QUESTION 16 The market for breakfast cereals is dominated by four producers: Kellogg's, General Mills, Post Foods, and Quaker. The market contains hundreds of similar types of cereals, such as Frut Loops, Comflakes, and Rice Krispies, that are seen by buyers as different products. This situation violates the perfect competition assumption of Oa ease of entry b. a standardized product. Ocease of exil Od many buyers and sellers.
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- You own Athleticon, which manufactures athletic wear. Your new contract with Atlanta United, a professional soccer team, allows Athleticon to be the sole suppler of athletic wear with the “Atlanta United” logo. No one lese can manufacture athletic wear with the “Atlanta United” logo. What do you think will be Athleticon’s level of profitability on the sale of “Atlanta United” athletic wear? Explain why. Your contract with Atlanta United only lasts 3 years. It was not renewed. Other firms can now manufacture athletic wear with the “Atlanta United” logo It is now 5 years after your contract with Atlanta United was terminated. Any manufacturer that wants to can manufacture and sell athletic wear with the “Atlanta United” logo. What do you think will be the level of profitability and rate of return on manufacturing athletic wear with the “Atlanta United” logo? Explain why.Assuming you are the managing director of a firm that produces three goods: A, Band C. The price elasticity of demand for A is 1.2, for B it is 1.00 and for C it is 0.75.It is known that he firm is experiencing serious cash flow problems and you have toincrease total revenue as soon as possible. If you were in a position to set the pricesfor these goods, what would be your pricing strategy for each productArt-tile operates in a market where there are a number of competitors and anyone could set up at operation like Art-tile by making the same initial financial commitment as Art. QM is the market demand for tiles and is described by the following demand curve; Tiles Workers AVC ATC MC TC Revenue 1000 10 8 20 8 22000 9000 2000 19 8 13.6 7.2 50000 18000 3000 27 7 11.2 6.4 93000 27000 4000 34 7 9.8 5.6 148000 36000 5000 41 7 9 5.6 217000 45000 6000 48 6 8.4 5.6 300000 54000 7000 58 7 8.3 8 418000 63000 8000 70 7 8.5 9.6 572000 72000 P = 40 - .0001QM What is the long run equilibrium price for the type of tiles that Art-tile produces? Why? How many companies will produce this type of tile in long run equilibrium?
- 1. Tom Jackson has been running a successful steakhouse that specializes in serving upscale steak dinners. His current marketing campaign targets residential households. Recently, it was announced that a new conference hotel was to open near his steakhouse, bringing in many potential business customers. Speculation followed that Morton's steakhouse-an upscale steakhouse chain currently marketing to business customers nationallywas considering opening one of its restaurants near the new hotel and would therefore compete with Tom's restaurant. In light of the potential threat from Morton's, Tom began considering the possibility of making a significant investment to change his marketing campaign and target businesses rather than households. In doing so, he estimated the following profit outcomes (in thousands of dollars) resulting from the strategies that he and Mortons might implement: Morton's Marketing Target Enter Don't Enter -$200, -850 $50, $100 $105, $0 Businesses $90, $0 Тоm…In the long run, which of the following market has the following equilibrium condition: (1) everyone is making zero economic profit; (2) market price = ATC monopolistic competition monopoly O perfect competition oligopoly « Previous Nex No new data to save. Last checked at 11:47am Submit 000 80 DD esc F1 F2 F3 F4 F5 F6 F7 F8 F9Course: Microeconomics 2 - Discrimination type II: price by consumption levelTrue / False / Uncertain type questions 1. If a company applies strategy "take 3 and pay 2", then it can be said that it applies type II discrimination. Please justify and graph if applicable2. If a company increases its packaging capacity by 30% and its selling price by 30%, then it is not applying type II price discrimination. Please justify and graph if applicable3. If a monopolistic firm operates at full capacity, it should not apply type II price discrimination. Please justify and graph if applicable4. Type II price discrimination generates more consumer surplus than type I discrimination. Please justify with a graph
- Suppoe at the curent level of production a frmts marginal revenue equalo $1,000, their average total costs curently equal $1,200, and their marginal cost equals S00, Tis firm OA should expand output because their evenue will increase by $1.000, OB. should not expand output because their profit will decrease by $200. OC should expand output because their profit will increase by $100 OD. There is not information given to determine whether this firm should expand output or notReview Question 12-01 O A monopolistically competitive firm gets a massive amount of free advertising when a government agency gives it an award and millions of people mention the award to each other on social media. Which of the following is most likely to happen? Mc Graw Multiple Choice O Demand becomes more elastic and pricing power increases. Demand becomes less elastic and pricing power decreases. Demand becomes less elastic and pricing power increases. Demand becomes more elastic and pricing power decreases. < Prev 10 of 10 MacRook Di Next19 What role does advertising play with respect to differentiated products? A Shaping consumers' intangible preferences BO Allowing a firm to sell any quantity it wishes Shaping perceived demand for a price taker DO Allowing a firm to raise the prevailing market price
- 2. Two cereal firms that set prices and sell differentiated products propose to merge. Firm 1sells CrunchyCrunch for a price of $10 with a marginal cost of $6. Firm 2 sells FibryFibre for aprice of $12 and a marginal cost of $6.(a) When the price of CC rises, 20% of its lost demand goes to FF. What is the marginal costreduction for CC that is required to offset the upwards pricing pressure on the CC price?(b) You are employed as a consultant by the merging firms. You know that the DOJ knowsthat the marginal cost of FF will fall by 50 cents as a result of the merger, but that the agency isunsure of the diversion between FF and CC. How small will you need to claim that the diversionis in order for there to be no net upwards pricing pressure on the CC price?Suppose that a firm produces wool jackets in a monopolistically competitive market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run monopolistically competitive equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. (?) PRICE (Dollars perjacket) 100 90 80 70 60 50 40 30 20 10 0 0 MC 10 ATC MR 20 30 40 50 80 70 QUANTITY (Thousands of jackets) 80 Demand 90 100 O F ++ Mon Comp Outcome Min Unit Cost hp eInstructions: Answer ALL Questions. Include referencing where additional sourceshave been used. APA format is recommendedQuestion 1a. How is monopolistic competition like monopoly, perfect competition andoligopoly? b. Give two examples of price discrimination. In each case, explain why themonopolist chooses to follow this business strategy c. Why does price equal marginal revenue for the perfectly competitive firm?What is the relationship to the demand curve for the firm? Question 2a. Define economies of scale and explain why they might arise. Definediseconomies of scale and explain why they might arise.b. Explain the relationship between total product, marginal product, and averageproduct. c. How does fixed cost affect marginal cost? Why is this relationship important?Question 3a. Is it possible for total utility to increase while marginal utility diminishes?Explain. b. Mary has two dinner options available: eating a home cooked meal for $150 permeal, or at a restaurant for $260 per…