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1. Give an example of a monopoly, an oligopoly, and a cartel.
2. Describe the welfare effects of monopolies and oligopolies.
3. Which actions you think OPEC will take over the next year?
For each of the following events, indicate whether the AD or the AS curve shifts. In brief describe the reasoning behind your choice.
What impact would this have on the Kitty Litter market and the individual Kitty Litter producer in the SR? In the LR? Carefully Explain.
The demand curve for the product X is given by Qdx = 460 - 4Px. How much consumer surplus do consumers receive when Px = $35?
Demand and supply schedules
Use arc-approximation formula to compute the price-elasticity of demand coefficient of the firm's product demand between the (quantity, price) points of (100, $20) and (300, $10).
Price elasticity of demand for two customer segments
Please explain why international strategy is important. What is the difference between domestic and international strategic planning?
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
Assume the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The firm has a marginal and average total cost of $50per unit.
In the competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is4
What is the equilibrium? If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described above?
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