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The four kinds of market structures are Perfect Competition, Monopoly, Oligopoly, and Monoplistic Competition. Given dynamics of competition, think of the different sequential paths of market structures which firms can move by over time (any of the following is possible):
Monoply-->Oligopoly-->Monopolistic Competition-->Perfect CompetitionMonoply-->Oligopoly-->Monopolistic Competition-->back to OligopolyPerfect Competition-->Monopolistic Competition-->Oligopoly-->Monopoly
Which path is the most consistent with the traditional Product Life Cycle (introduction, growth, maturity, decline)? How do you see pricing strategies and profits evolve along these possible paths?
Why is it not surprising to find that in the oligopoly which sells basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Results for Linear Demand Curve Estimation. Kenny Mcormick manages a 100-unit apartment building and knows from experience that all units willbe occupied if rent is $900 per month.
Find out if, for the good marked with ALL CAP lettering, if there is the increase or decrease in demand.
Describe the difference between movement along the demand curve and a shift in demand. Provide an example to help the class understand the difference between the two.
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
Draw the diagram showing the cost structure of price taker and a market price well above minimum average cost. Given that any firm is price taker, how can a firm capture any economic rent (profits in excess of opportunity cost of capital)?
Your firm sells a very popular children's game. As the manager, you have received information that another firm is thinking about introducing a similar game. You have the following facts:
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Describe the meaning of the term "mutual interdependence" as it applies to oligopolies. Provide an example.
Compute the quantity supplied by each firm at prices of $1, $1.50, and $2. What is the minimum price necessary for each individual firm to supply output?
Illustrate and fully describe using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decisi..
A firm has determined that its variable costs are given by the following relationship:
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