Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. When they act as a profit-maximizing cartel, each company will produceinformation, each firm earns a daily profit of scans and charges, so the daily total industry profit in the beer market is sper can. Given this iOligopolists often behave noncooperatively and act in their own self-interest even though this decreases total profit in the market. Again, assume thetwo companies form a cartel and decide to work together. Both firms initially agree to produce half the quantity that maximizes total industry profit.Now, suppose that Stargell decides to break the collusion and increase its output by 50%, while Schmidt continues to produce the amount set underthe collusive agreement.Stargell's deviation from the collusive agreement causes the price of a can of beer towhile Schmidt's profit is now snow IStargell increases its output beyond the collusive quantity.to sTherefore, you can conclude that total industry profitper can. Stargell's profit iswhen 2. Deviating from the collusive outcomeStargell and Schmidt are brewing companies that operate in a duopoly (two-firm oligopoly). The daily marginal cost (MC) of producing a can of beer isconstant and equals $0.80 per can. Assume that neither firm had any startup costs, so marginal cost equals average total cost (ATC) for each firm.Suppose that Stargell and Schmidt form a cartel, and the firms divide the output evenly. (Note: This is only for convenience; nothing in this modelrequires that the two companies must equally share the output.)Place the black point (plus symbol) on the following graph to indicate the profit-maximizing price and combined quantity of output if Stargell andSchmidt choose to work together.PRICE (Dollars per can2.001.001.001.401:201:000.400500.40020DDemandMC = ATCMR1 BO 160 340 300 400 400 500 40 720 800QUANTITY (Cans of beer)When they act as a profit-maximizing cartel, each company will produceinformation, each firm earns a daily profit ofMonopoly Outcomecans and chargesso the daily total industry profit in the beer market is sper can. Given this

Oligopoly markets are markets dominated by a small number of suppliers. Firms in an oligopoly may…

2. Deviating from the collusive outcome Stargell and Schmidt are brewing companies that operate in a duopoly (two-firm oligopoly). The daily marginal cost (MC) of producing a can of beer is constant and equals $0.80 per can. Assume that neither firm had any startup costs, so marginal cost equals average total cost (ATC) for each firm. Suppose that Stargell and Schmidt form a cartel, and the firms divide the output evenly. (Note: This is only for convenience; nothing in this model requires that the two companies must equally share the output.) Place the black point (plus symbol) on the following graph to indicate the profit-maximizing price and combined quantity of output if Stargell and Schmidt choose to work together. PRICE (Dollars per ca 2.00 1.00 1.40 1.40 1.20 1.00 0.00 060 0.40 020 D . Demand MA 160 340 300 400 400 500 QUANTITY (Cans of beer) 40 MOATC 720 800 When they act as a profit-maximizing cartel, each company will produce information, each firm earns a daily profit of Monopoly Outcome cans and charges to the daily total industry profit in the beer market is per can. Given this

2. Deviating from the collusive outcome Stargell and Schmidt are brewing companies that operate in a duopoly (two-firm oligopoly). The daily marginal cost (MC) of producing a can of beer is constant and equals $0.80 per can. Assume that neither firm had any startup costs, so marginal cost equals average total cost (ATC) for each firm. Suppose that Stargell and Schmidt form a cartel, and the firms divide the output evenly. (Note: This is only for convenience; nothing in this model requires that the two companies must equally share the output.) Place the black point (plus symbol) on the following graph to indicate the profit-maximizing price and combined quantity of output if Stargell and Schmidt choose to work together. PRICE (Dollars per ca 2.00 1.00 1.40 1.40 1.20 1.00 0.00 060 0.40 020 D . Demand MA 160 340 300 400 400 500 QUANTITY (Cans of beer) 40 MOATC 720 800 When they act as a profit-maximizing cartel, each company will produce information, each firm earns a daily profit of Monopoly Outcome cans and charges to the daily total industry profit in the beer market is per can. Given this

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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