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- Continuing with the scenario in question 1, in the long run, the positive economic profits that the monopolistic competitor earns will attract a response either from existing firms in the industry or film outside. As those films capture the original films profit, what will happen to the original films profit-maximizing price and output levels?Demand Schedule Assume MC = 0 Price Quantity $24 0 $22 1 $20 2 $18 3 $16 4 $14 5 $12 6 $10 7 $8 8 $6 9 $4 10 $2 11 $0 12 1. If the market is perfectly competitive, what will the market equilibrium price and quantity be in the long-term? Explain how you arrived at that answer. 2. If the market is a duopoly and the firms collude to maximize joint profits, what will market price and quantity be? Explain how you arrived at that answer. 3. If the market is a duopoly and the firms collude to maximize joint profits, what is each firm's total revenue if the firm split the market equally? Explain how you calculated that answer.1. Under the model of monopolistic competition, a(an) ________ in the number of firms in the industry will cause ________ to ________. 2. In the model of monopolistic competition, if the price is ______ than average costs, then firms are earning __________ economic profit and we should expect firms to _________ the industry. 3. In the model of monopolistic competition, if an industry has large ________ relative to another industry, then we should expect _________ firms to operate in a long-run equilibrium of that industry.
- 1.In differentiated oligopoly,the elasticity of individual market demand is smaller than in the case of pure oligopoly.Explain this statement in not more three sentences 2.As a prospective production manager of an agribusiness firm whose average variable cost of production is greater than the price per unit of its product in a competitive market indicate ,in not more than four sentences, how would you advice management concerning the operations of the firm 3.Assuming you are the production Economist in a farm firm whose elasticity of production is negative indicate,in not more than 3 sentences, how would you advice management concerning the operations of the firmQ2. Which model's equilibrium price and quantity most closely matches perfect competition? a. Bertrand Competition with Identical Goods b. Stackelberg Duopoly c. Monopolistic Competition d. Cournot Oligopoly12. Which of the following does NOT fall into the degrees of competition continuum? A) Perfect competition B) Monopolistic competition. C) Competitive advantage D) Oligopoly
- a. A firm operating under perfect competition is earning an economic profit of K20 million in the long run? Is this a feasible outcome and why?b. What are the implications of a having a Kinked Demand cure under Oligopoly markets?c. What is the key difference between perfect competition and monopolistic competition?Candak Corporation produces professional quality digital cameras. The market for professional digital cameras is monopolistically competitive. Assume that the inverse demand curve faced by Candak (given its competitors’ prices) can be expressed as P = 5,000 - .2Q and Candak’s total costs can be expressed as TC = 20,000,000 + .05Q2. Answer the following questions. A. What price and quantity will Candak choose? B. Is this likely to be a long-run equilibrium for Candak Corporation? Why or why not? If not, what is likely to happen in the market for professional digital cameras, and how will it affect Candak?7) How do Monopolistic Competition and Perfect Competition differ in terms of efficient use of resources, in the long run?
- Question 1 (40 points) Consider a homogeneous duopoly market where two firms compete in prices. Demand is given by D 8-2p, where p is price. Marginal cost of production is 2. a)lf the individual capacity of both firms is 2, is there an equilibrium in pure strategies? If so, what are the equilibrium prices? If not, provide a proof. b) Consider then that a third firm enters the market and that all three firms have a capacity of 2. Does an equilibrium in pure strategies exist? If so, what are the equilibrium prices? If not, why not? c) Does you answer under b) change if the firms' capacities are respectively equal to 1, 2 and 3?.Question 6 (a) Why is Perfect Competition considered to display high level of economic efficiency? (b) How does monopoly result in a dead-weight loss? Illustrate with diagram. (a) How is oligopoly different from monopolistic competition? (b) Illustrate and explain how the oligopolistic firms determines their collective profit by maximizing price and output levels when they collude and act like a cartel (monopoly). Question 7 (a) What are the main causes of market failure? Give one example and illustrate using a diagram. (b) Explain the difference between private costs and social costs. (c) Government of Country X is considering implementing a tax on fizzy drinks. Using a demand and supply diagram, illustrate what effect the tax will have on the market of fizzy drinks. (d) For what purposes does government use taxes-both at micro and macroeconomic level?1.What degree of income elasticity of demand would you expect for summer holiday breaks to an exotic destination? Explain your reasoning in a few sentences. 2.Consider the markets for pizza delivery services in Vienna, hotel accommodation in Krems and train travel in Austria. Define the market types perfect competition, oligopoly / monopolistic competition and monopoly and classify the given examples accordingly. Explain your reasoning in a few sentences. 3. Consider an independently run hotel in Krems and briefly discuss how it might be affected by the following scenarios: a) A rise in interest rates b) A fall in unemployment c) A fall in the exchange rate (i.e., the value of the euro decreases) d) A rise in inflation 4.Explain why tourism satellite accounts are useful and give examples for direct and indirect effects (two examples for each). 5. From 2015-2019, the Austrian accommodation and food services industries have grown in real terms by 4.1 %, the Austrian economy as a…
