Identify a market which you feel is perfectly competitive

Assignment Help Microeconomics
Reference no: EM13699500

Identify a market which you feel is perfectly competitive. The firms in this structure are considered price takers, are the firms in the market you chose all selling their product at the same price? Why or why not?

Reference no: EM13699500

Questions Cloud

How much oil is supplied by the competitive fringe : The world willingness to pay for oil is given by P = 200 - Q, with P in dollars per barrel and Q in thousands of barrels per month, and OPEC is planning its strategy to set the world oil price. The competitive fringe of small firms takes the price OP..
Briefly explain why empirical consumer demand studies : Briefly explain why empirical consumer demand studies such as Patrick McCarthy's study of automobile demand are relevant to managers?
Developed countries in the evolution of international trade : The relationship between the less- developed- countries and the developed countries in the evolution of international trade has always been a bit strained. Discuss this relationship, including policies adopted and /or advocated by each group to "help..
Quality became most important issue facing american business : Explain why quality became the most important issue facing American business in the 1980s. In addition to economic competition from Japan, what other factors may have contributed to the importance that quality has assumed?
Identify a market which you feel is perfectly competitive : Identify a market which you feel is perfectly competitive. The firms in this structure are considered price takers, are the firms in the market you chose all selling their product at the same price? Why or why not?
Differences between accounting profit and economic profit : Discuss the differences between accounting profit and economic profit. What does it mean when a company makes zero accounting profit? How about zero economic profit?
Identify instance where price control is used in our markets : Identify an instance where a price control is used in our markets. Why do you think this price control exists? Also discuss the possible negative effects it may have on the market
What is the industrys marginal external cost function : A perfectly competitive industry has an inverse demand for its output given by p Q =? 100, and its supply function is given by MC Q = + 30. The process of making Q also generates pollution, g, in the amount g Q = ? 0.5, and the total external cost of..
Calculate the profit-maximizing price : A pharmaceutical firm has a monopoly on a new class of vasodilator. The market demand is given by P=240-0.01*Q, and thus MR=240-0.02*Q. The monopolist's marginal cost is constant and equal to 20. Calculate the profit-maximizing price.

Reviews

Write a Review

Microeconomics Questions & Answers

  What is the relevant market

What is the Relevant Market?

  Microecon jim sees commuting by bus and t as perfect

jim sees commuting by bus and t as perfect substitutes u t b that is he would exchange one commute by bus for one

  Price gouging and windfall profits of the major

Through the energy crisis of the 1970s, and again in the last five years, Congress bemoaned the “price gouging” and “windfall” profits of the major oil companies. In the 1970s Congress imposed an “excess profits tax” on these companies. It did not do..

  Ethical missteps by companies for safety-related issues

What are the facotrs involved? What were the circumstances? How was the dilemma handled? What were the consequences?

  What economic factors might account for industry differences

Coke and Pepsi have sustained their market dominance for more than a century. General Motors and Ford have been hard hit by competition. In one paragraph, explain what economic factors might account for these industry differences.

  At the consumers optimum

At the consumer's optimum:

  Lojack as an oligopoly

Should the organization or industry continue, develop, or decrease current operations in order to maximize profits? Explain your answer.

  Demand a wage that is equal to the equilibrium wage

Workers who demand a wage that is equal to the equilibrium wage: Workers with a particular skill are represented by: Workers who demand a wage that is equal to the equilibrium wage:

  What impact would those options have on the equilibrium

When obama was campaiging for president in 2008 he proposed more government spending paid for with higher taxes on the rich. What impact would those options have on the equilibrium?

  Calculate equilibrium price and quantity assuming two firms

Suppose that the demand for a product is given by P=200-2Q where Q is total industry output. The market is occupied by two firms, each with constant marginal costs equal to $8. Calculate the equilibrium price and quantity assuming the two firms compe..

  Interests of the publishing house and those of the author

The typical way that authors get paid for writing a book is via a royalty arrangement. For every book sold, the author gets a certain percentage, something like 15 percent of the list price on hardcover sales and 10 percent for paperback. The author ..

  Determining profit maximizing price and output

You're the marketing manager of a firm that produces Titanium and sells this metal to two distinct kinds of customers: aircraft producers and golf club manufacturers.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd