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ECON
303
Intermediate
Microeconomics
II
Problem
Set
#4
Due
March
23,
2015
1. Explain
why
a
patent
may
not
grant
monopoly
rights
to
a
firm.
2. Show
mathematically
why
MR
is
always
lower
than
the
demand
curve
for
a
monopoly.
3. The
market
for
cable
television
in
San
Diego
is
a
monopoly.
a. Graph
the
market
for
cable
television
in
San
Diego
and
indicate
the
monopoly
price
and
quantity.
b. On
your
graph,
indicate
the
competitive
price
and
quantity.
c. From
your
graph,
indicate
the
amount
of
consumer
surplus,
producer
surplus
and
total
surplus
in
the
market
with
the
monopoly.
d. From
your
graph,
indicate
the
amount
of
consumer
surplus,
producer
surplus
and
total
surplus
in
the
market
if
it
was
a
competitive
market.
4. The
market
for
Celebrex®,
a
drug
for
pain,
is
a
monopoly.
The
market
demand
for
Celebrex®
is
�! = 100 − !
!
�
and
the
cost
function
is
� = �!.
a. What
is
monopolistic
price
and
quantity?
b. What
is
the
competitive
price
and
quantity?
5. The
market
for
fast
food
hamburgers
is
monopolistically
competitive.
a. Graph
the
market
for
a
single
firm
in
the
fast
food
hamburger
market.
b. How
much
profit
does
the
firm
earn
in
the
long-­‐run?
Core Curriculum Assessment: The 3rd Planet- Current Events in
Science
Objective addressed:
1. Communication skills, including effective development,
interpretation and expression of ideas through written
communication
2. Critical thinking skills, including creative thinking,
innovation, inquiry, and analysis, evaluation and synthesis of
information
Student learning outcome:
1. For written communication, students will be able to describe
geologic phenomena and/or environmental systems.
2. Students will be able to evaluate and interpret geologic and
environmental problems, and communicate their analysis
effectively to others.
Placement of activity within curriculum:
This activity can be incorporated at any point in the curriculum.
Students may be allowed to choose their own topics, or be
assigned specific topics according to the instructor’s wishes.
Assessment activity:
In this activity, students will be asked to research a current
event in science. The topic(s) may be delineated by the
instructor, or left to the students. Students then will write a
brief (250-750 word) paper, in which they (1) give a brief
summary of the research and findings, and (2) discuss the
implications these findings will have for society, based on their
reading, their own experiences, and/or information they learned
in class.
The instructions for this assessment (to be given to students), as
well as the rubric for grading are included here.
Criterion for successfully meeting objective:
At least 70% of students must demonstrate a proficiency of
3 or better on a scale of 1 to 4. In order to assess this objective,
a rubric with this 4-point scale has been developed.
Current Events in Science (Due March 23rd, 2015)
Purpose:
Science is an ongoing and dynamic process. Scientific research
and discovery are still occurring today, and in ways that are and
will affect our everyday lives, potentially even altering the
structure of our government, society, and/or culture as it does
so. The purpose of this activity is to explore current events in
science, and analyze how new scientific research is impacting
or will impact our society.
Instructions:
Choose a research topic that interests you and has relevance to
your life. Some examples of the types of issues you may want
to choose:
· Should Texas put permanent water restrictions in place due to
global climate change and the rapidly increasing population?
· Genetically modified foods: How do new food technologies,
such as “round-up ready” seed, fit into today’s agriculture?
How does it impact human populations? Health? Economics?
Climate change concerns?
· Conservation vs. resource extraction: Which is more
important? How do we determine when human necessity
exceeds the importance of the plants, animals, or environments
that will be negatively affected by our actions?
· How do alternative energy sources compare to fossil fuels,
including extraction of rare earth metals and other resources?
How will fossil fuel use change in the near future, and how will
that affect the economy? Home and industrial energy usage?
· Space exploration: How important are the discoveries we are
making in astronomy/space exploration? Do we need to expend
resources to continue to probe Mars and other celestial bodies?
Note that these are very large issues, and your paper will NOT
be able to address them in full. Rather, you will briefly
summarize some of the current research, and explore the
application this research has in society, culture, and your life.
Length and Content:
Your paper should be between 250 and 750 words in length.
