The table below shows revenue data for different firms producing refrigerators. Use the given information to find the market share of each firm. The “other” row is comprised of a number of small firms. Round each value to 2 decimal points. Firm Revenue in $ Market Share in % Aardvark Inc 160.00 Buzzy Co 535.00 Corky Co 500.00 Dingo Inc 770.00 Echo Co 215.00 Fox Inc 685.00 Other 505.00 What is the Four Firm Concentration Ratio? % Is this market concentrated? YesNo

The table below shows revenue data for different firms producing refrigerators. Use the given information to find the market share of each firm. The “other” row is comprised of a number of small firms. Round each value to 2 decimal points. Firm Revenue in $ Market Share in % Aardvark Inc 160.00 Buzzy Co 535.00 Corky Co 500.00 Dingo Inc 770.00 Echo Co 215.00 Fox Inc 685.00 Other 505.00 What is the Four Firm Concentration Ratio? % Is this market concentrated? YesNo

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 4.12P

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The graph displays the cost and revenue curves associated with a monopolistically competitive firm. This firm will produce _____ units and charge a price of ____. a. 60; $45 b. 90; $40 c. 80; $30 d. 80; $60
Table 17-9Only two firms, Acme and Pinnacle, sell a particular product. The table below shows the demand curve for their product. Each firm has the same constant marginal cost of $10 and zero fixed cost. Price Quantity Total Revenues 70 0 0 65 100 6500 60 200 12000 55 300 16500 50 400 20000 45 500 22500 40 600 24000 35 700 24500 30 800 24000 25 900 22500 20 1000 20000 15 1100 16500 10 1200 12000 5 1300 6500 0 1400 0 Refer to Table 17-9. If Acme and Pinnacle operate to jointly maximize profits and agree to share the profit equally, then how much profit will each of them earn? Group of answer choices $9,000 $8,750 $8,000 $6,750
Table 17-9Only two firms, Acme and Pinnacle, sell a particular product. The table below shows the demand curve for their product. Each firm has the same constant marginal cost of $10 and zero fixed cost. Price Quantity Total Revenues 70 0 0 65 100 6500 60 200 12000 55 300 16500 50 400 20000 45 500 22500 40 600 24000 35 700 24500 30 800 24000 25 900 22500 20 1000 20000 15 1100 16500 10 1200 12000 5 1300 6500 0 1400 0 Refer to Table 17-9. How much less do each of these firms earn in the Nash equilibrium than if they jointly maximize profits? Group of answer choices $250 $500 $750 $1000
Suppose there are only two automobile companies, Ford and Chevrolet. Ford believes that Chevrolet will match any price it sets, but Chevrolet too is interested in maximizing profit. Use the following price and profit data to answer the following questions. Ford's Chevrolet's Ford's Chevrolet's Selling Selling Profits Profits Price Price (millions) (millions) $4,000 $ 4,000 $ 8 $ 8 4,000 8,000 12 4,000 12,000 14 2 8,000 4,000 12 8,000 8,000 10 10 8,000 12,000 12 12,000 4,000 14 12,000 8,000 12 12,000 12,000 1. What price will Ford charge? 2. What price will Chevrolet charge once Ford has set its price? 3. What is Ford's profit after Chevrolet's response? 4. If the two firms collaborated to maximize joint profits, what prices would they set? 5. Given your answer to part (d), how could undetected cheating on price cause the cheating firm's profit to rise?
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Consider the diagram below depicting the revenue and cost conditions faced by a monopolistically competitive firm, and then answer the following questions. $70 $65 $60 $55 MC es $50 $45 $40 АТС $40 $32.50 $35 $30 $25 S20 $20 S14.30 $25 $15 Demand MR $10 $5 0.5.0 1.5.0 2.5.0 3.5. 4.50 5.5.0 6.5.0 Quantity Price and costs
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Many luxury sheets cost less than $200 to make but sell for more than $500 in retail stores. Some cost even more dash consumers pay almost $3,000 for Frett'e "Tangeri Pizzo" king-size luxury linens. The creators of a new brand of luxury linens, called Boll & Branch, have entered this market. They want to price their sheets lower than most brands but still want to earn an adequate margin on sales. The sheets come in a luxurious box that can be reused to store lingerie, jewelry, or other keepsakes. The Boll & Branch brand touts fair trade practices when sourcing its high-grade long-staple organic cotton from India. Given that the cost is $145 per king-size sheet set below, and assuming the manufacturer has total fixed costs of $400,000 and estimates first year sales will be 40,000 sets, determine the price to consumers if the company desire a 50 percent margin on sales. The cost per unit is $_________ (Round to the nearest dollar.) The markup price is $ (Round to the nearest dollar.) O…
An industry consists of 4 firms. The market shares of each firm are 40% for Firm 1, 30% for Firm 2, 20% for Firm 3, and 10% for Firm 4. What is the HHI for this industry?
12. Consider a duopoly market. Two firms are selling identical products and all costs are assumed to be zero for simplicity. Market demand schedule is given in the following table. Note that firms always choose an integer value for the quantity of production. Quantity Price Total Profit 3 $12 4 11 5 8 6 6. 7 4 8 2 1 10 a. Fill in the column of total profit.
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