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Exercise: Show that it is better to be in collusion, than in cournot, than in competition.
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- Using the example of a monopolistic competition market player , highlight how it competes with other organizations to increase its market share.How does one measure competition in an industry? Can concentration be used as a proxy? What does SCP say about high levels of concentration and low levels of concentration?Please prove that, in a monopoistic market, P=(MC)/(1+(1//E_(d)))
- Exercise 4.2 "With respect to the monopoly equilibrium without price discrimination, first-degree price discrimination increases the profit of the enterprise at the expense of reducing social welfare." Do you agree with this statement? Reason your answer and represent graphically.Describe how marketersclassify productsQuestion 2Bob and Alice are duopoly competitors for ice cream in Venice Beach,CA. Market demand for ice cream is p = 1000 − 2Q and both Alice’sand Bob’s costs of production are identical and given by C(q) = 4q.Calculate market price and quantity ifc) Alice and Bob decide to coordinate their decisions in a cartel (i.e.to build a monopoly) and to equally share profits.
- The market for dark chocolate us characterized by Cournot duopolists - Honeydukes and Wonka industries. The market demand for dark chocolate is: P = 8 - 0.005Qd where P is the price per bar in dollars and Qd is dark chocolate's daily quantity demanded in bars (use qh to represent the quantity of dark chocolate sold by Honeydukes and qw to represent the quantity of dark chocolate sold by Wonka Industries). Honeydukes has a constant marginal cost of $2.50 per bar, while Wonka Industries has a constant marginal cost of $3.00 per bar. The firms move simultaneously in choosing their profit-maximizing quantity of output. a. Given the firms move simultaneously, what is the equation for Honeydukes' reaction function with qh expressed as a function of qw? b. Given the firms move simultaneously, what is the equation for Wonka's reaction function with qw expressed as a function of qh? c. What quantity of dark chocolate will each firm produce in equilibrium and what price will be established for a…Question 5: Jimmy has a room that overlooks, from some distance, a major league baseball stadium. He decides to rent a telescope for $50 a week and charge his friends and classmates to use it to peep at the game for 30 seconds. He can act as a monopolist for renting out "peeps". For each person who takes a 30 second peep, it costs Jimmy $.20 to clean the eyepiece. Jimmy believes he has the following demand for his service: Price of a Peep $1.20 Quantity of peeps demanded 1.00 90 100 150 200 250 300 70 60 50 350 40 30 400 450 20 10 500 550 a) For each price, calculate the total revenue from selling peeps and themarginal revenue per peep. Price Quantity TR MR $1.20 100 90 100 150 200 70 250 60 300 350 50 40 30 400 450 20 500 10 550 b) At what quantity will Jimmy's profit be maximized? What price will he charge? What will his total profit be? c) Jimmy's landlady complains about all the visitors coming into the building and tells Jimmy to stop selling peeps. Jimmy discovers, though, if he…Alison Bob Television $20 $12 Internet $18 $24 Assume a company can offer customers cable television and internet service at a marginal and average cost of $10. Also assume the company does not price discriminate. The following table shows each customer's marginal willingness to pay for television, internet services, and for a bundle containing both. Which strategy yields the maximum profit, and what maximum profit is obtained? A. Sell separately and make a profit of $26 B. Sell separately and make a profit of $20 C. Bundle and make a profit of $36 D. Bundle and make a profit of $32
- Exercise A.3 Two duopolists with constant and equal marginal costs supply the same market demand. Graphically represent the irrecoverable loss of efficiency when: a) The duopolists agree to form a cartel (collusion). b) The duopolists compete against the Bertrand.a boxing coach is setting a two-part tariff consisting of a monthly subscription fee and per-use fee for his studio. He knows that potential customers of his studio may be present biased and sophisticated or present biased and naïve. He decides to set a high monthly subscription fee and charge no fee for each use. Will such a strategy help the coach maximise profit?Suppose a town only has two petrol stations, United and BP. Each could choose to charge a high price or low price, as shown in the matrix below. ВР BP charges a low price: BP has low profit; United BP charges a high price: BP has no profit; United has high profit United charges a United low price: has low profit ВР United charges a high price: has BP has average profit; United high profit; United has no has average profit profit (a) What is the dominant strategy for the above matrix (i.e., a Nash equilibrium)? Explain briefly (b) If the two petrol stations could collude, what would be the likely strategy? Explain briefly. (c) Briefly explain the principles of the 'kinked' demand curve by using an example such as pricing a product by the two supermarket giants.