Table 17-2Imagine a small town in which only two residents, Abby and Brad, own wells that produce safe drinking water. Each week Abby and Brad work together to decide how many gallons of water to pump. They bring water to town and sell it at whatever price the market will bear. To keep things simple, suppose that Abby and Brad can pump as much water as they want without cost so that the marginal cost is zero. The weekly town demand schedule and total revenue schedule for water is shown in the table below: Quantity(in gallons) Price Total Revenue(and Total Profit) 0 $12 $0 1 $11 $11 2 $10 $20 3 $9 $27 4 $8 $32 5 $7 $35 6 $6 $36 7 $5 $35 8 $4 $32 9 $3 $27 10 $2 $20 11 $1 $11 12 $0 $0 Refer to Table 17-2. Suppose that Abby and Brad work together to operate as a profit-maximizing monopolist. What price will they charge for water?

​ ​ **Which of the following is true for this profit-maximizing firm at price P in the graph?  ​   ​

If the demand for labor decreases, then the equilibrium wage rate ________ and the equilibrium quantity of labor ________.

Figure 17-3. Hector and Bart are roommates. On a particular day, their apartment needs to be cleaned. Each person has to decide whether to take part in cleaning. At the end of the day, either the apartment will be completely clean (if one or both roommates take part in cleaning), or it will remain dirty (if neither roommate cleans). With happiness measured on a scale of 1 (very unhappy) to 10 (very happy), the possible outcomes are as follows: Refer to Figure 17-3. The dominant strategy for Hector is to

The above figure shows a firm’s cost curves and its marginal revenue curve. The price for the shutdown point is  

Figure 16-3This figure depicts a situation in a monopolistically competitive market.   Refer to Figure 16-3. What is the profit-maximizing price, quantity, and resulting profit?

The figure above shows the demand and cost curves facing a monopolist. To maximize profit, the firm will produce at output level  

Figure 15-18 Refer to Figure 15-18. If the monopoly firm perfectly price discriminates, then consumer surplus amounts to

Figure 14-3Suppose a firm operating in a competitive market has the following cost curves: Refer to Figure 14-3. If the market price is $6, what is the firm’s short-run economic profit?

Use the given information to write an equation. Then solve the equation and find the number.                                        The left and right page numbers of an open book are two consecutive integers whose sum is 31. Find these page numbers.