The closer a market's Herfindahl - Hirschman Index (HHI) is to there are firms in the market. A. 100; many B. 10,000; few C. 100; few D. 10,000; many the less competitive the market, which means
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- True/False The market in which there are many sallers and buyers is called perfectly competitive market.cite example where the marketeconomy provides low -priced goods ans sevicesfor lower-income individuals and does so profitably, think of specific examples in the followinfg areas: hotels, air travel, restaurant, clothing, groceries, derinks, entertainment, and vacations.A competitive firm is selling the product for Rs. 30. Is itpossible that he sells the product on Rs. 35? Explain this pointwith the help of a diagram
- 3.1 BAD Enterprises is considering increasing the price of its harmonicas,currently $20, by 25 per cent. BAD’s current revenue is $12,000 a month,and the PED for its harmonicas is estimated to be 1.8.a. Calculate the effect of the price change on BAD’s revenue.b. BAD now considers increasing its advertising budget to restore its salesrevenue to its previous level. BAD is currently spending $1,500 a monthon advertising and estimates its AED to be 1.5. What will its new budgethave to be?c. What can you say about what will happen to profit in both (a) and (b)compared with the original level of profit? 3.5 MK Corp estimates that its demand function is as follows:Q ¼ 400 12:5P þ 25A þ 14Y þ 10P where Q is the quantity demanded per month, P is the product’s price(in $), A is the firm’s advertising expenditure (in $’000 per month), Y is percapita disposable income (in $’000), and P * is the price of AJ Corp.a. During the next five years, per capita disposable income is expected toincrease…If the quantity of concert tickets sold decreases by 10 percent when the price increases by 5percent, this market is operating in which section of its downward-sloping straight-linedemand curve? Group of answer choices This market shows elastic demand which could occur at any point along the demand curve. the section below the point of unit elasticity the point equal to unit elasticity the section above the point of unit elasticitySuppose Brian is in the market for a used textbook and the campus bookstore is having a sale. If the initial price of the used book is $82.50 and the discounted price is $62 , what is the percentage change in the book price? Round your answer to two places after the decimal.
- DRAW THE MARKET EQUILIBRIUN CURVE. NOW SHOW NEW TECHNOLOGY AND INCOME GOES UP FOR BUYERS OF INFERIOR PRODUCTSPredict the impact on each market. Use + and – to indicate whether there will be anincrease or decrease in demand (D), supply (S), equilibrium price (P) and equilibriumquantity (Q). If there is no change, use N, and if the change cannot be predicted, use Ufor uncertain. Market Event D S P Q Canadian Wine Early frost destroys a large percentage of the grape crop - - + - Wood-burning The price of heating oil and natural gas triples + stoves Cell phones Technological advances reduce the costs of producing cell phones Gold Large gold deposits are discovered Fast foods The public show great concern over high sodium and cholesterol in fast foods; also, there is an increase in the minimum wage Bicycles There is increasing concern by consumers about physical fitness; also, the price of gasoline falls.The Mustangs Ultimate Frisbee team is selling tickets to an end-of-year BBQ. They sell 500 tickets for $2.00 each. They are planning to increase the price. A survey indicates that for every $0.20 price increase, there will be a drop of 20 tickets sold by the team. a) What is their maximum revenue that they can make? b) What should their selling price be in order to maximize their revenue? c) How many tickets will be sold at this point
- f the quantity of concert tickets sold decreases by 10 percent when the price increases by 5percent, this market is operating in which section of its downward-sloping straight-linedemand curve? Group of answer choices This market shows elastic demand which could occur at any point along the demand curve. the section below the point of unit elasticity the point equal to unit elasticity the section above the point of unit elasticityChoose the letter/s of the correct answer/s. The price of a product is expressed as p, PHP = 10 – 28D where D is the demand. Which of the following correctlyexpresses the total revenue?A. 10 − 28D2 B. 28D = 10 C. 10D − 28D D. 10D −28D2a. Explain what happens to the producer if the market price is 1) 1,500 2) 400, - and 3) 100 Prove the answer with numbers so that the company conditions are clear!b. In which market is the company located? Explain the answers with answers