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A firm, which is the only supplier of a good located in a particular town, is accused of engaging in anticompetitive tactics in order to protect its monopoly position in that town. As part of its defense, the firm has argued that the geographic antitrust market includes a larger neighbouring city with multiple firms. The defense offers two pieces of evidence in support of its larger geographic market: (1) the correlation coefficient between the price in the town and the nearby city is 0.95, looking at weekly prices for recent years, and (2) a recent survey of consumers in the town, conducted by the firm's marketing branch, revealed that a 5% increase in prices above current levels would be unprofitable because too many consumers would switch to purchasing from the city. In this larger geographic market, the firm's market share is low. Therefore, the defense claims, the firm does not have the market power necessary to carry out anticompetitive practices or to make them worthwhile.
Offer a critique of the firm's arguments regarding market definition. Can we conclude that the relevant geographic market is larger than the town based on the evidence presented?
Assume that the MPC is 0.85 and that the Government is considering to boost the economy to increase real GDP by $2 trillion for the 2008 general elections.
Discuss how each of the following will affect the marketplace clearing price and quantity in each market. How does the supply and/or demand curves will shift in the following cases.
Your son is graduating from high school and is about to enter the work force. He has developed a strong curiosity about our economic system and how it works. Because you have a good understanding of basic economics, he has asked you to explain..
Explain how much will your industry's total revenues (revenues from both products) change if you increase the price of good X by 1 percent.
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Decide what sports were like NFL before the introduction of the salary cap?
Obtain annual data for a series of economic indicators from the ABS National accounts database. The economic indicators you are required to research are annual growth rate for GDP
The price of beef is $ 1.50 per pound, and pork is $ 2.00 per pound. Assuming you have studied economics and achieved consumer equilibrium.
Compute the AE function and plot it in diagram. What is total autonomous expenditure? What is slope of the AE function?
There be surplus supply or surplus demand. What would be the quantity of surplus demand or surplus demand.
Draw the daily budget constraint without any program participation for the single parent described above. On the same graph, draw the daily budget constraint under TANF for the single parent described above. At what level of money income does the ..
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