ceiling set?6 of 8Unit 9AB224 | Microeconomicsd. At this price ceiling level, will the monopoly make any monopoly profits?e. At this price ceiling level, will the monopoly cover its costs?f. At this price ceiling level, will the monopoly continue in business in the long run?5. Explain your understanding of how price effect contributes to the fact that, for a monopoly, marginalrevenue is always less than the price.6. Explain your understanding of how quantity effect contributes to the fact that, for a monopoly,marginal revenue is always less than the price.——————————References:7 of 8Unit 9AB224 | MicroeconomicsUnit 9 Assignment: Monopoly Pricing Grading Rubric:PercentPossiblePointsPossibleFull Assignment100%40Overall Writing:20%8ContentCorrect coversheet information at the top of 1st page5%2.00APA format for answers3%1.20Correct citations3%1.20Standard English no errors4%1.60At least one, or more, references5%2.00Answers: provides complete information demonstratinganalysis and critical thinking:80%32Individual Questions:1. a. Computer TR, MR and Profit5%2.001. b. Most donations3%1.201. c. Most people get DVD’s3%1.201. d. Most efficient price4%1.601. e. Most profit3%1.202. a.–h. Evaluate monopoly – no price ceiling16%6.403. a.–g. Evaluate monopoly – 1st price ceiling14%5.604. a.–f. Evaluate monopoly – 2nd price ceiling12%4.805. Explain price effect and MR not equal price10%4.006. Explain quantity effect and MR not equal price10%4.0080%32Sub-total for Individual Questions:8 of 8Unit 9AB224 | Microeconomics



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