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Economics Homework Nine - Model (view source)
Revision as of 04:14, November 18, 2009
, 04:14, November 18, 2009done
:Video game companies like Nintendo, Sony and X-box (don't know who makes X-box) is an example of an oligopoly, because there is few competitors. It takes a lot of time effort and money to make a new company with its own system and games. And most of the systems are very similar. (Seth)
:Video game companies like Nintendo, Sony and X-box (don't know who makes X-box) is an example of an oligopoly, because there is few competitors. It takes a lot of time effort and money to make a new company with its own system and games. And most of the systems are very similar. (Seth)
:An example of an oligopoly is the computer business. There are only a few companies, there are very high barriers to entry (it is very expensive to start a new one) and computers are basically similar goods. (Duncan)
2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).
2. Order the types of industries from those having the lowest price (due to the greatest competition) to those having the highest price (due to the least competition).
After answering question 6, then answer two of these three questions:
After answering question 6, then answer two of these three questions:
:
:Teacher's Note: There is a mistake in this problem. The numbers are unrealistic and points were deducted for inadequate explanation. We will revisit this problem in the next homework.
7. Monopolies: should the government regulate them? Or is regulation worse?
7. Monopolies: should the government regulate them? Or is regulation worse?
9. How does a monopolist maximize his profits?
9. How does a monopolist maximize his profits?
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:He raises his price until marginal revenue equals marginal cost .... (Elizabeth)