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- 10. Based on the available data, the market elasticity of demand for your firm's product is -2.0. The marginal cost is constant at $50 and you compete against 17 other firms in a Cournot Oligopoly The average total costs are $375. What is the optimal price per unit?(a) There are two companies in the world that produce large passenger aircraft, Boeing, and Airbus. How would you characterize the market for large passenger aircraft, monopoly, perfectly competitive, monopolistically competitive or Oligopoly? Please explain. Large passenger aircraft are defined as aircraft than can carry more than 150 passengers. (b) The market for telephone services has become more competitive over time with the advancement of technology in the industry. Technology in the aircraft manufacturing industry has also advanced significantly. Why hasn’t this improvement in technology led to an increase in competition (Boeing and Airbus have been the only manufacturers in this industry for many years)? Please explain.Practice Problem 1: Two firms produce homogeneous goods with constant marginal costs c = 2. The market demand in each period is P(Q) =10 - Q where Q is output. (a) Compute Cournot (quantity competition) profits in this market (for which you need to compute output and prices, of course).(b) Compute the monopoly profit in this market. That is, what a firm with the same cost function would make if it were the only one in the market (and what a cartel of the two firms would decide to produce in this market).(c) Suppose that one firm produces half the output that you computed in (b). Compute the best response of the other firm, and explain why in one period an agreement between the two firms to produce each half the monopoly output (and so get half the monopoly profit) would not be honored..
- Pls help with below homework. Which barriers to entry give rise to what economists would call 'natural monopolies'? Check all that apply. A) Legal barriers to entry B )Extreme economies of scale C) Extreme network effects D) Monopolized resources2. The market for dark chocolate us characterized by Cournot duopolists - Honeydukes and Wonka industries. The market demand for dark chocolate is:P = 8 - 0.005Qdwhere P is the price per bar in dollars and Qd is dark chocolate's daily quantity demanded in bars (use qh to represent the quantity of dark chocolate sold by Honeydukes and qw to represent the quantity of dark chocolate sold by Wonka Industries). Honeydukes has a constant marginal cost of $2.50 per bar, while Wonka Industries has a constant marginal cost of $3.00 per bar. The firms move simultaneously in choosing their profit-maximizing quantity of output.a. Given the firms move simultaneously, what is the equation for Honeydukes' reaction function with qh expressed as a function of qw?b. Given the firms move simultaneously, what is the equation for Wonka's reaction function with qw expressed as a function of qh?c. What quantity of dark chocolate will each firm produce in equilibrium and what price will be established for a…. Can we consider WAPDA a government-created/state monopoly? Was creatingWAPDA bad public policy? Explain.ii. Why is marginal revenue less than the price for monopolies? Can marginal revenueever be negative? Explain.iii. Show the deadweight loss from unregulated monopoly. Explain your answer as itrelates to WAPDA.iv. Describe in detail the Public Policy measures that the government can use to managegovernment-created/state monopolies like WAPDA.
- 4. Imagine a market with demand P = 420 – Q in each period. Two firms are thinking about colluding. They each have cost C(Qi) = 60Qi. If they cooperate and behave as a monopoly, then they have a marginal revenue curve, MRm = 420 – 2Q, and a marginal cost curve, MCm = 60. If they are in a cartel, then the firms will split the monopoly production and profits. If they compete, then they face MRi = 420 – 2Qi – Q-I and MCi = 60. a. If the firms stick to their agreement (cooperate), how much per-period profit do they each make? b. If they are not able to maintain their agreement (compete), what is their per-period profit? c. If one firm cheats on their agreement (deviate), how much does each firm make? Be sure to specify both the profit for the cheater and the firm cheated-on. d. Suppose the firms assume that their interaction will last forever (r = 1) and they share the common discount value R. What is the lowest value of R such that both firms are willing to continue with the cartel…Only typed answer Assume that the demand for a standard (i.e. non-luxury seat) ticket to a Cleveland Indians game is represented by the function: P = 80 – 0.625Q and MR = 80 – 1.25Q and MC = 30 a. What single price will maximize monopoly profit? b. What will be the prices and quantity under two-part pricing? c. Calculate and compare the profits for each option.11. Which of the following is not a barrier to entry for new firms in an industry? A. Economies of scaleB. LicenseC. PatentD. Trademark
- No .2 Can we consider WAPDA a government-created/state monopoly? Was creating WAPDA bad public policy? Explain. iii. Show the deadweight loss from unregulated monopolies. Explain your answer as it relates to WAPDA. Describe in detail the Public Policy measures that the government can use to manage government-created/state monopolies like WAPDA.The Competition Bureau in Canada wants to increase competition and reduce monopoly power. Thus it it worries about industry concentration in Canada. Let's assume that the Canadian halibut processing industry there are only two firms(duopoly). Under such a market structure, if one of the halibut processing firm increases its price, then the other firm in the halibut processing industry can: keep the price of its processed halibut constant and thus increase its market share. keep its price of its processed halibut constant and thus decrease its market share. decrease its price of its processed halibut and thus decrease its market share. try to achieve economies of scale. increase its price of its processed halibut and thus increase its market share.Competitive Outcome, (Pcomp, Qcomp) 1. If Sam and Jack each produce the same quantity of appointments as would be produced in perfect competition, what is the total quantity of appointments? 2. What would be the price per lesson? 3. What will be the economic profit of Sam and Jack? Think of the perfectly competitive industry in long-run equilibrium. Non-Competitive Outcome, (PM, QM) 1. If Sam and Jack form a cartel and produce the same quantity of appointments as would be produced in a monopoly, what is the total quantity of appointments? 2. What is the price per appointment 3. What is the economic profit of Sam and Jack?
