Use the chart to answer the following question. Characteristics of Market Structures Barriers Number of Product Price Control to Entry Firms Differentiation 1st very high complete one none 2nd low some many similar 3rd high high few varies 4th none none many identical Which market structure does the fourth row of characteristics represent?
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- Say in a market we haveDemand is P = 5 – 0.005QSupply is P = 0.00125Qa-you will have a graph with price on the vertical axis and quantity on the horizontal axis formost parts of this problem. You will want to show intercept values and equilibrium values withthe specific values from the problem (when you graph the supply show it go out at least to thesame level of Q as the Q intercept for the demand curve).b-what are the equilibrium price and quantity traded in the market?c-say the government levies an excise tax in the market of 50 cents that renders the supply tonow be P = .00125Q + 0.5 (essentially the supply curve shifts up by 50 cents at each quantity).What are the new equilibrium price and quantity traded in the market with this excise tax?d-did the market price increase by as much as the 50 cent tax? (compare the market priceincrease with the amount of the tax of 50 cents)e-what is then loss in consumer surplus from the tax? Do consumers like excise taxes?f-what is the elasticity…Price Price/costs 5 아이 00 g 우승 슭 엉 엉 엉 60 55 50 45 40 35 30 25 20 15 10 0 SE54AF1 60 55 50 40 35 30 25 20 10 5 0 1002003004005006007008009001000100200 Quantity per period B 1 2 3 4 5 6 7 8 9 10 11 12 13 Quantity per period a. What are the market equilibrium price and quantity? Equilibrium price: $ Quantity traded: MC AC b. At equilibrium, what quantity is the firm producing? What is its total profit or loss? Leave no cells blank - be certain to enter "0" wherever required. Quantity: Total profit or loss $Some years ago. two intercity bus companies, Greyhound Lines, Inc. and Trailways Transportation System, wanted to merge. One possible definition of the market for this case was the market for intercity bus service. Another possible definition was the market for intercity transportation, including personal cars, car rentals, passenger trains, and commuter air flights.' Which definition do you think the bus companies preferred, and why?
- Help Seve E Sant When a ideo streaming company thooses a ubsenption scheme to pay for programming whict of the following statements tue 4 The outcome is socialy etticient fthe D The programs selected wil maumze advertising revenue The e The marginal cost to an addnional viewer of wetching the progrem is ower hen when advensng s ed to hrance programming Tr e The outcome is ateays more sociaty emcient than when advertising s used to finance programming The venety of programs provided s tely to ime trNew York City government auctions taxi medallions that give theright to transport passengers by taxi. Because the governmentcontrols the number of medallions, market forces do not determinetheir price. First research how New York tries to control the taxicab industry through medallions and how much the price ofmedallions is.How will each of the following demand and buppyaffects euelionium price and exuelibrium quantityi market: Competitive @Demand deereatee and Sepply is Constant
- what does it mean for a market to be charcterizedCrne er det n ( a on se i na tom se u te se u prirod se i ne a se do OcBaffincheloctine s tumbesConsideracompetitivemarketwheremarketdemandandthemarketsup- ply are given, respectively, byQD =1000−100P and QS =100P a)Findthecompetitiveequilibriumprice,quantity,andproducersurplus. (b) Suppose the government wants to help the consumers by imposing a price ceiling of Pc = 4. Find the market equilibrium price, quantity, and producer surplus. (c) Suppose now the producers are complaining, and the government de- cides to keep the price ceiling policy, but at the same time, the government will give a subsidy of s per unit to the producers. What is value of s that can make the producers as well off as before imposing the price ceiling (that is, producer surplus equals to the value in part (a))? Please express final numerical answers in decimal format
- cite example where the marketeconomy provides low -priced goods ans sevicesfor lower-income individuals and does so profitably, think of specific examples in the followinfg areas: hotels, air travel, restaurant, clothing, groceries, derinks, entertainment, and vacations.Suppose that an inventor discovers a new chemical compound that can change the color of people’seyes with no negative side effects. Since she holdsa patent on this chemical, she has a monopoly overthe sale of the new eye-color treatment. However,she’s an inventor, not a businessperson. Explain toher how she should set the price for the eye-colortreatment in order to maximize her profits.Type X Flonda $70 $30 $0 O $110 Od $125 Clemson $45 $580 $70 311 The table above as the willingness to pay for tickets to USC-Flonda and USC Clemon football games There are equal anbers of each type of consumer and the cost of peorading the ticket is amaned to be a Suppose that USC bundles the tickets to the two games together. What pere will they charge for the bulle OASIS 2650