Approximately half of the paper should be devoted to a
description of the research you are exploring, and the other half
should be your analysis of the research, including the impacts
this research may have on society and your life, as well as your
own evaluation of the implications of this work and how this
research should continue in the future.
References:
Please use at least 3 sources, and cite them using CSE citation
format (see the UTSA library website,
http://libguides.utsa.edu/content.php?pid=82436&sid=612343,
for instructions on using this format). You should include a
bibliography at the end of your paper (not included in the word
count), as well as citing EACH reference within the paper.
Please DO NOT use direct quotes. If you have questions about
references, please let your instructor know.
References CAN be from:
· Magazines (e.g., Discover, Scientific American, National
Geographic)
· Newspapers, particularly to find how science relates to our
area
· Academic websites (e.g., professors describing their research,
or university-generated educational materials)
· Government websites (e.g., NOAA, NASA, EPA…)
· Books (particularly for historical data, or comparing how
current technology/research/methods compares to those in the
past)
References CANNOT be from:
· Wikipedia
· Blog sites
· Reference websites, e.g. geology.com
Using 3 different sources does NOT mean you have to read 3
different articles that say the same thing. In fact, this should
not happen. Instead, you may use your three different sources
to get different perspectives on the same issue, different
viewpoints on the impact this research will have, OR to explore
ideas you have come up with based on your reading.
For example, if you originally read an article about water
resource management, your other two articles may discuss
population growth in Texas, livestock management and water
needs, a historical account of groundwater in Texas, etc.
Rubric
Each paper will be graded based on a 4-point scale. This scale
takes into account:
· Grammatical correctness, spelling, and organization
· How well the research is understood and described in the first
part of the paper
· Whether new ideas/implications are introduced in the second
part of the paper
· The proper use and citation of resources.
Please note that each of these 4 sections is weighted equally!
Each section will be graded out of 4 points, and the scores
average together to give a final score. Note that scores of “3.5”
or other numbers not shown on the rubric table can be awarded.
To convert your score to a %, divide your score by 4 and
multiply by 100.
1 point
2 points
3 points
4 points
Grammar, spelling, organization
Many spelling errors, difficult to follow
Some errors in spelling and grammar
Easy to read, with few errors in spelling/grammar
Easy to follow and well-written
Description of current science event or research
Research described inaccurately or without student
understanding
Student understanding is vague, or poorly communicated
Good description, but limited knowledge of what data is
relevant to “implications”
Student gives an accurate report, including all data relevant to
“implications”
New ideas and implications
Report does not discuss new ideas/implications of research
New ideas/implications mentioned, but not explored
Student explores the impact this research may have on
science/society
Student explores the impact, evaluates options, and
References
Improper formatting of bibliography or in-text citations,
missing entries
Three references are included, improper formatting and in-text
citation
Three references are included and most citations formatted
correctly
Bibliography and in-text citations formatted correctly and used
appropriately

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ECON  303  Intermediate  Microeconomics  II  P.docx

  • 5. 4. The market for Celebrex®, a drug for pain, is a monopoly. The market demand for Celebrex® is �! = 100 − ! ! � and the cost function is � = �!. a. What is monopolistic price
  • 7. b. How much profit does the firm earn in the long-­‐run? Core Curriculum Assessment: The 3rd Planet- Current Events in Science Objective addressed: 1. Communication skills, including effective development, interpretation and expression of ideas through written communication 2. Critical thinking skills, including creative thinking, innovation, inquiry, and analysis, evaluation and synthesis of information Student learning outcome: 1. For written communication, students will be able to describe geologic phenomena and/or environmental systems. 2. Students will be able to evaluate and interpret geologic and environmental problems, and communicate their analysis effectively to others. Placement of activity within curriculum: This activity can be incorporated at any point in the curriculum. Students may be allowed to choose their own topics, or be assigned specific topics according to the instructor’s wishes.
