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- FIRST TWO PARTS OF THIS QUESTION HAS BEEN RESOLVED EARLIER. PLEASE HELP ME SOLVE THE 3RD PART ONLY. Consider the market for solar power. Assume the market is perfectly competitive and initially in long-run equilibrium; solar power sells for $.25 per kwh (kilowatt hour, a unit of power). (resolved) Draw 2graphs, one to represent the market (supply and demand), and one to represent a single firm (demand, marginal cost, and average cost curves). Assume a u-shaped average cost. Show the equilibrium price and the quantity produced by the market (Q) and by each individual firm (q). (resolved) Next, to encourage conservation, Congress taxes all forms of energy EXCEPT solar power, causing an increase in the demand for solar. Show what happens to the market and the firm in the short run; indicate clearly what happens to price, quantity, and profit. What happens to the market and the firm in the long run? Indicate clearly what happens to price, quantity, and profit, for each the market and…Q) In some countries, brand name fast-food restaurants are not allowed to operate. Such restrictions are likely to A. enhance the social welfare of society. B. increase the number of fast-food restaurants. C. reduce barriers to entry in imperfect markets. D. reduce the competitive nature of local fast-food markets.What element of perfectly free competition did M-Pesa mobile banking improve by putting the power and capacity of mobile phone banking in the hands of millions of new consumers who could now use their mobile phones to buy goods in the marketplace? A) Numerous buyers and sellers in the marketplace B) Goods so similar that buyers don't prefer one seller over another C) Full and perfect knowledge of what other buyers and sellers are doing D) No government interference in pricing in the marketplace
- A) Information products are generally considered non-rival goods. What does this mean in terms of the cost structure of the producer?B) Why will products with this kind of structure not get produced by competitive markets? C) Given the above two points, what can producers do to produce profitably in this kind of market?T or F Market concentration measures fail to accurately assess the industry's market power. Why?What could McDonald’s do to create barriers that would prevent others from entering the markets and would make it harder for remaining hamburger shops to remain in the market? The third question assumes the previous 2 questions I submitted were answered. in order to answer this question, you need to know the marginal revenue and marginal costs. + how much should McDonald’s charge for its hamburgers to maximize profit? McDonald’s Quantity Variable Costs Fixed Costs Total Costs Price Total Revenue Profit Marginal Costs Marginal Revenue 1,000 500 5,000 5,500 4.00 $4,000 -1,500 2,500 1,000 5,000 6,000 3.50 $8,750 2,750 0.33 3.17 4,000 1,400 5,000 6,400 3.00 $12,000 5,600 0.27 2.17 9,000 2,400 5,000 7,400 2.00 $18,000 10,600 0.20 1.2 13,000 3,400 5,000 8,400 1.00 $13,000 4,600 0.25 -1.25…
- please refer to image provided On the left hand side, the market consists of many perfectly competitive firms. On the right hand side, this market is dominated by a single monopoly firm. How much is the consumer surplus under perfect competition?Identify two products that have either (a) fallen sharply in price or (b) gotten significantly better without price increases. How did these changes come about? Describe how society benefits from this type of market competition.Two countries-A and B. Downward-sloping market demand in both. Firm Marginal Cost is upward sloping. The market price in A is higher than in B. Claim: the Marginal Cost in A is higher than in B. Agree, Disagree or It Depends? Explain your reasoning. Keep your responses short and precise. Under 250 words is a good rule of thumb.
- Which three of the following factors are associated with a perfect market? A high degree of mutual interdependency between competing firms B.Transparency of production methods and cost structures No barriers to entry into the market D Strong brand images amnong competing products in the market E The inability of buyers and sellers to influence the market price The following two statements have been made about the accounting and auditing professions (1) Only a member of a CCAB or IFAC body may refer to themselves as an accountant when dealing with clients and members of the public (2) The Financial Reporting Council has statutory powers in relation to the regulatory framework for the auditing profession which have been delegated by the government Are these statements accurate or inaccurate statement (1) Inaccurate; statement (2) Accurate statement (1) Accurate; statement (2) Accurate; statement (1) Inaccurate; statement (2) Inaccurate; statement (1) Accurate; statement (2)…Perfectly competitive markets incorporate forces that inevitably drives byers and sellers towards the point of equilibrium. Which of the below moral values is not achieved? a) lead buyers and sellers to exchange their goods in a just way, b) maximise the seller's profits, c) maximise the utility of the buyers and sellers, d) bring about the acheivements in a way that respect buyers and sellersExplain why firms would or would not worry about future competition in each market. Explain how this would impact each firms profits.
