Which of the following could be a reason for the type of market failure known as information failure? a.) Information symmetry b.) Information asymmetry c.) Unrestricted markets d.) Restricted markets
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- Discuss how research and development and advertising can be used by companies to increase market power and achieve supernormal profit.Ca) Explain why markets with entry barriers are generically inefficient. b) Explain why adverse selection hurts market efficiency. c) Explain why there are taxes on specific goods like cigarettes and gas.Explain how bundling is a strategy to deter entry to a market. Provide two examples
- Koji Incorporated produces high-end cameras. Its typical camera comes with an array of options. The company has a good brand name. a. Koji distributes its cameras through independent dealers who are given exclusive distribution rights for their respective market areas. Discuss why it might make economic sense for Koji to grant its distributors exclusive territories. b. Since Koji adopted this distribution system, it has experienced a double markup problem. What is a double markup problem? c. Discuss how Koji might use a two-part pricing scheme to reduce the double markup problem. (Be sure to specify what the two-part pricing scheme would entail.) d. Describe one other method that Koji might use to address the double markup problem.Question 1 Suppose there is only one supplier in the market of product X. The following table shows partial information of product X and the supplier’s cost. A. Determine the supplier’s profit-maximizing output quantity. Explain your answer. B. At what price should the supplier charge to maximize its profit? Explain your answer. C. Suppose at the profit-maximizing output quantity you have determined in part A, the average variable cost is $428.33 and the average total cost is $628.33. Calculate the total profit at the profit-maximizing output quantity.#7. Your company sells widgets. There is only one other firm in the market: Bear Widgets. Demand for your product depends upon your price, your quantity, and the price that Bear Widgets charges (Pgear). You think that Bear Widgets will either charge $10 or $20. What should you do if their price will be $20? Demand: P = 50 – Q + 0.5P3ear Marginal costs: MC = 2Q %3D a. Produce Q = 20 b. Produce Q = 18.33 c. Produce Q = 16.67 d. Produce Q = 15 %3D e. Produce Q = 13.75
- In advertising, a business is not only making consumers aware of the existence of the product and its positive features but is purposely trying to persuade consumers to purchase the product. As a piece of economics which of the following best characterises what advertisers are trying to do? (a) Shift the demand curve to the right and make it more income elastic; (b) Shift the demand curve to the right and make it less income elastic; (c) Shift the demand curve to the right and make it less price elastic; (d) Shift the demand curve to the right and make it more price elastic.(c) Finally, let's assume you've been given the following information about maximum willingness to pay for a computer and a monitor: WTP Monitors WTP Computer $1,100 Chloe $500 Evan $600 $700 MC $400 $200 (1) What is the highest profit you can make with no bundling? Who buys what? (2) What is the highest profit you can make with pure bundling? Who buys what?MODIFIED TRUE or FALSE. Write "T" if the given statement is TRUE, correct and valid. Write "F", if otherwise. If your answer is either "T" or "F" explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 21. In a monopolistic market, there are several suppliers in the market. 22. The given equation Q = 13-0.25P is an example of a supply equation. 23. The formula to derive the elasticity of either for demand or supply is: O= _ : X - 24. Luxurious goods are considered inferior goods for minimum wage earners. 25. Philippines is considered as an open economy.
- Andrea's Day Spa began to offer a relaxing aromatherapy treatment. The firm asks you how much to charge to maximize profits. The demand curve for the treatments is given by the first two columns in the following table; its total costs are given in the third column. Answer the following question accordingly. Price QuantityTC $25.00 $100 $24.00 10 $250 $23.00 20 $420 $22.00 30 $600 $21.00 40 $780 $20.00 50 $970 $19.00 60 $1,170 Total fixed costs in the above table is: Select one: a. $130 b. $10 c. $100 d. ZeroAndrea's Day Spa began to offer a relaxing aromatherapy treatment. The firm asks you how much to charge to maximize profits. The demand curve for the treatments is given by the first two columns in the following table; its total costs are given in the third column. Answer the following question accordingly. Price QuantityTC $25.00 $100 $24.00 10 $250 $23.00 20 $420 $22.00 30 $600 $21.00 40 $780 $20.00 50 $970 $19.00 60 $1,170 The profit maximizing price in the above table is: Select one: a. $21 b. $24 c. $22 d. $25 ооооAndrea's Day Spa began to offer a relaxing aromatherapy treatment. The firm asks you how much to charge to maximize profits. The demand curve for the treatments is given by the first two columns in the following table; its total costs are given in the third column. Answer the following question accordingly. Price QuantityTC $25.00 $100 $24.00 10 $250 $23.00 20 $420 $22.00 30 $600 $21.00 40 $780 $20.00 50 $970 $19.00 60 $1,170 Total revenue of producing 30 units of output from the above table is: Select one: a. $180 b. $435 c. $600 d. $660
