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- Ilia is driving home from work. She needs to buy gas and notices an Exxon-Mobil station on one side of the street and a Shell station on the other side of the street. Although run by different companies, the two stations sell gasoline at the same price. a. The most likely reason that the price is the same is that _gas stations always make a profit, so they can charge any price they want. _drivers need gas and are willing to pay whatever price a gas station charges. _government regulation requires both gas stations to charge the same price. _consumers view gasoline from different gas stations as perfect substitutes. b. If one station increases its price, _it will be fined by the government. _it will sell more gasoline. _it will make a higher profit. _it will lose customers to the cheaper station across the street.Compare and contrast the four major types of market-ing channels for consumer products. Through which type of channel is each of the following products mostlikely to be distributed?a. New automobilesb. Saltine crackersc. Cut-your-own Christmas treesd. New textbookse. Sofasf. Soft drinksWhich of the following goods would be considered “non-rival”? Select one: a. parking places b. pizza c. computers d. streetlights
- Consider Jimmy Choo designer shoes. In whatway does Jimmy Choo face many competitors? Inwhat way does Jimmy Choo face no competitors?A small town is served by many competingsupermarkets, which have the same constantmarginal costs.a. Using a diagram of the market for groceries, showthe consumer surplus, producer surplus, and totalsurplus.b. Now suppose that the independent supermarketscombine into one chain. Using a new diagram,show the new consumer surplus, producer surplus,and total surplus. Relative to the competitivemarket, what is the transfer from consumers toproducers? What is the deadweight loss?May and Raj me the only two growers who provide organically grown corn to a local grocery store. They know that if they cooperated and produced less corn, they could raise the price of the com. If they work independently, they will each earn 100. If they decide to work together and both lower their output, they call each earn 150. If one person lowers output and the other does not, the person who lowers output will earn $1 and the other person will capture the entire market and will earn 200. Table 10.6 represents the choices available to Mary and Raj. What is the best choice for Raj if he is sole that Mary will cooperate? If Mary thinks Raj will cheat, what should Mary do and why? What is the prisoners dilemma result? What is the preferred choice if they could ensure cooperation? A = Work independently; B = Cooperate and Lower Output. (Each results entry lists Rajs earnings first, and Marys earnings second.)
- what dies it mean if a good is rival2. Why did Amazon enter the market for recorded music and why did independent record stores exit?Suppose a small economy integrates with a large economy in Krug- man's model of monopolistic competition and trade. It is the con- sumers in the (__) who benefits more A. small economyB. Large economy
- 1.The wise use or utilization of money and time. a. Eng'g. Economics b. Business c. Investment d. Economics e. none of these 2. This occurs in a situation where a commodity or a service is supplied by a number of vendors and there is nothing to prevent additional vendors to enter C. Monopoly d. Elastic demand e. none of these the market. a. Perfect competition b. Oligopoly 3. Is the simplest fom of business organization. a. Sole proprietorship b. Partnership C. Enterprise d. Corporation e. none of these 4. The quantity of a certain commodity that is bought at a certain price at a given place and time. C. Price a. Demand b. Barter d. Profit e. none of these 5. The quantity of a certain commodity that is offered for sale at a certain price at a given place and time. a. Demand b. Supply C. Price d. Profit e. none of these 6. A contractor has a job which should be completed in 100 days. At present he has 80 men on the job and it is estimated that they will finish the in 130 days. Of the 80…The following graph depicts the costs incurred by a Local egg seller, Rahim. Rahim is faced with strong competitors who are selling exactly the same product. Use the graph to answer the following questions- Price/Cost per egg MC 12 ATC 8 MR3 AVC 6. MR2 MR1 Quantity 100 200 300 400 a)At what price will Rahim try to minimize loss by selling eggs in the market? b)At what price will there be a break-even point?Create a Graph For this assignment; you will produce a marginal cost anatys graph and answer some cuestons. Steps competition, monopolistic compettion, cligopoly, monopoly) 2. Draw a marginal analysis graph. Trso it the market for the prodict vou chosef (Label the axes the margral cost carve (Mc), the marginal reverue curve (MiR), and the profit-maximizing cuantity (apm) You do not need to use reai numbers 3 Answer the reflection questions in complete sentences: What is your proouct and its price? What type of mankel does your product costin? Why is the margnal cost curve the same basic snape no manter the product? At the profit-makimizing quantify is the price of your procues equal to hipher than or lower than marginal 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.