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Question1- Define and give an example of perfect price discrimination. Describe how price regulation may improve the performance of monopolies. In your answer distinguish between (a) socially optimal (marginal cost) pricing and (b) fair return (average and total cost) pricing.
Question2- How does monopolistic competition differ from pure competition in its basic characteristics? From pure monopoly? Explain fully what product differentiation may involve. Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor and how that, in turn, affects its economic profit. Why is there so much advertising in monopolistic competition and oligopoly?
Question3- Why do oligopolies exist? List 3 or 4 oligopolists whose products you regularly purchase. What distinguishes oligopoly from monopolistic competition? Why might price collusion occur in oligopolistic industries? Assess the economic desirability of collusive pricing. What are the main obstacles to collusion? Speculate as to why price leadership is legal in the United States, whereas price fixing is not.
Consider a market characterized by the following inverse demand and supply functions: PX = 10 - 2QX and PX = 2 + 2QX?
Compare the path of economic growth using GDP, GDP growth, and GDP per capita. Compare the evolution of Agriculture and Manufacture as components of GDP.
A firm is making production plans for upcoming quarter, but the manager doesn't know what the price of the product will be next month. She thinks there is a 30 percent chance price will be $500 and a 70 percent chance price will be $750.
From an economist standpoint, why might there be more research, development, and innovation occuring in oligopolistic market structure than in any other?
Firms like Papa John's, Domino's, and Pizza Hut sell pizza and other products which are differentiated in nature. While numerous pizza chains exist in most locations, the differentiated nature of such firms products permits them to charge prices a..
Assume that the two rival "Super Stores", Walmart and Target both adopt price matching rules. If people can discover lower advertised values on any items they sell, then they will match the lower prices.
The following is the production possibilities for a firm. At 0 labor units (strangely enough), there are 0 units produced. At 1 labor unit, there are 10,000 units produced, at 2 labor units, there are 25,000 units produced, at 3 there are 45,000, ..
Ongoing United States struggles in Iraq and Afghanistan, political unrest in South America, and civil wars in Africa have driven crude oil values up for the last many years.
Explain why are prices usually higher for goods or services in London as opposed to Newcastle, or New York as opposed to San Fran?
Suppose demand function has changed t0o Qd2 = 14-P. Find the new equilibrium price and quantity?
A production lot of 25 units required 103.6 hours of effort. Accounting records show that first unit took seven hours. What was the learning rate?
Describe and discuss; Use the concepts of economies and diseconomies of scale to describe a firm's long run Average Total Cost Curve.
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