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The most important characteristic in an oligopoly market structure is that there are only a small number of firms competing, and as such their behavior is mutually interdependent. In perfect competition and monopolistic competition each firm does not need to consider the behavior of the others because there are so many of them. How managers respond to the strategies of other firms in an oligopoly is critical to whether or not they can successfully compete. To test or predict how strategies affect the interdependence several models have been developed. One of those models is referred to as the Game Theory. This is a mathematical tool designed to analyze outcomes when players employ different strategies, i.e., cooperate or compete. The best known game theory is Prisoner's Dilemma. Your task for the first part of this week's discussion is to complete the following task by Wednesday and then respond to at least one of your classmates' posting by Sunday:
The differences in demand and elasticity are the primary factors that drive management decisions related to pricing strategies. One strategy that is prevalent in the U.S. markets is price discrimination. This practice charges a different price to different target groups without consideration of the differences in the costs of production, i.e., senior citizens receive discounted prices at movie theatres while those consumers under 65 pay the full price. Your second task for this week is to complete the following assignment by Friday and then respond to at least one of your classmates' posting by Sunday:
Course Project: Proposal and Outline - Student Projects Discussion Topic
Submit your proposal and outline for your course project to the Student Projects Discussion topic by Sunday at Midnight. See the Course Project page in the Content area for detailed instructions, suggested generic outline, and further guidance.
Consider two workers with identical preferences. Phil and Bill. Both workers have the same life cycle wage path in that they face the same wage at every age, and they know what their future wages will be. Leisure and consumption are both normal goods..
The W Company is a member of the beef industry, which is perfectly competitive. The price of a beef is $60. The firm’s total cost function is TC = 100 + 10Q + 5Q2 where TC is total cost (in dollars) and Q is hourly output. What is the firm’s economi..
a. What is the expected U.S. minus EU inflation differential for the coming year? b. What is the current U.S. real exchange rate, qUS/EU?
What are the government's fiscal policy options for ending a severe recession? What are the short term and long term consequences of using fiscal policy for ending a server recession? What are the Monetary policy tools the Federal Reserve Board uses...
Jim currently pays premium $P for his health insurance, which he purchases in a competitive health insurance market, and covers 80% of all his healthcare costs (i.e. 20% coinsurance rate; no deductible or catastrophic cap). If he were to instead purc..
Name at least two legislations to prevent monopolization of businesses. Do you believe these legislations have been helpful? Discuss.
What is current process capability as measured by Cp. What is current process capability as measured by Cpk.
Val-lok industries manufacture miniature fittings and valves. Over a period of 8 years, the costs associated with one product line were as follows: initial investment cost of $22,000 and annual costs of $20,000. Annual revenue was $24,000. What rate ..
Research and report on TWO online resources for assistance with business tax preparation.
The remainder of the paper should support and explain your position. The paper should include at least three graphs developed in our course and define all economic concepts used to build your argument. The topic is: The Rise and Fall of the Housin..
Suppose that consumption depends on the interest rate. How, if at all, does this alter the conclusions reached in chapter 3 of the textbook about the impact of an increase in government purchases on investment, consumption, national saving, and the i..
(Population growth but no technology growth) Consider an economy that 12 is described by the production function Y = K^1/3L^1/ 3. What is the per-worker production function, that is y = Y/L ? What is the marginal product of capital, that is dy/dk? F..
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