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- •i) How many units did a company sell at $25.92 if they have 36% of the $6,480,000 industry? ___________ •j) Excluding beer and wine sales, the LCBO has a monopoly on liquor sales in Ontario, what is their market share in the legal liquor industry? _______________(trick question sort of)(1) A monopolist is forced to lower its price in order to sell another unit of its product. This describes the problem of A-persistent economic profits. B-market power. C-diseconomies of scale D-economies of scale. E-market discrimination (2)Koel is the single producer of home air conditioners in its rural market. The firm's monthly demand is described by the equation P = 5000 − 5Q, where P is the price and Q is the quantity of units sold. Which of the following must be true of Koel? A-An increase in price decreases the quantity sold. B-It is a natural monopoly. C-A decrease in price decreases the quantity sold. D-Higher levels of output bring in increasingly lower total revenue if demand is elastic. E-Maintaining the current price decreases the quantity sold over time. (3)Nori is a firm that sells products in an industry with a very high concentration of sellers. Nori's production decisions must consider its competitors' possible production decisions. In which market must…which best characterizes the reason why electricity was deregulateda) new technologyb) x inefficiencyc) foreign competitiond) economies of scale
- Question 6 Give an example of a government-created monopoly. Is creating this monopoly necessarily bad public policy? Explain.Question 3 options: CBS is selling advertising for its broadcast of the AFC championship game. The station’s demand for minutes of commercial advertising time is the demand it faces from the companies to which it sells advertising time: PADS = 100,000 - 50Q. CBS has MC = $2000. Buyers pay CBS a price PCBS for each minute of advertising and add $1,000 for each ad to cover the tax they pay, so their MCADS= PCBS + 1000. No one has any fixed costs. The profit for CBS is (include dollar sign and any commas, no decimals)E4 P Q ARC POINT Total Revenue Marginal Revenue 7 100 6.5 200 6 300 5.5 400 5 500 4.5 600 4 700 3.5 800 3 900 2.5 1000 2 1100 1.5 1200 find the remaining values and writ the comments on the results?
- 1a) A monopolist maximizes profit by maximizing price. True False 1b) In the in an advertising "prisoner's dilemma" game,both firms end up __________________ which turns out to be ________________________ advertising; better for them both. advertising; worse for them both not advertising; better for them both not advertising; worse for them both. 1c) In the short run, if a firm shuts down, the firm's total revenue is equal to fixed cost. variable cost. total cost. zero. 1d) Suppose that demand increases in an increasing-cost industry that is in long-run competitve equilibrium.After the market has completely adjusted, the equilibrium price will be above its original level. below its original level. equal to its original level. indeterminate. 1e) Which of the following characteristics can be used to differentiate products in a specific market? Low prices. Advertising. Barriers to entry. Low costs.Please submit the answer and then watch the video feedback.Tony's Tree Service is the only firm in a town that removes large trees. Tony invested in costly bucket trucks and wood chippers when he began his business. Which of the following best describes the barrier to entry that allows Tony to keep his monopoly? a.monopoly resources b.government-created monopoly c.natural monopolyExplain using general examples (exclude the German automotive industry) Michael Porter’s National Competitive Advantage Theory.
- If can no plagiarism ---------------------------------- Critical Thinking 1: The diamond-water paradoxIn “An Inquiry into the Nature and Causes of the Wealth of Nations” published in 1776, Adam Smith wrote:“Nothing is more useful than water: but it will purchase scarcely anything… A diamond, on the contrary, has scarcely any use-value; but a very great quantity of other goods may frequently be had in exchange for it”Explain the diamond-water paradox and find out in the literature how economists have later solved this paradox.A synonym for (accreditation) is a-connection . b certification c compensation d . organization Clear my choiceQuestion 4 Explain Microeconomic electricity theory?. Differentiate between monopoly and With a diagram, explain the game between consumers and producers in the electricity