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America's Water Meter Industry is dominated by four companies: Rockwell, Badger, Neptune and Hersey. Rockwell has 35 percent market share, and the remaining share rest. Demand is very inelastic and there is barrier to entry due to economies of scale. The firms, fearing that profits may fall to competitive levels have, have set prices cooperatively. They've played "repeated games". There is no attempt by any firm to undercut price and each is satisfied with its market share.
a. Use graphs to explain the concepts mentioned here.
b. Describe all the economic terms used here, in relation to oligopoly.
c. Should the US anti-trust laws be invoked in industries like this?
Explain and discuss the differences between private goods, public goods, natural monopolies, and open-access goods.
Determine Acme's total profit function. Assuming that Acme is effectively able to charge different prices in the two markets, what are the profit-maximizing price and output levels for the product in the two markets? What is Acme's total profit und..
Assume you own the remodeling company. You're currently earning short-run profits. The home remodeling industry is an increasing cost industry. In the long run, what do you expect will happen to:
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If we are able to increase our domestic energy production, and that allows us to import less oil from foreign countries, briefly explain what will happen to the GDP.
Give an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
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The box industry was perfectly competitive. The lowest point on long run average cost curve of each of identical box producers was dollar four, and this minimum point occurred at an output of 1,000 boxes every month.
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What is the average fixed cost of producing 2 units of output based on the following table:
Describe why some firms might suffer diseconomies of scale. Do you know any examples? Could GM be an example of diseconomies of scale?
Describe the difference between a monopoly and an oligopoly, and a cartel and provide an example of the monopoly, an oligopoly, and a cartel and write down the welfare effects of monopolies and oligopolies.
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