Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 15, Problem 3SPA
(a)
To determine
Identify whether the broadband and broadcast television markets are
(b)
To determine
Identify barriers which limit the competition and allow to influence the price.
(c)
To determine
Identify the changes in the broadband and broadcast television market in terms of new law.
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4. Read the following article: Your Avocados and Olives Are Pricier Because Fat Is In Fashion.
a. In one to three sentences, briefly summarize the main point(s) of this article.
The increase and popularity of healthy fatty food like avocados, butter, olive oil, and salmon are making these products spike in price because of their popularity.
b. Draw two graphs side by side (like in problem 3 above) for an individual firm in a competitive market and the accompanying market. Draw them so they are in long run equilibrium initially.
c. In the article, it mentions that the producers of avocados, fish, and butter are struggling to increase output (quantity supplied). Why?
There was such a high rate of interest in these products in such a short amount of time, the companies weren’t able to fill the orders fast enough.
d. Draw the effect described in part d on your graph of the market in part c.
e. What happened to the equilibrium price as a result?
What does the article…
Exercise 6.3.Little Kona is a small coffee company considering entering a market dominated by Big Brewer. The benefits of each of them depend on whether or not the first enters and whether the second sets a high or low price:
After analazing the graph, answer the following question:
Great Brew threatens Little Kona by telling her, "If you go in, we're going to set a low price, so the best thing you can do is not get in." Do you think Little Kona should believe the threat? Why yes or why not?
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.
Chapter 15 Solutions
Microeconomics (13th Edition)
Ch. 15.1 - Prob. 1RQCh. 15.1 - Prob. 2RQCh. 15.1 - Prob. 3RQCh. 15.1 - Prob. 4RQCh. 15.2 - Prob. 1RQCh. 15.2 - Prob. 2RQCh. 15.2 - Prob. 3RQCh. 15.2 - Prob. 4RQCh. 15.2 - Prob. 5RQCh. 15.2 - Prob. 6RQ
Ch. 15.3 - Prob. 1RQCh. 15.3 - Prob. 2RQCh. 15.4 - Prob. 1RQCh. 15.4 - Prob. 2RQCh. 15.4 - Prob. 3RQCh. 15.4 - Prob. 4RQCh. 15.4 - Prob. 5RQCh. 15 - Prob. 1SPACh. 15 - Prob. 2SPACh. 15 - Prob. 3SPACh. 15 - Prob. 4SPACh. 15 - Prob. 5SPACh. 15 - Prob. 6SPACh. 15 - Prob. 7SPACh. 15 - Prob. 8SPACh. 15 - Prob. 9APACh. 15 - Prob. 10APACh. 15 - Prob. 11APACh. 15 - Prob. 12APACh. 15 - Prob. 13APACh. 15 - Prob. 14APACh. 15 - Prob. 15APACh. 15 - Prob. 16APACh. 15 - Prob. 17APACh. 15 - Prob. 18APACh. 15 - Prob. 19APACh. 15 - Prob. 20APACh. 15 - Prob. 21APACh. 15 - Prob. 22APACh. 15 - Prob. 23APA
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