Read case 1 and case 2 below about fixing price scheme. Analyze the differences between two cases. • CASE 1: Unilever and Procter & Gamble fined £280m for price fixing CASE 2: The Debate Over Canada Bread's $50 Million Price Fixing Fine
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- If there is any price ceiling and price floor imposition on these two products, 1. Sony Television 2. Samsung Mobile phone what would be the effect?Price(per bottle) Quantity supplied Normal timesquantity demanded Hurricanequantity demanded $6 100 25 75 $5 85 35 85 $4 70 45 95 $3 55 55 105 $2 40 65 115 $1 25 75 125 Concerned with citizen complaints of price gouging during past hurricanes, Florida's state government passes a law setting a price ceiling for a bottle of water equal to the market equilibrium price during normal times. After all, it seems unfair that sellers of water gain because of a hurricane. During a hurricane, there would be a shortage of bottles of water. Without the antiprice gouging law, consumers would have to pay $ more than the ceiling price, but they would be able to buy more bottles of water.Please no written by hand solutions Question 5 If the Nigerian government were to enforce a price floor of US $20... a) Both Starlink and FiberOne would be out of business b) More Nigerians would have access to the internet c) There would be no changes experienced by both consumers as well as the internet services providers d) There would be more demand for internet services than supply.
- PART A: “There is constantly a shift in supply and demand curves and markets are never at equilibrium. As a result, there is no purpose of the concept of equilibrium.” Do you agree/disagree with this statement. PART B: Resorts give discounts to individuals who book in advance and stay over a weekend. Individuals who book at the last minute and do not stay over a weekend usually pay full price. Explain the difference between the two groups’ demand for resorts and the resorts’ pricing decisions? Ensure that you define any key terms used in your discussion.Explain the effectiveness of ciling price policySupply and Demand Problems Follow the directions to create graphs and explanations. Looking at the market for Sacramento Kings Coffee Mugs: Draw supply and demand curves that follow the laws of supply and demand. Label the curves S and D, and label the equilibrium E. Also label the equilibrium quantity and equilibrium price. Suppose the Kings win the NBA championship, which is a big surprise, show what would happen on your graph (& labels) and explain it in words. Looking at the market for chocolate chip cookies: Draw supply and demand curves that follow the laws of supply and demand. Label the curves S and D, and label the equilibrium E. Also label the equilibrium quantity and equilibrium price. Suppose the cost of chocolate chips goes up, show how this will affect the graph (& labeling) and explain it in words. For the next two, draw a little graph to show your work and fill in each of the blanks correctly with one of the following words: increase, decrease,…
- The supply and demand model for 2lb bags of oranges can be represented by: Ps = 8 + 2Qs Pd = 15 - 1.5Qd The government imposes a price floor of $6/ bag What would be the consequences? Group of answer choices It would immediately benefit only consumers It would immediately benefit onlyproducers There would be no change in the market It would immediately benefit both producers and consumers There would be no legal trade for this productces Problem 07-07 algo Refer to the News Wire to answer one question. NEWS WIRE: PRICE-FIXING Tuna Firms Guilty of Price-Fixing Washington, DC-The Justice Department says that the three largest suppliers of canned tuna conspired to fix prices from at least November 2010 to December 2013. U.S. consumption of tuna has been declining since the 1990s, in part due to alerts about mercury poisoning. To make up for the declining sales, Bumble Bee, Starkist, and Chicken of the Sea executives met regularly and agreed to protect profits with higher prices. They reduced can size from 6 ounces to 5 ounces, raising the price per ounce. And they agreed to cut back on promotional discounts. Bumble Bee pled guilty to the conspiracy charges in May 2017 and agreed to pay a fine of at least $25 million. Chicken of the Sea confessed and was given amnesty for cooperating with Justice Department investigators. Four executives of the companies pled guilty earlier this year, and the CEO of Bumble Bee was…Effects of Tariff.docx On the basis of the attached diagram that reflects the effect of imposing a tariff on an importable product. Identify these effects on the diagram and complete the following table( show all calculation steps): EFFECTS 1. Consumption Effect 2 Production Effect 3 Revenue Effect 4 Inefficiency of Tariff (dead weight loss) 5 Change in Consumer Surplus 6 Producer Surplus before Trade 7 Change in Producer Surplus CALCULATIONS ANSWER Please note: Area of a triangle = 1\2(base x height) = 1\2bh; Area of rectangle =length x width = LW
- Consider the market for bus travel, where equilibrium price and quantity is determined by demand and supply. If bus travel is an inferior good and there is an increase in income and at the same time, the government subsidises bus travel, which of the following will occur? (a) The equilibrium price and quantity will be lower. (b) The equilibrium quantity will be higher, but the impact on price will be unknown. (c) The equilibrium price will be lower, but the equilibrium quantity will be higher. (d) The equilibrium price will be lower, but the impact on quantity will be unknown.Show the impact of each of the following events in the oil market. Electric and hybrid cars become subsidized and their prices fall.Consider a town in which only two residents, Hubert and Kate, own wells that produce water safe for drinking. Hubert and Kate can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per gallon) (Gallons of water) (Dollars) 3.60 0 0 3.30 35 116 3.00 70 210 2.70 105 284 2.40 140 336 2.10 175 368 1.80 210 378 1.50 245 368 1.20 280 336 0.90 315 284 0.60 350 210 0.30 385 116 0 420 0 Suppose Hubert and Kate form a cartel and behave as a monopolist. The profit-maximizing price is per gallon, and the total output is gallons. As part of their cartel agreement, Hubert and Kate agree to split production equally. Therefore, Hubert's profit is , and Kate's profit is . Suppose that Hubert and Kate have been successfully operating as a cartel. They each charge the monopoly price…
