Their prices reflected this decreased level of competition

Assignment Help Business Economics

Reference no: EM131195162

University of Chicago economist Christian Broda opines because the affluent tend to consume more goods and services that typically have less competition, this means their prices are less elastic than goods and services who are subject to greater competition. Please identify at least one good and one service that has relatively lower competition and how their prices reflected this decreased level of competition. Please do the same for at least one good and one service where there is expensive competition and this high degree of competition is reflected by lower prices. Use concrete examples.

Reference no: EM131195162

Questions Cloud

What additional-different spending cuts would you recommend : How large is the current U.S. budget deficit and how has it changed over the last few years? What is the total amount of U.S. debt and how has this changed in the last few years? Who holds this debt? What additional/different spending cuts would you ..

Analyze link between firms production process-total costs : Analyze the link between a firm’s production process and its total costs. What are the different types of costs a firm faces in the short run and long run. What are the major differences in perfectly competitive firm and monopoly. List and explain at..

Describe monthly demand and supply relations of firm : The following equations describe monthly demand and supply relations of a firm. At what price level would demand equal zero? Find elasticity of demand and comment whether it is elastic or inelastic? If firm increases its price by AED 1, what will be..

How does restraint of trade apply to np practice limitations : The Federal Trade Commission has weighed in on several state battles over scope of practice, arguing that physician groups have no valid reason for blocking such laws other than to thwart competition. Discussion Question: How does “restraint of trade..

Their prices reflected this decreased level of competition : University of Chicago economist Christian Broda opines because the affluent tend to consume more goods and services that typically have less competition, this means their prices are less elastic than goods and services who are subject to greater comp..

What are the strengths and weaknesses of game theory : What are the strengths and weaknesses of game theory? What are its underlying assumptions? Devise a situation/scenario from your work (or another company in which you are familiar) in which game theory is immediately applicable. Sketch out its specif..

Differentiate process of creating money from minting coins : Differentiate process of creating money from minting coins or printing bills. Explain how the Federal Reserve System uses government borrowing to create money. Describe at least one other method by which new money can be created by any financial inst..

Consider the concept of economic treaties : In considering the international realm, let’s consider the concept of economic treaties. Specifically, let's think about an organization like the European Union (EU). Why was it formed? In addition, what are some of the objectives of the nations that..

Consider monoply that faces a market deman function : Consider a monoply that faces a market deman function D(p)=100-p, where p is the price that the monoply changes and q is the quantity. The monopoly has MC=q. Suppose the monoply can do project 1st degree price discrimnation. What is the maximal profi..

User Account

All Pages