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- Supplier Set Price Versus Market-Determined Price: Collusion or Competition?Advertising is often described as wasteful and useless for consumer. Focusing on what you learned about asymmetric information and price dispersion, is there an economic rationale for advertising? Are there characteristics of certain types of goods that would make advertising information regarding these goods particularly useful to consumer?A monopolistic competitor that practices price discrimination
- Monopolistic competition creates inefficiency because of the markups and excess capacity. The graph below depicts the situation for a hypothetical monopolistically competitive firm. The curves included in the graph are demand (D), marginal revenue (MR), average total cost (ATC), and marginal cost (MC). The graph is not graded, but you can move the point labeled P to help you find the numeric values to answer the questions. Price $ 80 MC M 45 P D ATC Quantity What is the size of the markup on the price? Number $0 What is the size of the excess capacity? Number UnitsMonopoly and Price Elasticity PLEASE HELPBranding involves creating and communicating a unique image and theme for a product in the consumers' mind. Does successful branding increase Market Power?
- Monopolistic competition creates inefficiency because of the Price markups and excess capacity. The graph depicts the situation $100 for a hypothetical monopolistically competitive firm. The 90 curves included in the graph are demand (D), marginal 80 revenue (MR), average total cost (ATC), and marginal cost ATC (MC). Use the graph to find the requested values. 70 60 What is the size of the markup on the price? 50 40 markup: $ 30 What is the size of the excess capacity? 20 MC MR 10 units excess capacity: 20 30 40 50 60 70 80 90 10 100 Quantitymonopolist's decision about how many unit to sell is realted to micro or macroeconomicsEconomic profit is an indication that consumers are willing to pay more for a good or service being offered.
- Which of the following is NOT a condition needed for price discrimination? Select one: a. The company has market power in its product market. b. The company can keep customers from reselling the product after they have purchased it. c. The company has a perfectly elastic demand curve. d. The company knows how much different customers are willing to pay for the productEconomics You own a popular company and only sell 1 product. You plan to incorporate price discrimination. Your research shows a lot of people would buy at $2000. a lot more people would buy the product at $500, but not at $2000. Your marginal cost per unit is $100. To maximize profit, you decide to set the price at $2000 and buy billboards across your market advertising a weekly sale: the price will be $500 on Tues, Wed, and Thurs from 12pm to close. a) Is this likely to achieve a goal of perfect price discrimination? Why or why not? b) Can you suggest any better way of executing your optimal pricing strategy?Discuss how research and development and advertising can be used by companies to increase market power and achieve supernormal profit.
