Unit 3 Problem Set

1. .1.Draw a figure to illustrate how the emergence of a monopoly leads to deadweight loss for society as a whole, and explain the circumstances that fix the amount of that deadweight.undefined

2. 2. In the research paper by Aydin and Ziya, “Personalized Dynamic Pricing of Limited Inventories,” Operations Research 57, no. 6 (2007):1523–1531, the authors state that research “suggests that personalized pricing is more acceptable to consumers when it is framed as offering tailored discounts from a fixed price.” Survey summaries found that “90% of customers found . . . personalized pricing unacceptable,” but “only 64% of the same customers stated that they would be bothered if other customers got better discount offers than they did.” What economic insight are these customers missing about the benefits of price discrimination in any form?undefined

3. 3.Why does the typical monopolistically competitive firm have a downward-sloping demand curve for its product?undefined

4. 4. Compare the social efficiency of oligopolistic market outcomes to perfectly competitive market outcomes and monopoly outcomes.undefined

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