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- . When Chinese automakers began exporting cars, rather thanfocusing on developed nations in the West, they shippedautos to emerging markets in countries such as Algeria, Russia,Chile, and South Africa. In these markets, even used vehiclesfrom multinational manufacturers are relatively scarce—andrelatively expensive. The Chinese automakers, who prioritizelow cost rather than design or even safety, applied a penetration-pricing strategy. A woman in Santiago, Chile, who boughta new Chery S21 explained, “The price factor is fairly decisive.I paid $5,500 new and full. Toyota with similar features costsaround $12,000.” Why do you think Chinese automakerschose that pricing strategy? Do you think it was successful?As Chinese regulators pressure these manufacturers to maketheir cars safer, do you think they will be able to keep theirprices low compared with those of the international automakers? Why or why not?26Prior to 1995, Thad only one beer producer a government-owned monopoly called Tawan Bear Suppose that while it was a monopoly. The company was un in a way to maximize peolt for the government. That is assume that it behaved like a private, pro maximizing monopolist Assuming demand and cost conditions are given on the following diagram, at what we would Taiwan Bear have targeted output and what price would it have charged Now suppose that while it was a monopoly Tewan Beer decided to compete in the highly competitive American market Assume further than maintained import barriers so that American producers could not sat in Taiwan but that they were not immediately reciprocated Assung Tan Beer could set all that it could produce in the American market at a price P Pund the wing given Q nalou oldi Tang The new price in Taiwan after the The output sold in the US is given by 0-0, Ta progiven by the re A P OF P OP by O market openss Price ($) P₂ MR Quantity MC AC PU.S. DrinAssume that the competition between Boeing and Airbus can be characterized by the following mnatrix Aórbus Produce Qut] Produce -15/ – 5 90/0 Boeing Quit 0/140 0/0 where the first number in each cell denotes the payoff that Boeing receives and the second nunber is the payoff that Airbus receives. Assume that Boeing has a first mover advantage. Then a subsidy of 10 provided to Airbus by the European government will change nothing will increase European welfare will negatively affect European welfare result in both firms leaving the market
- Cape Town and Durban were first developed in the 17th and 18th centuries as trading posts on theshipping route between Western Europe and Asia. During the 19th century, this role changed withthe discovery of diamonds and gold in the interior. The port cities developed from being stop-overand service points providing shipping services, to being ports through which commodities weretraded.”The change in the that occurred in the Durban and Cape Town ports during the 19th century is best explained by…a) A movement along the production possibilities frontier.b) A movement towards the production possibilities frontierc) An outward movement of the production possibilities frontierd) An inward movement of the production possibilities frontierTwo firms dominate the market for surgical sutures and competeaggressively with respect to research and development. The followingpayoff table depicts the profit implications of their different R&Dstrategies.a. Suppose that no communication is possible between the firms; eachmust choose its R&D strategy independently of the other. Whatactions will the firms take, and what is the outcome?b. If the firms can communicate before setting their R&D strategies,what outcome will occur? Explain.Firm B’s R&D SpendingLow Medium HighLow 8, 11 6, 12 5, 14Firm A’s R&D Medium 12, 9 8, 10 6, 8 SpendingHigh 11, 6 10, 8 4, 6Suppose that a particular industry has a four-firm concentration ratio of 45 and a Herfindahi index of LS40. Most ikety, this industry would ochieve Mutipie Chaice both productive efficiency and allocative etficency wllocative efficency but not productive effcency nether productive efficiency nor allocative efficiency productive efficiency but not allocative efficiency
- Intellectual property laws are intended to promoteinnovation, but some economists, such as MiltonFriedman, have argued that such laws are not desirable.In the United States, there is no intellectual propertyprotection for food recipes or for fashion designs.Considering the state of these two industries, andbearing in mind the discussion of the inefficiency ofmonopolies, can you think of any reasons whyintellectual property laws might hinder innovation insome cases?Firms J and K produce compact-disc players and compete againstone another. Each firm can develop either an economy player (E)or a deluxe player (D). According to the best available marketresearch, the firms’ resulting profits are given by the accompanyingpayoff table.a. The firms make their decision independently, and each is seeking itsown maximum profit. Is it possible to make a confident predictionconcerning their actions and the outcome? Explain.Firm KE DE 30, 55 50, 60 Firm JD 40, 75 25, 50b. Suppose that firm J has a lead in development and so can move first.What action should J take, and what will be K’s response?c. What will be the outcome if firm K can move first?how conflicting affecting cartels and like cartels like opec fail to reachto consensus on price and quantity?
- Return to Figure 9.2. Suppose P0 is $10 and P1 is$11. Suppose a new firm with the same LRAC curve asthe incumbent tries to break into the market by selling4,000 units of output. Estimate from the graph what thenew firm’s average cost of producing output would be.If the incumbent continues to produce 6,000 units, howmuch output would the two firms supply to the market?Estimate what would happen to the market price as aresult of the supply of both the incumbent firm andthe new entrant. Approximately how much profit wouldeach firm earn?Kate and Alice are small-town ready-mix concrete duopolints. The market demand tunction is o- 20,000 - 200Pwhere Pis the price of a cubic yard of concrete and Ois the number of cubic yards demanded per year. Marginal cost is sa0 per cubic yard. Suppose Kate onters the market first and chooses her output belore Alice. What is the difference in Alice's profit when Kata enters the market tirst, compared to when they simultanecusly select ther outputa? When Kate entors the markat first, Alice's profit is $3,888.a0 lower. O When Kate enters the market fest, Alice's profit is 513,333.33 lower. O When Kate enters the market first, Alice's profit is $5,000 lower. O When Kate onters the market first, Alice's proft is $1.111.11 higher,Help Seve E Sant When a ideo streaming company thooses a ubsenption scheme to pay for programming whict of the following statements tue 4 The outcome is socialy etticient fthe D The programs selected wil maumze advertising revenue The e The marginal cost to an addnional viewer of wetching the progrem is ower hen when advensng s ed to hrance programming Tr e The outcome is ateays more sociaty emcient than when advertising s used to finance programming The venety of programs provided s tely to ime tr