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1. What are the major distinctions between a monopolistically competitive industry and an oligopolistic industry?
2. What is the difference between a price taker and a price setter? Which do you think a firm would prefer to be? Why?
3. In the model of monopolistic competition, we say that there is product differentiation. What does this mean, and how does it differ from the assumption of homogeneous goods in perfect competition?
4. In the following list of goods and services, determine whether the item is produced under conditions of monopolistic competition or of oligopoly.
soft drinks
exercise drinks
office supply stores
massage therapists
accountants
colleges and universities
astrologists
the daughter of a women with the income in the bottom third of the income distribution will herself have a 60% chance of being in the bottom third, a 25% chance of being in the middle third, and a 15% chance of being in the top third. Income Group..
suppose that the cost of raw material used in the production of this good increases (assume nothing else has changed). Draw a diagram comparing the effect of the increase in the cost of materials in this market with the equilibrium
The accounting and marketing departments have provided you with the following information about the per-unit costs and demand for Type A bolts: Materials and labor are obtained in a competitive market on an as-needed basis
Take a look at the last word in this chapter. What explains why millions of economic resources tend to get arranged logically and productively rather than haphazardly and unproductively.What is the invisible hand and what is the significance?
The Downtown Parking Authority of Tampa, Florida, reported the following information for a sample of 250 customers on the number of hours cars are parked and the amount they are charged. Number of Hours Frequency Amount Charged 1 20 $ 3.00 2 38 6...
1. Assume that C = 40 + .5Y. a. Find the level of consumer spending and the level of savings for income equal to what c. What will be the equilibrium level of income when planned investment expenditure is equal to 60
An oil company plans to purchase a piece of vacant land on the corner of two busy streets for $70,000. The cost of the types of businesses Plan A) Cost: $75,000 Net Annual Income: $23,300 Plan B) Cost: $230,000 Net Annual Income: $44,300 Plan
If the fixed cost is ‘sunk' and she cannot increase her output in the short run, should she shut down?
Suppose that the current market price of VCRs is $300, that average consumer disposable income is $30,000, and that the price of DVD players (a substitute for VCRs) is $500. Under these conditions annual U.S. demand for VCRs is 5 million per year.
Assume that the federal government increases spending on public works programs, such as highway construction, by $40 billion. How does this change in spending affect the aggregate demand curve
The market rpice for siding and triming a house is $10,000. The Total Cover-Up Co. has fixed costs of $4,000 for ladders, supplies and so on, and the company's variable cost for siding are: Output in # of houses 2 at VC $26,000,3 housesat $32,000
What is the total cost function T C (q)? What is the fixed cost? What is the variable cost? Find the average cost function, the average fixed cost function, the average variable cost function and the marginal cost function. Draw them in two separ..
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