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1. This week, we will be studying different market structures. And remember monopolistic competition is not the same as monopoly or competition, it is its own unique market structure.
Also, remember we are describing product market structures, not industries. And, as you'll learn when you do the simulation for WK4, many firms operate in multiple market structures since they have multiple products. So, please do not confuse things and label firms with market structure terms. (The terms are different anyway; e.g. a firm that operates in an oligopoly market structure is called an oligopolist.) You should start the WK4 simulation very soon this week as it will help you understand these different market structures better.
What kind of market structure exists for the oil producers (i.e. the ones who pull it out of the ground and ship and sell it as crude oil)? What does this market structure tell us about the pricing, output and general market behavior of crude oil suppliers (not be confused with refiners or retailers of gas)?
2. Some might say there is a progression (for new product markets) from an initial monopoly to an oligopoly to monopolistic competition to perfect competition.
What do you think? How does this happen? Can you think of examples of products where this might be true?
Can you please provide a real-world example of product (a good or service) which has either an external cost or external benefit associated with it and propose the government policy to adjust for the over- or underproduction of this product.
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
Do you think the overall level of R&D would increase or reduce over the next 20 to 30 years if lengths of new patents were extended from 20 years to, say "forever"?
The output effect of an increase in the wage comes about because higher wages:
The companies in the detergent market closely fit the mold of the monopolistic competitive firm. Research the company in this market and describe how it fits some of the characteristics of the monopolistic competitive firm.
A firm has determined that its variable costs are given by the following relationship:
What is the machine's payback period? Compute net present value of machine if the cost of capital is 12%. Find out the expected internal rate of return for this machine?
Choose any one topic out of the following , • Water , • Energy , • Agriculture , • Forest
Future economic glowth
Assume that the demand changes to QD = 600-2P and the supply function stays the same. Graph the new situation in Excel. Find the new equilibrium price and quantity, and show it on your graph.
How foreign direct investment influences the wages
Assume marginal cost increases to 25 as a result of imposition of a tax. What takes place to monopoly and competitive price and output?
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