1. Markets and competition Identical products, as well as a large number of buyers and sellers, are characteristics of a sellers of goods influence the prevailing market price, giving them the role of price market. In such markets, in the market. True or False: The market for public utilities, such as gas and electricity, exhibits the two primary characteristics that define perfectly competitive markets. True False
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- 1. There must be many buyers and sellers-a few players can't dominate the market. 2. Firms must produce an identical product-buyers must regard all sellers' products as equivalent. 3. Firms and resources must be fully mobile, allowing free entry into and exit from the industry. The first two conditions imply that all consumers and firms are price takers. While the third is not necessary for price-taking behavior, assume for this problem that a market cannot maintain competition in the long run without free entry. Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not. Is the market competitive? Scenario Dozens of clothing manufacturers produce plain black undershirts. Consumers view plain black undershirts as identical and have no preference which company makes their undershirts. There are thousands of car dealerships that serve millions of consumers each year. The dealerships vary by location,…2. Smile Bright toothpaste company has determined that the demand for its product depends on advertising expenditures A (in thousands of dollars) and the price charged P (in dollars) according to Q = 32A12 - 64P, where Q is the number of tubes of toothpaste sold. The company's marginal costs of production are constant and equal to 50 cents per tube. A. What levels of output, advertising expenditures, and price will maximize the firm's profits? B. Verify at the solution you have found in part A that the marginal revenue from advertising equals the price elasticity of demand.1. In social welfare economics, what is the definition of social efficiency? 2. Image (A) below depicts social welfare in a market with a monopolistic seller. Is this market socially efficient? Why or why not? 3. Image (B) below depicts social welfare in a market with a monopolistic seller who is allowed to price discriminate (i.e. charge different prices to different consumers for the exact same good). Is this market socially efficient? Why or why not? Is it equitable? Why or why not? 4. What is meant by the equity-efficiency tradeoff in social welfare economics? Price P₁ P₁ Consumer Surplus Transfer Producer Surplus Deadweight B Loss A Qu A C с MC Demand Quantity Price PE Producer Surplus E B Q₁ MC Demand Quantity
- So, which of these options are true about the number of sellers in your market - the market for corn? Kim There are many sellers (and, of course, many buyers). James That's correct. Corn is a product produced globally. There are thousands, if not hundreds of thousands, of individual farmers. Нарру Economics Mentor Is the corn that you produce different from your competitors? What kind of product do you sell? Kim Differences exist (heterogeneous) Undifferentiated (homogeneous)1. There are two brands of cigarettes X, Y. The demand for each is as follows: Qx = 80 - 2p Qy = 60 - 0.5p Assume that the marginal cost of producing cigarette X is $10, the marginal cost of producing cigarette Y is $8, and that the market for both cigarettes is perfectly competitive. Assume that each pack of cigarette X smoked does $5 worth of health damage to the smoker, and a total of $4 worth of health damage to the smoker’s neighbors via second-hand smoke. Each pack of cigarette Y smoked does $6 worth of health damage to the smoker, and $5 health damage to the smoker’s neighbors. (a) Explain why the public supply curves differ from the private supply curves, and how this represents the externality from second-hand smoke. Highlight the area(s) of your diagram that represents a social loss. (b) Calculate the social loss for both. (c) Suppose the government decides to pursue a Pigouvian solution to eliminate social loss. What's amount of tax or subsidy would the government…1. There are two brands of cigarettes X, Y. The demand for each is as follows: Qx = 80 - 2p Qy = 60 - 0.5p Assume that the marginal cost of producing cigarette X is $10, the marginal cost of producing cigarette Y is $8, and that the market for both cigarettes is perfectly competitive. Assume that each pack of cigarette X smoked does $5 worth of health damage to the smoker, and a total of $4 worth of health damage to the smoker’s neighbors via second-hand smoke. Each pack of cigarette Y smoked does $6 worth of health damage to the smoker, and $5 health damage to the smoker’s neighbors. (a) Plot the private demand curve and private supply curve for both cigarettes on separate axes. (b) What is the privately efficient quantity demand of both cigarettes? (c) Add the public supply curves to the graphs you plot in (a). (d) What is the socially efficient quantity demand of both cigarettes?
