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Testifying at a price fixing trial involving Cargill Corp. and market for chicken growth hormone, (in which Cargill is one of only three firms worldwide), an executive for Perdue said: "It's an oligopoly. When one (firm) changes price, they all do... usually within minutes."
Why is it not surprising to find that in the oligopoly which sells basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Illustrate and fully describe using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decisi..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Political Economy GV307 : Consider the model of “no theft” where the consumer pays the official government price plus a bribe in order to obtain X. Assume that the official marginal revenue for selling the good in this context is given.
Among the 4 principal market structure models, monopoly and oligopoly offer best opportunities for the firm to earn economic profits in the long run. What are some strategies for firm which is earning economic profits to legally sustain them over ..
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
A firm has determined that its variable costs are given by the following relationship:
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
What is the relationship between bowed out shape of production possibilities frontier and increasing opportunity cost of the good as more of it is produced?
Can you please explain the profit maximizing decision the perfectly competitive firm makes in the short run and describe why this firm can make profits in the short run, but profits aren't possible in the long run.
Your firm sells a very popular children's game. As the manager, you have received information that another firm is thinking about introducing a similar game. You have the following facts:
Supposing the marginal cost curve is for a competitive industry as a whole, find out the profit-maximizing level of output and price.
Perform a White test for heteroskedasticity using auxiliary regression
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