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- 17.Which of the following statements about monopolistically competition is CORRECT: A. Earn abnormal profits in the long run. B. Always make profit in the short run because of monopoly power. C. Charge a price equals to minimum average total cost in the long run. D. In the long run, produce at price greater than marginal cost 18.(a) Explain whether each of the following statements applies to microeconomics or macroeconomics: (i) The jobless rate in the housing industry has increased substantially in 2020. (ii) A national car rental company has shut down due to Covid-19. (iii) The inflation rate in Malaysia has decreased by 2% last year. (b) Discuss how a market system and a command economy try to cope with economic scarcity.P Q $156.00 9344 $151.32 10040 $146.64 10544 $141.96 11047 $137.28 11483 $127.92 11691 $123.24 11753 A. Use your first demand function to determine an equation for TR and MR as a function of Q, and create a graph of P and MR on the vertical and Q on the horizontal axis. B. What is the total-revenue maximizing price and quantity, and how much revenue is earned there? (Round your price to the nearest cent, your quantity to the nearest whole unit, and your TR to the nearest dollar.) Compare that to the TR when P= $127.92 and P= $149.00In late 1991 two firms, Delta Airlines and the Trump Shuttle, provided air shuttle service between New York and Boston or Washington. The one-way price charged by both firms was $142 on weekdays and $92 on weekends, with lower off-peak advance purchase fares. In September 1991 Delta increased the per-trip shuttle mileage given to members of the Delta frequent-flier pro- gram from 1,000 to 2,000 miles, even though actual mileage from New York to either Boston or Washington is about 200 miles. Moreover, Delta also offered an extra 1,000 miles to frequent fliers who made a round-trip on the same day, raising a possible day’s total to 5,000 miles. Almost simultaneously, Trump changed the frequent-flier mileage it gave shuttle passengers. (It participated in the One Pass frequent-flier program with Continental Airlines and some foreign carriers.) What sorts of changes do you think Trump made? Why
- Draw the graph. If the monopoly is a price-discriminating monopoly charging some customers P1= $950 and other customers P2=$400, then: At the price P1= $950, the monopoly will sell a quantity Q1 = ______ At the price P2= $400, the monopoly will sell a quantity Q2 = ______. (Obs: calculation required here!) Total quantity sold at both prices is Q3 = Q1 + Q2 = ___________. The profit earned from selling the quantity Q1 at P1 is Profit1 = ____________________(identify the area on the graph and calculate it). The profit earned from selling the quantity Q2 at P2 is Profit2= ____________________(identify the area on the graph and calculate it). The total profit earned by the price discriminating monopolist is Profit = Profit1 + Profit2 = _______.Analyze the demand function for Toyotas in problem C4, page 82. Please also read “What is a Symbol” located in the folder with this assignment. This function is: QT = 200 -.01PT +.005PM -10PG +.01I +.003A Where: QT = quantity purchased PT = average price of Toyotas PM = average price of Mazdas PG = price of gasoline I = per capita income A = dollars spent annually on advertising Characterize this function by circling all in the following list that are applicable: univariate, bivariate, multivariate, linear, exponential, logarithmic, curvilinear, 1st degree, 3rd degree, additive, multiplicative, linearly homogeneous What is the numerical value of the partial derivative of the function with respect to the price of gasoline (PG) (be sure to also include the + or – sign. Note: I do not want the symbol for this partial derivative)? Write the mathematical symbol representing the coefficient of income (I) (the numerical…Global Gas & Electric, a monopoly operating in the northwest Philippines, is represented in the table below. Global’s executives would not provide you any more information than what's in this table, so you'll have to fill in the blanks. Fill in the table and use it to answer the following question. (The output is measured in thousands of kilowatt hours of electricity.) Assume that if electricity is supplied by competitive firms, the market price is 55 andthe quantity supplied is 8 (‘000 KWHs)? What is the amount of the deadweight lossto society of producing electricity by monopolist Global Gas and Electric? (It is helpful to have a graphical illustration based on the data above so you couldcalculate easily the DWL. )
- Define natural monopoly. Describe the two problems that arise when regulators tell a natural monopoly that it must set a price equal to marginal cost. You consume only soda and pizza. One day, the price of soda goes up, the price of pizza goes down, and you are just as happy as you were before the price changes. Illustrate this situation on a graph. How does your consumption of the two goods change? How does your response depend on income and substitution effects? Can you afford the bundle of soda and pizza you consumed before the price changes? Draw the indifference curve for someone deciding how to allocate time between work and leisure. Suppose the wage increases. Is it possible that the person’s consumption would fall? Is this plausible? Discuss. If a consumer does not buy less of a commodity when his income rises, then he will surely buy less when the price of the commodity rises. Explain and illustrate with graph using income effect and substitution effect Under what…A. What is meant by the change in the quantity demanded and the change in demand support your answer graphically.B. Distinguish between Oligopoly and Monopoly, and which one leading to price discrimination?C. Elaborate how prices are determined in a free-market economy for tourism inputs?E. Explain the circular flow of income in four sector economy.What are positional goods? Would you discourage competition for their possession? If so how? If not, why not? Typed answer please. I ll rate
- Explain at least three (3) modes that firms use to enter foreign markets. Please provide examples.Do you think Coke made the right decision to introduce Coca-Cola with Coffee and Coca-Cola with Coffee Zero Sugar? Discuss TWO (2) reasons why you say it is a right decision or a wrong decision.What is meant by the term economic efficiency. Explain in detail.