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2. Describe the fundamental difference between pure competition and non-collusive oligopoly.
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- Suppose 4 firms compete in a homogeneous-product Cournot oligopoly. If each firm's marginal cost equals $112 and market price elasticity of demand equals -2.25, the profit-maximizing, equilibrium price equals $Explain why a large firm like General Mills might use nationalaccount selling to strengthen its relationship with a majorsupermarket chainExplain the difference in market power between perfectly competitive firms and monopolistically competitive firms. Which firms have more control over prices and/or output? Why? What are some industry examples of each type of market structure?
- 14. Study Questions and Problems #14 Suppose that the for soda only has a few large producers, each producing a similar brand of soda. True or False: This market is most similar to an oligopoly market structure. True FalseAssume that the smartphone manufacturing industry is in monopolistic competition. Assume that smartphone manufacturing firms are earning normal profits in the long-run. Illustrate a correctly labeled model for a firm in this industry.2. Deviating from the collusive outcome Stargell and Schmidt are brewing companies that operate in a duopoly (two-firm oligopoly). The daily marginal cost (MC) of producing a can of beer is constant and equals $0.20 per can. Assume that neither firm had any startup costs, so marginal cost equals average total cost (ATC) for each firm. Suppose that Stargell and Schmidt form a cartel, and the firms divide the output evenly. (Note: This is only for convenience; nothing in this model requires that the two companies must equally share the output.) Place the black point (plus symbol) on the following graph to indicate the profit-maximizing price and combined quantity of output if Stargell and Schmidt choose to work together. PRICE (Dolars per can) 1.00 090 080 0.70 080 0.50 6.40 0.30 0:30 6.10 0 Demand D 20 40 MR 60 00 100 120 140 QUANTITY (Cans of beer) MC ATC 140 160 200 Monopoly Outcome
- 3. Describe the differences and similarities between monopolistic competition and pure competition.ne Semester 2023 dules nouncements NWP Assessment Play X signments scussions yllabus Grades Zoom People Turnitin https://calstatela.instructure.com/courses/85933/quizzes/382812/take Oligopoly Oaksville has two tennis instructors, Sam and Jack. The figure shows the demand curve and marginal revenue for tennis lesson appointments and the average total cost. Price and cost (dollars per appointment) Microsoft Office 365 Google Apps Type here to search X F1 @ 2 21 A- F2 A+ F3 Quiz: Homework 7 #3 X F4 BI $ 4 70 60 50 40 30 23 10 ☀ - F5 0 X % 5 2 Alt Text: pink glitter ro X Alt Text: appointments Competitive Outcome, (Pcomp, Qcomp) ☀+ F6 6 MR 8 F7 6 4 10 Quantity (appointments per hour) L yu F8 8 & 7 O MC D ATC F9 Negative Manuscript X * 00 8 F10 ( 9 n F11 ) 0 Oracle Peopl 59°F Mostly clouc ☆ A to F12 Hom2. Consider this statement: " Because price equals long -run average cost and profits are zero, a monopolistically competitive firm is efficient.". Do you agree or disagree? Explain.
- When comparing two firms operating as a cartel/colluding and two firms competing in Cournot competition, given the firms face the same inverse market demand and marginal cost is the same for both firms in either situation, which of the following is true? а. The total profit is the same in Cournot competition and collusion. O b. Total output is higher in collusion than in Cournot competition and the price is lower in collusion than in Cournot Competition. Ос. The total profit is lower in Cournot competition than in collusion. O d. Total output is lower in collusion than in Cournot competition and the price is higher in collusion than in Cournot Competition.Read your textbook (Chapters 1-7) and use seven peer reviewed publications and write an APA formatted paper of minimum five (5) pages about the following: Explain the Five Forces Framework and Industry Profitability of Michel Porter. Describe the four market structures of Perfect Competition, Monopoly, Monopolistic Competition, and Oligopoly. Analyze the relation between the five forces and different market structures. Apply your understanding in the evolution of the market in the computer industry (Page 223).5. Two duopolistic oil producers are faced with the total demand function of P = 180– Q and the following cost functions: MC1 = 30 + Q1 MC2 = 20 + 2Q2 a. Determine the optimal levels of output, using the Cournot solution. b. What are the optimal outputs, if the two firms form a cartel
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