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Assignment Type: Individual Project Deliverable Length: 2-3 pagesPoints Possible: 150 Due Date: 10/16/2011 11:59:59 PM CT
You want to start a company, and are trying to decide between two different industries. You are doing your final research before you write your business plan.
Industry A has 20 firms and a Concentration Ratio (CR) of 30%
What is the name for this type of industry?
Describe some of this industry's characteristics.
If you were in this industry and there was an increased demand for the product that pushed up the price of goods, what long-run adjustments would you expect?What does your anticipated adjustment process imply about the CR for the industry?
Industry B has 20 firms and a Concentration Ratio (CR) of 80%.
What is the name for this type of industry?Describe some of this industry's characteristics.what are some reasons why this industry has a high CR while Industry A had a low CR?Is it possible for smaller firms to thrive and profit in Industry B? Why or why not?
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Firm A is the sole supplier of a certain product. A's marginal cost equals average cost MC = AC = 30, and it faces market demand given by inverse demand function P = 120 0:5Q. Suppose at the moment A produces quantity q = 120 units at price p = ..
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Jay's Silk Printing Co. is located in a small university town. The major portion of their business is custom printed sweatshirts for university bookstores. As a sideline, they also retail sweatshirts locally. The local demand for sweatshirts is: Q..
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the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply.
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