Which of the below statements about the steel industry is true? O a. In the 70s the new technology of Direct Reduced iron produced a scrap substitute from iron ore called sponge iron that fed O b. integrated firms embracing a vertical integration strategy utilized electric arc furnaces to melt scrap steel O. Minimills utilized blast furnaces to melt iron ore O d. Technologically there are three groups of steel makers: integrated firms, minimils and specialty steel makers producing sp

Which of the below statements about the steel industry is true? O a. In the 70s the new technology of Direct Reduced iron produced a scrap substitute from iron ore called sponge iron that fed O b. integrated firms embracing a vertical integration strategy utilized electric arc furnaces to melt scrap steel O. Minimills utilized blast furnaces to melt iron ore O d. Technologically there are three groups of steel makers: integrated firms, minimils and specialty steel makers producing sp

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter15: Oligopoly And Strategic Behavior

Section: Chapter Questions

Problem 12P

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In the world market for copper, there are two types of copper mines: Type 1 (primarily locatedin North America) and Type 2 (primarily located in Asia and South America). Each type of mineincurs five “buckets” of costs: (1) direct materials; (2) energy inputs (such as electricity andnatural gas); (3) shipping; (4) production labor; and (5) production and administrative overhead.Direct materials, energy inputs, and shipping services are purchased in competitive spotmarkets, and the total monthly costs that a firm incurs on these items vary in direct linearproportion to the quantity of copper produced in the mine during that month. If a mineproduces no copper in a particular month, it incurs no direct materials, energy, or shippingcosts.By contrast, the total monthly costs for production labor and overhead are volume- insensitive:the levels of these costs do not vary with the volume of production in the mine. Even if themine temporarily suspended operations for a month (i.e., produced…
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Table 16-3 The following table shows the output produced by each of the top eight firms in four industries as well as the total industry output for those industries. Firm 1 2 3 4 5 6 7 8 Total Industry A 50,000 47,000 43,000 38,000 32,000 25,000 17,000 8,000 270,000 approximately 46% approximately 54% approximately 57% Industry B Industry C 18,000 37,000 17,750 36,500 17,250 35,500 16,500 34,000 15,500 32,000 14,250 29,500 12,750 26,500 11,000 23,000 130,000 300,000 approximately 61% Industry D Refer to Table 16-3. What is the concentration ratio for Industry B? 40,000 39,000 37,000 34,000 30,000 25,000 19,000 12,000 250,000
(1) Would you characterize Industry 4.0 as arevolution or more of an evolution? Why? (2) Whymight various companies have an interest inpromoting Industry 4.0 as a conceptual “brand”?
If company A and B combine under single ownership of control, this would be a O a. horizontal O b. vertical O c. conglomerate Od. Herfindahl O e. There is not enough information to answer the question. merger.
In Brazil, coffee beans are cultivated by a very large number of small farms that all produce beansof similar quality and taste at similar costs. Land is still plentiful, and the equipment required isaffordable enough to allow new farming businesses to start up under current market conditions.However, better production techniques, especially alternatives to polluting fertilisers anddeforestation, are needed in this industry. Using the theory and models of industry structure, examinethis industry. Should government be worried about any aspect of how an industry with this marketstructure will perform?
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(a) Fill in the blanks with the following words. barriers to entry, long run, monopoly, perfect competition, short run, supernormal profits Under new firms are attracted into the industry and the abnormal profits are competed away as the market supply curve shifts to the right and the market price falls. However, which are the very source of monopoly can only exist in the as in the under new firms are unable to enter the market as there are various power. Thus a single firm may remain the only supplier, and supernormal profits may persist in both the short and long run; in monopoly, there is therefore no distinction between short and long run equilibrium.
ok In the table below are data on five different industries and the market shares for each of the firms in the industry. Assume that there is no foreign competition, entry into the industry is difficult, and that no firm in each industry is on the verge of bankruptcy. In the column to the right of the table, calculate the Herfindahl index. Tint erences esc Market Share of Firms in Industry Industry Alpha Beta Mc Graw Hill Q Short Answer Toolbar navigation Kappa Delta Epsilon BIVS -50--- Di 2 Which industry has the most market power and which industry has the least? P @ W # 3 E 4 Herfindahl index R 1 33 25 20 60 25 5 STAZA % 23 456 22 14 12 10 9 25 25 15 10 20 20 20 20 10 10 10 10 20 15 15 15 10 & Search Protecto Pray T 6 Y 1.5 7 2 Next > 8 1 O O * P |{ d
Please show the computations on how you got the answers for me to understand better. Please. Please. Please. Thank you.
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