c) If the game is played only once what is the equilibrium? Is it a dominant-strategy equilibrium? Explain. d) Is there a Nash equilibrium? Explain. What is the best outcome for either of the firms? Explain.
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- Aside from advertising, how can monopolistically competitive films increase demand for their products?What is the relationship between product differentiation and monopolistic competition?What is a company based in Nova Scotia that you think shoud begin selling its products in a country outside of North America? who are some current competitors in that country and their marketing efforts.
- er to the information provided in Figure 15.2 below to answer the questions that follo Demand and cost conditions for We Do Hair MC ATC 32 28 24 20 MR 40 46 50 60 Number of perms b. 1) Refer to Figure 15.2. The profit-maximizing number of perms for We Do Hair, a monopolistically competitive firm, is 2) Refer to Figure 15.2. At We Do Hair, a monopolistically competitive firm, the profit- maximizing price for a perm is 3) Refer to Figure 15.2. If We 1Do Hair is maximizing profit as a monopolistically competitive firm, it is earning a profit of 4) Refer to Figure 15.2. If We Do Hair is maximizing profit as a monopolistically competitive firm, its total revenue equals 5) Refer to Figure 15.2. If We Do Hair is maximizing profit as a monopolistically competitive firm, its total costs are 6) Refer to Figure 15.2. From society's point of view, the efficient level of output is 7) Refer to Figure 15.2. In this monopolistically competitive industry, in the long run, Acessibility: Investigate D…PRICE (Dollars per engine) 100 90 80 70 60 40 30 & 2 20 10 MO D 0 10 ATC MR Demand 20 30 40 50 60 70 DO 90 QUANTITY (Thousands of engines) 100 Mon Comp Outcome Min Unit Cost Because this market is a monopolistically competitive market, you can tell that it is in long-run equilibrium by the fact that optimal quantity. Furthermore, a monopolistically competitive firm's average total cost in long-run equilibrium is average total cost. at the the minimum2. Is a monopolistically competitive firmproductively efficient? Is it allocatively efficient? Whyor why not? 3. What stops oligopolists from acting together asa monopolist and earning the highest possible level ofprofits?
- Answer both please otherwise we will give dounvoteYou own Athleticon, which manufactures athletic wear. Your new contract with Atlanta United, a professional soccer team, allows Athleticon to be the sole suppler of athletic wear with the “Atlanta United” logo. No one lese can manufacture athletic wear with the “Atlanta United” logo. What do you think will be Athleticon’s level of profitability on the sale of “Atlanta United” athletic wear? Explain why. Your contract with Atlanta United only lasts 3 years. It was not renewed. Other firms can now manufacture athletic wear with the “Atlanta United” logo It is now 5 years after your contract with Atlanta United was terminated. Any manufacturer that wants to can manufacture and sell athletic wear with the “Atlanta United” logo. What do you think will be the level of profitability and rate of return on manufacturing athletic wear with the “Atlanta United” logo? Explain why.Critical Thinking In many oligopolistic industries, firmsfollow a price leadership strategy, in which an accepted industry leader sets, raises, or lowers prices and theother firms follow. In what ways is this policy good andbad for the industry? In what ways is this good or badfor consumers? Whal is the difference between priceleadership and price fixing? Should governments al- low industries 10 use price leadership strategies? If not,how can they prevent it?
- Costs and Revenues (dollars per room) 200 180 160 140 120 ➜ 100 80 60 40- 0 5 10 Market for Monica's Hotel 15 20 25 30 35 Quantity (rooms) 40 D₂ MC ATC MR 45 50 Multiple Choice Question Use the graph of a monopolistically competitive firm above to answer the following question. What is the amount of profit or less Monica will make at the profit maximizing price and quantity? O Profit of $2000 O Profit of $0 O Loss of $2000OA OB OC Alpha's Price Policy OD. High Low A с Beta's Price Policy High Low $20 $30 $20 $10 B D $10 The diagram above shows potential outcomes for two oligopolistic competitors. Beta's profits are shown in the upper right corner of each box and Alpha's profits in the lower left corner. If Alpha and Beta engage in collusion (and do not cheat), where will they end up? $15 $30 $15Next Question Consider the network scheduling profit matrix Can the Pareto Critenon hep me networks sette on a single equibrum? Explain The Pareto Criterion Ne O A cannot help the networks sette on a singlo equibrum because the Wednesday Thursday networks cannot communicate OB. can help the networks settle on a single equibrum because the networks have dominant strateges Wednesday OC. cannot help the networks settie on a singie equilbnum because no Nash equilibria is better for both networks 40 Nebok 2 O D. can help the networks settle on a single equibrium because one Nash equilibrium has the highest joint payoffs O E. cannot help the networks settle on a single equilbrum because the networks must schedule simultaneously Thursdey