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America's Water Meter Industry is dominated by four companies: Rockwell, Badger, Neptune and Hersey. Rockwell has 35 percent market share, and the remaining share rest. Demand is very inelastic and there is barrier to entry due to economies of scale. The firms, fearing that profits may fall to competitive levels have, have set prices cooperatively. They've played "repeated games". There is no attempt by any firm to undercut price and each is satisfied with its market share.
a. Use graphs to explain the concepts mentioned here.
b. Describe all the economic terms used here, in relation to oligopoly.
c. Should the US anti-trust laws be invoked in industries like this?
Find out the market structure (competition, monopolistic competition, oligopoly, and monopoly) that best characterizes the infant formula industry.
The long run supply curve for a particular type of kitchen knife is horizontal line at a price of dolla three per knife. The demand curve for such a kitchen knife is
The main difference between perfect competition and monopolistic competition is, rices under an ideal cartel situation will be equal to
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..
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In 2005, APEX received a tax credit for production of its solar panels through the US Department of Energy's Energy Efficiency and Renewable Energy procurement plan.
Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. Such goods are said to have relatively inelastic demand.
A small town is served by many competing supermarkets, which have constant marginal cost. Using the diagram of market for groceries, show the consumer surplus, producer surplus, and total surplus.
What is the Underground Economy? What effect, if any, does the Underground Economy have on the entire economy? Is it positive, negative, or has no effect?
Suppose that the rate of depreciation as well as the rate of saving are each .10. Also assume that there is no technological nor population growth.
For each of following cost-output relationships, explain the shape (U-shape, decreasing, increasing, constant) of the average total cost and marginal cost functions
Estimate the demand function
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