State what market structure exists in the hotel industry in Jamaica during the 1990s. Can excess profit be earned in this industry in the long run.
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State what market structure exists in the hotel industry in Jamaica during the 1990s. Can excess profit be earned in this industry in the long run.
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- State what market structure exists in the hotel industry in Jamaica during the 1990s. Can excess profit be earned in this industry in the long run. Explain.Joyce owns a gas station and monopolizes gas sales along a remote stretch of road. In February, Joyce stayed open even though she earned negative economic profits. Draw a correctly labeled graph for Joyce’s gas station during February and show each of the following. The profit-maximizing output and price, labeled QJ and PJ The average total cost curve, labeled ATC Deadweight loss, completely shaded What must have been true for Joyce to continue operating during the month of February even though she earned negative economic profit? Assume that fixed costs for Joyce’s gas station decrease. Would Joyce’s profit-maximizing quantity increase, decrease, or stay the same in February? Explain. During the month of July, demand increases so that Joyce now earns a positive economic profit. However, she realizes her profits would have been higher if she had reduced the price of gasoline. At the quantity sold in July, was marginal revenue greater than, equal to, or less than…The Zinger Company manufactures and sells a line of sewing machines. Demand per period (Q) for a particular model is given by the following relationship:Q = 400 − .5Pwhere P is price. Total costs (including a "normal" return to the owners) of producing Q units per period are:TC = 20,000 + 50Q (a) Express total profits (π) in terms of Q. (b) At what level of output are total profits maximized? What price will be charged? What are total profits at this output level? (c) What model of market pricing has been assumed in this problem? Justify your answer.
- Study the evolution of any brand/company of your choice regarding its target market. In addition, also discuss how the brand/company differentiate and position its products/services to get the maximum competitive advantageExplain market structure differences at coca colaEmploy the production cost theory to explain why we consider the Fruit & VegetableMarketin Al-Aweer to have a perfect competition structure.
- TM Unifi is the only provider of fiber optics cable to a state. The firm enjoys the privilege ' to determine the price of the product as there is no competitor in this place. Describe any THREE (3) main characteristics of this market. Illustrate the situation of TM Unifi in the long run using an appropriate diagram(s).2017 International Practice Exam FRQ Joyce owns a gas station and monopolizes gas sales along a remote stretch of road. In February, Joyce stayed open even though she earned negative economic profits. a. Draw a correctly labeled graph for Joyce's gas station during February and show each of the following. i. The profit-maximizing output and price, labeled QJ and PJ ii. The average total cost curve, labeled ATC iii. Deadweight loss, completely shaded b. What must have been true for Joyce to continue operating during the month of February even though she earned negative economic profit? c. Assume that fixed costs for Joyce's gas station decrease. Would Joyce's profit-maximizing quantity increase, decrease, or stay the same in February? Explain. d. During the month of July, demand increases so that Joyce now earns a positive economic profit. However, she realizes her profits would have been higher if she had reduced the price of gasoline. i. At the quantity sold in July, was marginal…How do firms that compete in four different markets structures determine profitability
- Question: Price discrimination is only possible in perfect competition. True / False. Explain your answer theoretically and graphically. Also, discuss whether profit of firm is going to increase or decrease when it discriminates as compared to when it does not discriminate.Refer to Figure 14-10. When market price is P1, which area represents a profit- maximizing firm’s total profit or loss? a.(P2 –P1)×Q2;profit b.(P2 –P1)×Q1;loss c.(P3 –P1)×Q2;loss d.(P3 –P1)×Q1;profitComplete the following table and identify the profit maximising and output. b. What is true about marginal revenue and marginal costs when profit is maximized. c. What would be the profit-maximizing level of output if price fell to $9?