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- 1.In differentiated oligopoly,the elasticity of individual market demand is smaller than in the case of pure oligopoly.Explain this statement in not more three sentences 2.As a prospective production manager of an agribusiness firm whose average variable cost of production is greater than the price per unit of its product in a competitive market indicate ,in not more than four sentences, how would you advice management concerning the operations of the firm 3.Assuming you are the production Economist in a farm firm whose elasticity of production is negative indicate,in not more than 3 sentences, how would you advice management concerning the operations of the firm10. Based on the available data, the market elasticity of demand for your firm's product is -2.0. The marginal cost is constant at $50 and you compete against 17 other firms in a Cournot Oligopoly The average total costs are $375. What is the optimal price per unit?Figure 1.7 represents an oligopoly firm. The existing price and quantity are $10 and 2000 units. The firm's demand curve will be... PRICE (S) Figure 1.7 D2 DI a. D₁ED₁ b. D2ED2 c. D₁ED2 d. D₂ED1 2000 QUANTITY D2
- Industrial Economics Suppose a duopoly with nomogenous product Explain what are the effects on fims' profits of having a very harsh competve stance (think about Bertrand duopoly). Describe the strategies firms can adopt in order to ty to increase their profitsCompare the quantity and price of an oligopoly tothose of a perfectly competitive market.For each statement in the left column find and match convenient part from the right column of the table: Write your answer A. The market, represented by a group of sellers, unified by an agreement on its segmentation and final price of the production, is considered as ... 1. ... for the oligopoly B. The situation in which society undergoes losses due to high prices and low output is more typical for ... 2 ... for the price discrimination C. The market in which several sellers can affect and control the price of products in an industry is typical for ... 3. ... for the price competition D. The situation when a different price is given for the same product is typical for ... 4. ... for the market of imperfect competition E. Limited resources is the main factor determining the situation typical for ... 5. ... for the perfect competition F. The absence of the supply curve is typical for... 6. ... for the cartel…
- 1. Which market structure(s) will have zero economic profits in the long run? 2. Which market structure(s) will be a price maker and have barriers to entry? 3. There are currently 8 firms in a particular market. There firm sales are given in the table below. (1) What is the four-firm concentration ratio for this industry? (2) Would you classify it as an oligopoly? Firm 1 2 3 4 5 6 7 8 Sales $1,000 $1,500 $2,000 $2,500 $3,000 $1,000 $500 $2,500 4. Although market structures vary widely in their characteristics, (1) what is one common aspect among all of them? (2) What is the potential calculation for your previous answer (Answers in 4.1)? 5. In the long run, (1) which market structures are likely to have their average cost curve just sit on top of their demand curve? (2) What does this imply for each market structure? (3) Are there any differences in the market structures you gave in your previous answer? 6. What market structure(s) are likely to cause a net loss to societal welfare?3. There are three identical firms in the market research industry. The demand is 1 – Q, where Q = q1 + q2 + q3. The marginal cost is zero. a. Compute the Cournot equilibrium b. Show that if two of the three firms merge (transforming the industry into a duopoly), the profit of these firms decreases. Explain why and use a table to show the changes. c. Show the result on profits if all three firms were to mergeAgain, please consider this table, which describes a firm that is part of an oligopoly: Marginal Quantity Price Total Cost Cost Total Revenue Marginal Revenue Profit/Loss 100 $4 $120 200 $3 $320 A 300 $2.50 $570 400 $2 $870 B C Carefully following numeric instructions, enter the value for Cell B.
- PRICE (S) 10 0 D2 DI OD LED 1. D₂ED 2- D₁ED 2. OD ₂ED 1¹ 2000 QUANTITY DI D2 Marigold Residence is an oligopoly. Marigold's rivals will not match price increases but will match price decreases. Consequently, the firm's demand curve will be (from left to right)OWhich of the following is NOT a characteristic of oligopoly?A. Few large firms dominate the marketB. High barriers to entryC. Homogeneous productsD. Interdependence among firmsSuppose the inverse demand for a duopoly is given by P = 30 – Q. Marginal cost is given by €12. The quantity that each firm will produce in the Cournot equilibrium is A. 12 B. 6 C. 3 D. 18