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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?
Which of the following is NOT a condition for price discrimination? Different groups of consumers should be charged differing prices for the same product. The firm's demand curve should be downward sloping.
Draw the diagram showing the cost structure of price taker and a market price well above minimum average cost. Given that any firm is price taker, how can a firm capture any economic rent (profits in excess of opportunity cost of capital)?
Assume the firm can produce 5000 units of out put by combining its fixed capital with 100 units of labor and 450 units of raw materials. What are the total cost and average total cost of producing 5000 units of output?
Assume The Big Enchilada Restaraunt has been offered a 1 year binding lease agreement for $5200/mth on an attractive site. Before the lease is signed, what is the incremental cost per month?
Explain what happens to price and quantity of milk when the following events take place: For each and every event, specify how it effects either demand, quantity demanded, supply, or quantity demanded. It is also important to demonstrate how the ch..
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Explain the median housing price in a community
Consider a sharecropper whose contract calls for him to receive ¾ of the output produced in the farm on which he works. Suppose that the value of the marginal product of labor on the shared cropped land is given by 80-L. Where L stands for hours o..
Aztec Enterprises depends heavily on advertising to sell its products. Management at Aztec is allowed to spend $2 million monthly on advertising, but no more than this amount.
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
Can you articulate how macroeconomics and microeconomics come into play in the context of firm decision-making in a global business. Please provide an example.
Explain the law of diminishing returns in your own words. This idea can be applied to other concepts in economics. Think about your own utility from consumption. Give a personal example of diminishing utility.
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