________ occurs when price and quantity fixing agreements among producers are uncleared a) tacit collusion b) oligopoly c)monopolistc competition d)strategic collusion
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________ occurs when
a) tacit collusion
b) oligopoly
c)monopolistc competition
d)strategic collusion
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- 2. You are the Southeastern Michigan regional manager at Coca-Cola, responsible forproduction and pricing in the Metro Detroit area. Your primary competitor is Pepsi. The marketresearch team at Coca-Cola is thinking about launching a new product, Orange Vanilla Coke, toboost the brand. The cost function to produce a 12-pack of 12 fl. oz. cans of Orange VanillaCoke is C(qcoke) = 0.25qcoke and the market research team has estimated inverse market demandfor a 12-pack of this new “pop” in Southeastern Michigan to be P = 10.25 – 0.00025Q. a. Assuming Pepsi decides not to produce a similar product, allowing Coca-Cola to maintainmonopoly power in the market for orange vanilla cola, what price and quantity will youchoose to maximize profit? How much profit does Coca-Cola earn?b. What price and quantity you would choose to maximize profit if Pepsi spies discover yourproduct before launch, allowing Pepsi to produce and launch an identical product at the sametime. For your answer, assume the cost…There are 1000 pear producers that have identical cost functions, C= 200+0.025q2 where q is the number of crates of apples produced. The producers operate in a perfectly competitive market. The supply curve of each producer is ________ The total supply curve for the market is ________ At a price of 100, the elasticity of supply for the market is _________, meaning that supply is _________ For the answer options, refer to the attached image.True or False A recession provides an opportunity for marketers to closely review how much and in what ways they are spending their money. Budget allocations can open up promising new options and eliminate sacred-cow approaches that no longer provide sufficient revenue benefits. Because different brands or sub-brands appeal to different economic segments, those that target the higher end of the socioeconomic spectrum may be particularly important during a recession. A market challenger attacks the market leader and other competitors in an aggressive bid for more market share. There are five types of general attack; challengers must also choose specific attack strategies.
- Only typed answerA monopoly company has a demand curve that can be shown as P = 3 000 - 100Q. It has fixed costs of R1 000 and additional cost per unit produced of R200. 1. a) What is the total cost equation? [2] 2. b) What is the marginal cost equation? [2] 3. c) What is the total revenue equation? [2]A firm with market power can divide its sales into two submarkets, the demands and marginal revenues of which are shown in the following diagram. $ Price, marginal revenue, and marginal cost (dollars) 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 0 5 10 MRA 15 MRB 20 Quantity 25 DA 30 35 MC = ATC DB 40 (a) How many quantities of output should the firm produce? 1 45 Q (b) How many quantities should be sold to market A? How many quantities should be sold to market B? What price should be charged in each market? (c) Calculate the price elasticities at the prices charged in each submarket. Do these price elasticities have the expected relative magnitudes? Explain. (d) What is the amount of profit generated by the firm?
- Question 4When a per unit tax is placed on the sale of a product with a linear demand curve, the resulting price increase under monopoly will Be less than the tax in the long run and short run Be more than the tax in the long run and short run Will equal the tax increase in the long run O Will be less than the tax increase in the short run and equal to the tax increase in the long run____ occurs when price‐ and quantity‐fixing agreements among producers are undeclared. a) Tacit collusion b) Strategic collusion c) Oligopoly d) Monopolistic competition
- A market with N=20 identical firms compete on quantity (Cournot competition). The market price elasticity of demand is = −1.5, and the price elasticity of supply for N-1 of the firms is n-i = 1.5. What is the price elasticity of the residual demand curve facing firm i? O -30 O -50 O -58.5 O -60Describe the difference in economic profit between a competitive firm and a monopolist in both the short and long run. Which should take longer to reach the long-run equilibrium? In the short run, both monopolists and competitive firms run, economic profit. True or False: The adjustment to long-run equilibrium takes the same amount of time for monopolies and competitive industries. (Can/Cannot) earn positive economic profits. In the long _(neither/monopolists, but not competitive/both/ competitive but not monopolists) can earn a positiveSuppose the market for asparagus has the following (inverse) market demand schedule: p=88-0.2Q The industry has the following cost structure: MC = ATC = $4 The Amalgamated Asparagus Company is looking to spend factor resources in socially-wasteful legal battles and advertising campaigns to maintain a full monopoly in this market. Answer the following. a. For its monopoly, Amalgamated Asparagus is willing to pay resources worth up to $14070 Suppose that competitive rent-seeking pressures cause Amalgamated Asparagus to pay its maximum willingness-to-pay for monopoly rights. b. Social cost of this monopoly = $ 4410 Hint: Your answer to (a) should be whole number. Think about why.
