Fezzes is perfectly competitive, Managerial Economics

The  fez is the typical Arabic hat in the shape of a short red cylinder. Historians believe it was manufactured in the city of Fes, in Morocco, during the 17th century. It has been used as a head cover of the Arabic world for centuries and was also adopted by the Ottoman Empire as part of its military uniform. The fez is still the most ordinary hat in North Africa and the Middle East; the hat was banned at the starting of 20th century in Turkey. Suppose that the city of Marrakech in Morocco has a daily demand for fezzes given by:

1800_aa.png

where Q is the total amount of fezzes formed.

a) Obtain the equilibrium price and quantity supposing that the market for fezzes is a monopoly.

b) Obtain the equilibrium price and quantity supposing that the market of fezzes is perfectly competitive.

 

 

Posted Date: 3/26/2013 3:25:16 AM | Location : United States







Related Discussions:- Fezzes is perfectly competitive, Assignment Help, Ask Question on Fezzes is perfectly competitive, Get Answer, Expert's Help, Fezzes is perfectly competitive Discussions

Write discussion on Fezzes is perfectly competitive
Your posts are moderated
Related Questions


Explaination of the Marris Model

A firm hires two risk-neutral workers to assemble bicycles and pays $20 for each assembly.Charlie's marginal cost of allocating effort (measured in dollars) to the production proce

Unit Elasticity of Supply Supply is said to be of unit elasticity if changes in price bring about changes in quantity supplied in the same proportion.  Thus, when price rises,

Disadvantages of Perfect Competition There is a great deal of duplication of production and distribution facilities amongst firms and consequent waste. Economies of sc

WHAT ARE THE PRINCIPLES OF MANGERIAL ECONOMICS

QUESTION 1 Negotiating skills remain a critical capability for procurement practitioners. Skilled negotiators have the potential to improve the negotiating outcome. Procurers o

Bank of Issue The central bank enjoys the monopoly of bank note issue i.e. no bank other than the central bank is authorised by law to print currency notes. Printing of paper

Q. Show the importance of Demand forecast? Demand forecast for a particular commodity furthermore offers recommendations for demand forecast of associated industries. For exam