Homework Answers
Answer 5:
It is true that companies under perfect competition enjoy productive and allocative efficiency but the companies under monopoly are not productively as well as allocatively efficient. This is because in case of monopoly, prices are greater than minimum of the average total cost of the firm as the firms are earning super normal profits in case of monopoly and thus a monopoly is not productively efficient. On the other hand, monopoly is also not allocatively efficient because prices are greater than marginal cost of the firm.
The conditions for productive efficiency include price being equal to the minimum point of the average cost of production of the firm. The condition for allocative efficiency include prices being equal to marginal cost of production of the firm.
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Q 5) Do you agree that companies under perfect competition...
H) Do you agree that companies under perfect competition as well as monopoly are enjoying productive...
H) Do you agree that companies under perfect competition as well as monopoly are enjoying productive efficiency and allocative efficiency? what is condition for productive efficiency and allocative efficiency? Would be greatly appreciated if answer is in 5sentences and by your own, thank you.
Compare the welfare implications of perfect competition and a monopoly with first degree price discrimination. Under...
Compare the welfare implications of perfect competition and a monopoly with first degree price discrimination. Under what conditions do we have market efficiency?
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer...
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer and MR is the same as price. Under monopoly demand is down sloping and price changes at different quantities. Therefore under monopoly MR is no longer the same as price. You need to calculate it. MR equals change in TR divided by change in Q. TR is still the product of price multiplied by quantity and the rules of profit maximization are the same...
1. Do you agree that the companies identified are monopolies? Explain why you agree or disagree....
1. Do you agree that the companies identified are monopolies? Explain why you agree or disagree. If you don't think they are monopolies, what other companies compete with them? Ans. I disagree that the companies mentioned in the videos like amazon, Google, Netflix, etc are not monopolies. Because all these companies have competitors in a large number. We can say that these companies are one of the leading companies from their field but not a monopoly. Like
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices...
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices B. larger quantities C. higher quality D. higher prices 2. Which statement concerning monopoly is TRUE? A. Monopoly firms are always larger than are perfectly competitive firms. B. A monopoly has no rivals. C. Barriers to entry do not prevent other firms from entering a monopolized industry. D. Monopolists produce more output than does a competitive market with the same demand and cos structure....
1. What do you think best describes each of the following markets: perfect competition, monopoly, oligopoly...
1. What do you think best describes each of the following markets: perfect competition, monopoly, oligopoly or monopolistic competition? Explain. a. The market for cars. b. The market for soy beans. c. The market for cellphones. d. The market for dining out in a large city. 2. Why is price equal to marginal revenue for a perfectly competitive firm but not for a monopolist?
MR = 100 - 2q MC = 4 + 2q Under Perfect Competition EQ Price = 68 EQ Quantity = 32 CS = 512 PS = 1024 TW = 1536 Under M...
MR = 100 - 2q
MC = 4 + 2q
Under Perfect Competition
EQ Price = 68
EQ Quantity = 32
CS = 512
PS = 1024
TW = 1536
Under Monopoly
EQ Quantity = 24
EQ Price = 76
Now ...
Calculate the Consumer Surplus, Producer Surplus and Welfare
levels under monopoly.
How much deadweight loss does the monopolist create?
What could the government do to regulate the monopolist?
Consider a situation where a monopolist faces the following inverse...
3. Perfect Competition Market (Total 8 points) a. For a perfectly competitive firm, illustrate a case...
3. Perfect Competition Market (Total 8 points) a. For a perfectly competitive firm, illustrate a case where the firm is facing PMC SRATC LRATC by using yin the following diagram. In this diagram, you should include demand curve (d), marginal cost curve (MC), short run average total cost curve (SRATC), and long run average total cost curve (LRATC). Remember to label all axes. (2 points) pves vwerase totail cost curve (SRATC,aushould include demandcun b. Does the firm exhibit productive efficiency?...
can I get help please A firm under perfect competition has the following inverse demand function...
can I get help please
A firm under perfect competition has the following inverse demand function given by Q=210-3P and it costs $50 to provide an extra unit. (a) Write the equation representing the demand function (1 mark) (b) What is the firm's marginal revenue? (4 marks) (c) What is the profit maximizing quantity? (5 marks) Suppose the industry had only one firm faced with the demand curve faced in part (a) of question 3. How would output price and...