  • 8. Assessment activity: In this activity, students will be asked to research a current event in science. The topic(s) may be delineated by the instructor, or left to the students. Students then will write a brief (250-750 word) paper, in which they (1) give a brief summary of the research and findings, and (2) discuss the implications these findings will have for society, based on their reading, their own experiences, and/or information they learned in class. The instructions for this assessment (to be given to students), as well as the rubric for grading are included here. Criterion for successfully meeting objective: At least 70% of students must demonstrate a proficiency of 3 or better on a scale of 1 to 4. In order to assess this objective, a rubric with this 4-point scale has been developed. Current Events in Science (Due March 23rd, 2015) Purpose: Science is an ongoing and dynamic process. Scientific research and discovery are still occurring today, and in ways that are and will affect our everyday lives, potentially even altering the structure of our government, society, and/or culture as it does so. The purpose of this activity is to explore current events in science, and analyze how new scientific research is impacting or will impact our society. Instructions: Choose a research topic that interests you and has relevance to your life. Some examples of the types of issues you may want to choose: · Should Texas put permanent water restrictions in place due to global climate change and the rapidly increasing population?
  • 9. · Genetically modified foods: How do new food technologies, such as “round-up ready” seed, fit into today’s agriculture? How does it impact human populations? Health? Economics? Climate change concerns? · Conservation vs. resource extraction: Which is more important? How do we determine when human necessity exceeds the importance of the plants, animals, or environments that will be negatively affected by our actions? · How do alternative energy sources compare to fossil fuels, including extraction of rare earth metals and other resources? How will fossil fuel use change in the near future, and how will that affect the economy? Home and industrial energy usage? · Space exploration: How important are the discoveries we are making in astronomy/space exploration? Do we need to expend resources to continue to probe Mars and other celestial bodies? Note that these are very large issues, and your paper will NOT be able to address them in full. Rather, you will briefly summarize some of the current research, and explore the application this research has in society, culture, and your life. Length and Content: Your paper should be between 250 and 750 words in length. Approximately half of the paper should be devoted to a description of the research you are exploring, and the other half should be your analysis of the research, including the impacts this research may have on society and your life, as well as your own evaluation of the implications of this work and how this research should continue in the future. References: Please use at least 3 sources, and cite them using CSE citation format (see the UTSA library website, http://libguides.utsa.edu/content.php?pid=82436&sid=612343, for instructions on using this format). You should include a bibliography at the end of your paper (not included in the word
  • 10. count), as well as citing EACH reference within the paper. Please DO NOT use direct quotes. If you have questions about references, please let your instructor know. References CAN be from: · Magazines (e.g., Discover, Scientific American, National Geographic) · Newspapers, particularly to find how science relates to our area · Academic websites (e.g., professors describing their research, or university-generated educational materials) · Government websites (e.g., NOAA, NASA, EPA…) · Books (particularly for historical data, or comparing how current technology/research/methods compares to those in the past) References CANNOT be from: · Wikipedia · Blog sites · Reference websites, e.g. geology.com Using 3 different sources does NOT mean you have to read 3 different articles that say the same thing. In fact, this should not happen. Instead, you may use your three different sources to get different perspectives on the same issue, different viewpoints on the impact this research will have, OR to explore ideas you have come up with based on your reading. For example, if you originally read an article about water resource management, your other two articles may discuss population growth in Texas, livestock management and water needs, a historical account of groundwater in Texas, etc. Rubric Each paper will be graded based on a 4-point scale. This scale takes into account: · Grammatical correctness, spelling, and organization
  • 11. · How well the research is understood and described in the first part of the paper · Whether new ideas/implications are introduced in the second part of the paper · The proper use and citation of resources. Please note that each of these 4 sections is weighted equally! Each section will be graded out of 4 points, and the scores average together to give a final score. Note that scores of “3.5” or other numbers not shown on the rubric table can be awarded. To convert your score to a %, divide your score by 4 and multiply by 100. 1 point 2 points 3 points 4 points Grammar, spelling, organization Many spelling errors, difficult to follow Some errors in spelling and grammar Easy to read, with few errors in spelling/grammar Easy to follow and well-written Description of current science event or research Research described inaccurately or without student understanding Student understanding is vague, or poorly communicated Good description, but limited knowledge of what data is relevant to “implications” Student gives an accurate report, including all data relevant to “implications” New ideas and implications Report does not discuss new ideas/implications of research New ideas/implications mentioned, but not explored Student explores the impact this research may have on science/society Student explores the impact, evaluates options, and
  • 12. References Improper formatting of bibliography or in-text citations, missing entries Three references are included, improper formatting and in-text citation Three references are included and most citations formatted correctly Bibliography and in-text citations formatted correctly and used appropriately