What term refers to companies shaping their actions based on what their competitors do? allocative efficiency long run equilibrium mutual interdependence productive efficiency
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- What is the relationship between product differentiation and monopolistic competition?Juanita and Shantala run a business that programs and tests cellular phones. Assume that Juanita and Shantala can switch between programming and testing cellular phones at a constant rate. The following table applies. Minutes Needed to Number of Cellular Phones Programmed or Tested in a 40-Hour Week Program 1 Test 1 Cellular Phones Cellular Phones Cellular Phone Cellular Phone Programmed Tested Juanita 160 1200 Shantala 10 4. 240 600 Shantala has an absolute advantage in O a. programming cellular phones and a comparative advantage in testing cellular phones. O b. testing cellular phones and a comparative advantage in programming cellular phones. O c. testing cellular phones and a comparative advantage in testing cellular phones. O d. programming cellular phones and a comparative advantage in programming cellular phones.If competition places discipline on costs, motivating firms to innovate and find more cost-effectiveways to produce, explain why in some markets asingle firm without competitors will produce ata lower cost than if the firm faced competition.
- un x SCC PortalGuard -SCC Portal Lo X Assignments: Microec onomics Chapter 12 HW ect.mheducation.com/flow/connect.html Saved In the News: What's Behind Starbucks' Price Hike? The Coffee Company Will Raise Drink Prices in October, Even as Other Chains Crowd the Market with Similar (and Cheaper) Products Starting on Cctober 3, the prices on lattes, cappuccinos, drip coffee, and other drinks will go up 5 cents at company-operated stores in North America. Starbucks is also jacking up the price of its coffee beans by roughly 50 cents per pound, or an average of 3.9 percent. The timing is certainly odd. For a while now, Starbucks has been struggling with labor disputes. Rivals McDonald's, Dunkin' Donuts, and Canadian restaurant chain Tim Horton's are steaming into its turf.... A Confident Company If Starbucks were really worried about any of these issues, the last thing its senior execs would consider is a price hike. In fact, Starbucks' dominant market position gives it unique pricing…How does the company set its goods or services apartfrom those of its competitors? Does the company compete on price, quality, service, innovation, or some otherattribute?Gater Tools, a profit-maximizing firm, has a patent on a power tool, making it the only producer of that power tool. Thegraph above shows GaterTools' demand, marginal revenue, average total cost, average variable cost, and marginal costcurves.(a) Calculate GaterTools' total revenue if the firm produces the allocatively efficient quantity. Show your work.(b) Starting at a price of $12, if GaterTools were to increase the price by 4%, will the quantity demanded decrease bymore than 4%, less than 4%, or exactly 4%? Explain.(c) At a quantity of 10 units, is GaterTools' marginal product increasing, decreasing, or constant? Explain. (f) Does GaterTools have a dominant strategy? Explain using numbers from the payoff matrix.(g) Identify the Nash equilibrium. Explain why this is a Nash equilibrium using information from the payoff matrix.(h) Suppose HandyBilt makes a credible commitment to GaterTools that if GaterTools maintains its price, then HandyBiltwill pay GaterTools $250. Will this offer…
- What is the difforence between acounting proft and economic prof? OA Economic profit subtracts both expict and implicit oosts trom total revenue, while accourting proft only sutiracts explicit oosts. OR Accourting profe only nuttracta imglicit coeta from total revenue, whie ecoromic proft only suberacte explicit coste OG Economic proft oriy subtracts implict costs from total revenue, while accounting profit only subtracts enplicit costs OD. Accourting proft suberacts boh explict and impict costs from total ravanue, while economic proft only sutracts explicit oosts.Compare the average total cost and the marginal cost and explain the relationship Describe the methods that can be used to dertermine where profit is maximized L Q MP MC TC ATC 0 0 200 1 20 20 5.00 300 15 2 50 30 3.33 400 8 3 90 40 2.50 500 5.56 4 120 30 3.33 600 5.00 5 140 20 5.00 700 5.00 6 150 10 10.00 800 5.33 7 155 5 20.00 900 5.81Suppose that a particular industry has a four-firm concentration ratio of 45 and a Herfindahi index of LS40. Most ikety, this industry would ochieve Mutipie Chaice both productive efficiency and allocative etficency wllocative efficency but not productive effcency nether productive efficiency nor allocative efficiency productive efficiency but not allocative efficiency
- Don't use chatgpt or any AI A profit-maximising firm in a competitive market is currently producing 1,000 units of output. It has average revenue of $50, average total cost of $40 and fixed cost of $10,000. a) What is its profit? b) What is its marginal cost? c) What is its average variable cost? Is the efficient scale of the firm more than, less than or exactly 1,000 units?2. 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?Give explanation whether the statement is true or fals e don't upload any graph for explanation please and get like. Hand written solutions are strictly prohibited.