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After watching the video clip from Forrest Gump, consider that Forrest's good luck of "being in the right place at the right time" allowed him to operate as a monopoly. Typically, the fishing industry is a highly competitive industry where economic profits are rarely made in the long run. However, in a twist of fate, Forrest's boat is the lone survivor after a hurricane washes ashore and destroys all the other shrimp boats.
Consider the barriers to entry facing potential competitors in Forrest's monopoly market. The more contestable a market, the closer it will be to a perfectly competitive market, whereas the less contestable a market, the closer it will be to a monopoly.
What barriers to entry exist in other industries that allow certain firms to operate as a monopoly? Are these barriers contestable?
Based on the best available econometric estimates, the market elasticity of demand for your firm’s product is -3. The marginal cost of producing the product is constant at $100, while average total cost at current production levels is $175. Determine..
Do you think that competition can be counted on to discipline the industrial business firms of a modern economy?
Consider the following market for used cars. There are many sellers of used cars. Each seller has exactly one used car to sell and is characterized by the quality of the used car he wishes to sell. Let θ ∈ [0, 1] index the quality of a used car and a..
Suppose a bar has two types of clients: men and women. Suppose the monopolist can only charge one price. What price would he charge? Suppose the monopolist engaged in third degree price discrimination. What prices would he charge?
A transit line is to be constructed so that people living in a 200-km-long, narrow corridor can be transported to a single employment location at the end of this corridor. The transit vehicles will transport commuters to the employment location at..
Each employer faces competitive weekly wages of $1,600 for blacks and $2,400 for whites. Suppose employers undervalue the efforts/skills of blacks in the production process. What is the value of the marginal product of each black worker? What is the ..
1. Research the various OSI Model levels used by your computer to access the internet. 2. What type of activity on your PC uses TCP? Why? Use Wireshark to confirm.
Are international strategies always just a special case of diversification strategies that a firm might pursue? What, if anything, is different about international strategies and diversification strategies?
Speculate about why people in higher income groups vote for reasons that are borne out of a sense of duty rather than from economic interests.
Your firm has a 20% market share in a high growth market [35% annual growth] where the major competitor [50% market share] is pursuing a conservative policy of only growing as fast the market. Your firm on the other hand has unlimited access to exter..
A firm’s labor demand and labor supply equations are shown below. The equilibrium wage is $? and the equilibrium quantity of labor employed is ? people.
Assume to you live in a simple economy in that only three goods are produced also traded: fish, fruit also meat. Illustrate what additional information might you require constructing your measure?
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