Compiti ed esercitazioni VERIFICATO
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- Multiple Choice Questions:
- Elasticity of Demand: The absolute value of price elasticity for Q = 120 - 3P at P = 20 was calculated as 1.
- Market Intervention: A ban on a good's production would likely cause its demand curve to disappear.
- Market Supply: For 100 identical firms each supplying 10 units at any price, the market supply curve is a vertical line at Q = 1000.
- Producer Surplus: The producer surplus for a supply curve P = 5 + Q at a market price of 10 was found to be 12.5.
- Exercise 5 (Monopoly):
- Context: Examined a monopoly with Total Cost (TC) = 605 + 20Q + 3Q² and market demand P = 240 - 2Q.
- Profit Maximization: The profit-maximizing quantity was determined to be 22 units, yielding a profit of 1815, by setting Marginal Revenue (MR) equal to Marginal Cost (MC).
- Socially Optimal Quantity: The socially optimal quantity was calculated as 27.5 units, achieved when the price equals marginal cost.
- Exercise 6 (Perfect Competition):
- Context: Analyzed a perfectly competitive market with 20 identical firms, each having TC = 10 + 20q + 5q², and a market demand of Q = 200 - P.
- Equilibrium: The market equilibrium price was found to be 80, with a corresponding quantity of 120, derived from equating market supply and demand.
- Total Surplus: The total surplus in this market equilibrium was calculated as 10,800 (sum of consumer and producer surplus).
- Commentary on Graph (Intertemporal Choice):
- Scenario Analysis: Discussed Julia's intertemporal consumption decisions, considering a scenario with no income in period 1 and $100 in period 2, under two different interest rates (10% and 78%).
- Interest Rate Impact: Explained how a lower interest rate (10%) typically encourages borrowing for higher current consumption, while a higher interest rate (78%) makes borrowing more expensive, potentially leading to reduced current consumption or increased saving.
- Open Question (Market Failure):
- Definition and Causes: Defined market failure as an inefficient allocation of resources by a free market and detailed its four main causes: externalities (e.g., pollution), public goods (e.g., national defense), asymmetric information (e.g., adverse selection), and market power (e.g., monopolies).
- Solutions and Example: Provided an overview of potential solutions for each type of market failure and illustrated with an example of a negative externality (e.g., factory pollution) and its solutions (e.g., Pigouvian taxes, regulations).
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