In 3-5 sentences, explain why you agree with the author’s point of view, and what could...
In 3-5 sentences, explain why you agree with the author’s
point of view, and what could be a counter argument to that?
My standing point with the Affordable Care Act, which although I do feel as if the concept was well thought of; I do not believe it was well executed. I do understand that prior to the Affordable Care Act it was difficult for individuals to get their own insurance policies due to insurance companies being allowed to ask...
Compare the welfare implications of perfect competition and a monopoly with first degree price discrimination. Under what conditions do we have market efficiency?
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer and MR is the same as price. Under monopoly demand is down sloping and price changes at different quantities. Therefore under monopoly MR is no longer the same as price. You need to calculate it. MR equals change in TR divided by change in Q. TR is still the product of price multiplied by quantity and the rules of profit maximization are the same...
1. Do you agree that the companies identified are monopolies? Explain why you agree or disagree. If you don't think they are monopolies, what other companies compete with them? Ans. I disagree that the companies mentioned in the videos like amazon, Google, Netflix, etc are not monopolies. Because all these companies have competitors in a large number. We can say that these companies are one of the leading companies from their field but not a monopoly. Like
POM CUCI 1. Because of monopoly, consumers experience___than they do with perfect competition. A. more choices B. larger quantities C. higher quality D. higher prices 2. Which statement concerning monopoly is TRUE? A. Monopoly firms are always larger than are perfectly competitive firms. B. A monopoly has no rivals. C. Barriers to entry do not prevent other firms from entering a monopolized industry. D. Monopolists produce more output than does a competitive market with the same demand and cos structure....
1. What do you think best describes each of the following markets: perfect competition, monopoly, oligopoly or monopolistic competition? Explain. a. The market for cars. b. The market for soy beans. c. The market for cellphones. d. The market for dining out in a large city. 2. Why is price equal to marginal revenue for a perfectly competitive firm but not for a monopolist?
MR = 100 - 2q
MC = 4 + 2q
Under Perfect Competition
EQ Price = 68
EQ Quantity = 32
CS = 512
PS = 1024
TW = 1536
Under Monopoly
EQ Quantity = 24
EQ Price = 76
Now ...
Calculate the Consumer Surplus, Producer Surplus and Welfare
levels under monopoly.
How much deadweight loss does the monopolist create?
What could the government do to regulate the monopolist?
Consider a situation where a monopolist faces the following inverse...
3. Perfect Competition Market (Total 8 points) a. For a perfectly competitive firm, illustrate a case where the firm is facing PMC SRATC LRATC by using yin the following diagram. In this diagram, you should include demand curve (d), marginal cost curve (MC), short run average total cost curve (SRATC), and long run average total cost curve (LRATC). Remember to label all axes. (2 points) pves vwerase totail cost curve (SRATC,aushould include demandcun b. Does the firm exhibit productive efficiency?...
can I get help please
A firm under perfect competition has the following inverse demand function given by Q=210-3P and it costs $50 to provide an extra unit. (a) Write the equation representing the demand function (1 mark) (b) What is the firm's marginal revenue? (4 marks) (c) What is the profit maximizing quantity? (5 marks) Suppose the industry had only one firm faced with the demand curve faced in part (a) of question 3. How would output price and...
In 3-5 sentences, explain why you agree with the author’s
point of view, and what could be a counter argument to that?
My standing point with the Affordable Care Act, which although I do feel as if the concept was well thought of; I do not believe it was well executed. I do understand that prior to the Affordable Care Act it was difficult for individuals to get their own insurance policies due to insurance companies being allowed to ask...
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