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- The concept of mutual interdependence is important for an oligopoly because there ▼change the price without anticipating the reaction by other producers. in this market, and firmsPrice Demand Quantity 52. According to the graph of oligopoly above, which of the following statements is correct? O With perfect collusion, price and output levels are indicated by point A O Without collusion, price and output levels are indicated by point B With perfect collusion, price and output levels are indicated by point C O With perfect collusion, price and output levels are indicated by point B O Even with collusion, oligopolistic firms Produce output Q1 and charge price P2 in this industry will be unable to earn economic profitHelp me please
- In a Şweezy Oligopoly (Kinked-demand) model, price stability can exist without collusion in an oligopoly. Two firms "squabble" over a market. In such a model, whenever the price of one firm (Firm-ABC) increases, the other firm's price remained constant. On the other hand, 4.1. whenever the price of Firm-ABC decrease, its rival would reduce the price too to maintain its market share. Suppose that a Firm-ABC's demand curve (and its marginal curve) is represented by the Kinked-demand curve given in the figure below. Also, cost information is provided in the figure: Cost, P ATC 'MC 20 18 10 7 5 Deamnd MR 100 200 a. How much output should Firm-ABC produce to maximize its profit? Why? b. At what price should Firm-ABC sell to maximize profit? Why? c. What is the total cost of Firm-ABC when it produces 200 units? [Show your steps] d. Calculate the maximum profit of Firm-ABC? [Show your steps] e. At what price will the Firm-ABC will be at break-even? Why?bok rint An oligopoly producing a homogeneous product is comprised of three firms that act like a cartel. Assume that these three firms have identical cost schedules. Assume also that if any one of these firms sets a price for the product, the other two firms charge the same price. As long as they all charge the same price they will share the market equally; and the quantity demanded of each will be the same. Below is the total-cost schedule of one of these firms and the demand schedule that confronts it when the other firms charge the same price as this firm. Complete the marginal-cost and marginal- revenue schedules facing the firm. erences Mc Graw Hill Output Total cost Marginal cost Price Quantity demanded Marginal revenue 0 1 23456 7 8 $0 180 300 480 720 1,020 1,380 1,800 2,280 Short Anewor LA JUL 26 $780 720 660 600 540 480 420 360 Toolbar navigation (a) What price would be charged, what output would be produced, and what profit would be made by this firm? (b) If the firms…Oligopoly Consider a market in which the market demand curve is given by P= 18 - Q, Firm 1 has a marginal cost of 3, while Firm 2 has amarginal cost of 6. Find the Cournot equilibrium output. What arethe Stackelberg equilibrium output if firm 1 act as the leader?
- Consider a “punishment” variation of the two-firm oligopoly situation shown in Figure 14.1. Suppose that if one firm sets a low price while the other sets a high price, then the firm setting the high price can fine the firm setting the low price. Suppose that whenever a fine is imposed, X dollars is taken from the low-price firm and given to the high-price firm. What is the smallest amount that the fine X can be such that both firms will want to always set the high price?What is the distinguishing characteristics of oligopoly in relation to the other forms of the other market organizations? What is its significance? In which sector of the USA economy is oligopoly most relevant?An oligopolistic firm from the telecommunication industry in USA follows demand-and-cost situation in 2009.Price in USD($) Quantity Total cost20 7 3619 8 4518 9 5417 10 6316 11 7215 12 81i. How much output should the oligopolistic produce? What price should it charge and what is the maximum profit can this firm earns?Consider a oligopoly with two firms. Each firm has constant marginal cost of 3 dollar per unit and zero fixed costs. Suppose the market demand curve is P = 15-Q, where Q=Q1+Q2 is the sum of the quantities produced by both firms. Suppose each firm can produce either 1, 2, 3, or 4 units. Which of the following is an optimal collusive outcome for the firms? O Each firm produces 2 units. Each firm produces 4 units. O Each firm produces 3 units. O Each firm produces 1 unit.
- Choose the BEST answer. The graph below shows the collusion model of oligopoly. What level of output corresponds to the profit maximizing level of output for the two firms combined? P, MR, and MC at 1/20 B > combined Ⓒ%Q, where one firm maximize profits and splits the market. ⒸQ, where P-MC for the market as a whole. Quantity per month Othere is no efficient solution in the collusion model of oligopoly Q. where the two firms maximize total profit and split the market. MC D combinedOligopoly: Quantity Competition 1. Consider two duopolists who each have a constant marginal cost c = c2 = 2 and face inverse demand P = 4 – Q,where Q = Q1 + Q2 is the total output of both firms. 1. Find the Cournot equilibrium quantity for each firm, the resulting market price, and the profits for each firm. 2. Find the Stackelberg equilibrium quantities for each firm, and the price, and the profits for each firm supposing that Firm 1 is the industry leader.What is the distinguishing characteristics of oligopoly in relation to the other forms of the other market organizations? What is its significance? In which sector of the Zambian economy is oligopoly most relevant? An oligopolistic firm from the telecommunication industry in Zambia follows demand-and-cost situation in 2009.Price in ZWK Quantity Total cost20 7 3619 8 4518 9 5417 10 6316 11 7215 12 81i. How much output should the oligopolistic produce? What price should it charge and what is the maximum profit can this firm earns?