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6. (Price Leadership) Why might a price-leadership model of oligopoly not be an effective means of collusion in an oligopoly?
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- 4. (Oligopoly Question) K Airline has determined that the price elasticity of demand for two customer segments (a Customer seeking First Class seats on an airplane has price elasticity of demand is -1.50 while Coach seats have a price elasticity of demand is -3.66. Based on their expectations of profitability, K realizes the Marginal Cost of the flight $500. How much should K charge for its EACH of its products (coach and first class)3.(Characteristics of Monopolistic Competition) Why is a firm in monopolistic competition said to be competitive? In what sense is that firm monopolistic?(Table: Demand Schedule of Whatchamacallits) Use Table: Demand Schedule of Whatchamacallits. The market for whatchamacallits consists of two producers, Emma and Joshua. Each firm can produce whatchamacallits with no marginal cost or fixed cost. Suppose that these two producers have formed a cartel, agreed to split production of output evenly, and are maximizing total industry profits. If Emma decides to cheat on the agreement and sell 100 more whatchamacallits, Emma's profit will be and Joshua's profit will be Table: Demand Schedule for Whatchamacallits Price of a Quantity of Whatchamacallit Whatchamacallits $10 9 8 7 6 5 4 3 2 1 0 a) $1,250; $1.250 b) $1,000; $1,400 c) $500; $500 d) $1,400; $1,000 Demanded 0 100 200 300 400 500 600 700 800 900 1,000
- 8. (Collusion and Cartels) Use revenue and cost curves to illustrate and explain the sense in which a cartel behaves like a monopolist.(Monopolistic Competition Market) 3D. What is the overall impact of the monopolistic competition market structure on the competition?9-2 Distinguish marginal revenue and average revenue for a monopolist and explain why marginal revenue is less than average revenue3. (Monopoly) Suppose that a certain manufacturer has a monopoly on the sorority and fraternity ring business (a constant-cost industry) because it has persuaded the “Greeks” to give it exclusive rights to their insignia.a. Using demand and cost curves, draw a diagram depict- ing the firm’s profit-maximizing price and output level. b. Whyismarginalrevenuelessthanthepriceforthisfirm? c. On your diagram, show the deadweight loss that occurs because the output level is determined by a monopolyrather than by a competitive market. d. What would happen to price and output if the Greeksdecided to charge the manufacturer a royalty fee of $3 per ring?
- 3. (Stackelberg model) In a duopoly industry, there are only two firms, firm 1 is the industry leader, while firm 2 is the follower. Firm 1's cost function is: C, = 1.2q% + 2, firm 2's cost function is: C, = 1.5g3 + 8. The market demand function is: P = 100 - Y. In a typical Stackelberg model setting, firm 1 makes its production decision first, then firm 2 makes its own decision. Given any q1, what is firm 2's best response/rection function? b. Given firm 2's best response function, what is firm 1's best production decision? What is the Stackelberg equilibrium? а. C.6. (Figure: Market Demand Curve I) The graph shows the market demand curve. Price ($) 40- 36 32 28- 24 20 16 12 8 0 MR 1 2 3 4 567 b. Bertrand competition with identical goods c. Cournot duopoly with identical goods MC=AC D 8 9 10 Quantity What are the equilibrium price and market output under the following market structures? a. a two-firm cartel4. Oligopolies and Cartels A large share of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $2,000 per diamond, and the demand for diamonds is described by the following schedule: Price Quantity (Dollars) (Diamonds) 8,000 2,000 7,000 3,000 6,000 4,000 5,000 5,000 4,000 6,000 3,000 7,000 2,000 8,000 1,000 9,000 If there were many suppliers of diamonds, the price would be $ per diamond and the quantity sold would be diamonds. If there were only one supplier of diamonds, the price would be $ per diamond and the quantity sold would be diamonds. Suppose Russia and South Africa form a cartel. In this case, the price would be $ per diamond and the total quantity sold would be diamonds. If the countries split the market evenly, South Africa would produce diamonds and earn a profit of $ If South Africa increased its production by 1,000 diamonds while Russia stuck to the cartel agreement, South Africa's profit…
- Firms compete in different types of market structures. In the real world, most markets are either monopolistically competitive or oligopolistic, and a few markets have a monopoly. Note that perfect competition is rare because no market has all the characteristics of a perfectly competitive market as described by the theory of perfect competition. 1. (a) What is a monopoly? Give an example. (b) How many firms are there in the Internet provider market? Is it easy or difficult for new firms to set up and compete in this industry? Explain. (c) How do firms in the Internet provider market compete?9. Antitrust laws Cooperation among oligopolies runs counter to the public interest because it leads to underproduction and high prices. In an effort to bring resource allocation closer to the social optimum, public officials attempt to force oligopolies to compete instead of cooperating. Consider the following scenario: Suppose that two American investment banks negotiate a merger agreement because a financial crisis threatens to bankrupt both firms. This merger could potentially be stopped by a lawsuit brought by which of the following American institutions? O The Defense Department O The Commerce Department O The Justice Department O The Interior Department6. Oligopolies This chapter discusses companies that are oligopolists in the market for the goods they sell. Many of the same ideas apply to companies that are oligopolists in the market for the inputs they buy. If sellers who are oligopolists try to increase the price of goods they sell, the goal of buyers who are oligopolists is to try to decrease the prices of goods they buy. Major league baseball team owners have an oligopoly in the market for baseball players. The owners' goal is to keep players' salaries True or False: This goal is difficult to achieve because baseball players demand more money. O True O False Baseball players went on strike in 1994 because they would not accept the salary cap that the owners wanted to impose. True or False: The owners felt the need for a salary cap to dissolve collusive behavior over salaries. O True O False