- 1. Characteristics of competitive markets The model of competitive markets relies on these three core assumptions: 1. There must be many buyers and sellers-a few players can't dominate the market. 2. Firms must produce an identical product-buyers must regard all sellers' products as equivalent. 3. Firms and resources must be fully mobile, allowing free entry into and exit from the industry. The first two conditions imply that all consumers and firms are price takers. While the third is not necessary for price-taking behavior, assume for this problem that a market cannot maintain competition in the long run without free entry. Identify whether or not each of the following scenarios describes a competitive market, along with the correct explanation of why or why not. Scenario There are hundreds of colleges that serve millions of students each year. The colleges vary by location, size, and educational quality, which enables students with diverse preferences to find schools that match…2. There are two brands of cigarettes X, Y. The demand for each is as follows: Qx = 80 – 2p Qy = 60 – 0.5p Assume that the marginal cost of producing cigarette X is $10, the marginal cost of producing cigarette Y is $8, and that the market for both cigarettes is perfectly competitive. Assume that each pack of cigarette X smoked does $5 worth of health damage to the smoker, and a total of $4 worth of health damage to the smoker's neighbors via second-hand smoke. Each pack of cigarette Y smoked does $6 worth of health damage to the smoker, and $5 health damage to the smoker's neighbors. (a) Plot the private demand curve and private supply curve for both cigarettes on separate axes. (b) What is the privately efficient quantity demand of both cigarettes? (c) Add the public supply curves to the graphs you plot in (a). (d) What is the socially efficient quantity demand of both cigarettes?Which of the following describes the type of entry barrier faced for electricity transmission? A. There is a created entry barrier for electricity transmission because it is cheaper to have only one set of power lines serving a given region. B. There is a created entry barrier for electricity transmission because entry into the market has been limited by the economies of scale. °C. There is a natural entry barrier for electricity transmission because it is cheaper to have only one set of power lines serving a given region. O D. There is a natural entry barrier for electricity transmission because entry into the market has been limited by government restriction. Which of the following describes the type of entry barrier faced for municipal sewage services? A. There is a natural entry barrier for municipal sewage services because it is cheaper to have only one sewer system serving a given region. B. There is a natural entry barrier for municipal sewage services because entry into the…
- 2. Imagine there are 2 hot dog vendors on a linear beach 100 yards long. Assume: Customers are evenly distributed along the beach, located at the endpoints and spaced 5 yards apart. Production costs are 0. ● Both vendors sell hot dogs for p dollars. The cost to consumers of travel is 2 cents per yard. a. What are the profit-maximizing equilibrium locations, if any, for the three vendors? If there is an equilibrium, what do aggregate travel costs equal? b. What are the socially optimal locations, if any, to minimize travel costs? If there is a social optimum, what do aggregate travel costs equal?2. Market structures For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model. Select the matching entry for each dropdown box in the following table. Scenario There are hundreds of colleges and universities that serve millions of college students each year. The colleges vary by location, size, and educational quality, which allows students with diverse preferences to find schools that match their needs. Dozens of companies produce plain white socks. Consumers regard plain white socks as identical and don't care about who sells them their socks. The technology for producing socks is widely known, and any reputable person who wanted to start a sock manufacturing business could obtain a loan from a bank to buy the necessary machinery. In a small town, there are four providers of broadband Internet access: a cable company, the phone company, and two satellite companies. The Internet access offered by all four…Using the information from the previous question, assume that Mytown engages in free trade in the dolls markets with Yourtown, who also faces a market with monopolistic competition. Because of this we can expect that, (a) The numbers of firms operating in this market will not change. (b) At equilibrium the profit of firms will increase. (c) The quantity of types of dolls available to consumers will increase. (d) All the above answers are correct. 2.
