31. Know how to calculate the Herfindahl Index. What HHI number means a pure monopolist?What HHInumber means a purely competitive market?Above what number indicates an oligopoly?

Answered: - Know how to calculate the Herfindahl…

- Know how to calculate the Herfindahl Index. What HHI number means a pure monopolist? number means a purely competitive market? What HHI Above what number indicates an oligopoly?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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How many real industries can you name that are oli-gopolies? How many operate under monopolistic com-petition? Perfect competition? Which of these is most difficult to find in reality? Why?
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Monsanto holds significant regional monopoly power-in some regions they are a true monopoly being the only seller of agriculture seeds. If the elasticities of demand, JEDI, for soybean seeds is 3.5, and 3 for corn, then the profit-maximizing price (relative to marginal cost) for soybeans is times marginal cost, and the price is times marginal cost for corn. Round to one decimal if needed. A Moving to another question will save this response. « >
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