Week I Quiz Results/Answers ECO561 1. Revenue increases when * producer surplus increases 2. An increase in the price of an inelastic good * increases revenues 3. Price elasticity of Demand increases when * people become less price sensitive over time 4. The purpose of a market in a market system is to * bring buyers and sellers into contact 5. By specializing in the production of one good‚ a company is able to benefit from economies of scale which increases its revenue. Which
Premium Costs Economics Marginal cost
Chapter 10 (Tentative Due Date: by November 1) Question 2: Discuss the major barriers to entry into an industry. Explain how each barrier can foster either monopoly or oligopoly. Which barriers‚ if any‚ do you feel give rise to monopoly that is socially justifiable? LO1 The major barriers to entry in an industry are economies of scale‚ legal barriers such as patents & licenses and other strategic or pricing barriers. Economies of scale occur only in large firms who are able to reach a minimum
Premium Monopoly Microeconomics Economics
The concentrating distribution of the enterprise The producing enterprise of jaw crusher industry in China mostly gradually derive from the early enterprises of the industry‚ the geographical location is relatively centered and the personnel structure exists serious defect. So far‚ the enterprise is mainly distributed in the Jiangsu‚ Zhejiang‚ Shanghai‚ Liaoning‚ Heilongjiang‚ the enterprise of this several area businesses is accounted for almost 50% of the total number of entire industry‚ what
Premium Supply and demand Microeconomics
A Case Study on Aldi I. Introduction The retail industry is a very competitive market. Organizations need to offer customers value for money. Customers want to pay for low priced but high quality products. With such hard competition it is necessary for organizations to know what their customers want. Aldi recognizes that its customers want value for money but do not want to compromise on quality. This case study will show how Aldi’s strategy led them to a competitive advantage. It will
Premium Lean manufacturing Price Case study
Maximizing Profits in Market Structures Student Name XECO/212 Month Day‚ Year Instructor Name The three important market structures in economics are competitive markets‚ monopolies‚ and oligopolies. Each market plays a different role in the economy. Competitive markets are when no firm has the power to affect the market price of a good and “many buyers and sellers trading identical products so that each buyer and seller is a price taker”
Premium Economics Monopoly Microeconomics
* Would the introduction of maximum prices by a government solve the problem of scarcity: Scarcity results from scarce resources and unlimited wants. An effective maximum price would be set below the market equilibrium. Unless the government took additional measures it would result in excess demand and a smaller quantity sold at a lower price. While some would benefit from lower prices others would now go without the good. Overall the action would not reduce the level of scarcity. * Discuss
Premium Supply and demand Elasticity Inflation
| Understanding LNB Frequencies and Transponder Frequencies « on: April 01‚ 2008‚ 07:44:50 PM »http://www.galaxy-marketing.com/satellite-support-forum1/index.php?topic=39.0 | | These are LNB types and frequencies: DSS Circular LNB = 12.2GHz-12.7GHz Standard FSS Linear LNB = 11.7GHz-12.2GHz Universal FSS Linear LNB = 10.7GHz-12.7GHz Keeping the above frequency range in mind‚ now let’s look at the frequency ranges of your transponder. Keep in mind that the transponder frequencies are presented
Premium Marketing Airline Strategic management
Analyzing the Industry Environment The business environment consists of all external influences that affect its decisions and performance. These should be analysed systematically and with continuous scanning‚ keeping in mind that it needs to be cost effective and not create too much information. You need to distinguish the vital from the merely important. One can focus on the industry environment for example‚ especially on customers‚ suppliers and competitors. An industries profit comes from
Free Economics Perfect competition Costs
Odysseus is a medium sized firm‚ relatively new to international business in terms of how to operate outside of its local market where it has been successful by being able to build a niche with its coupling and clutch products. Key Facts: Product • 8 products with 600 sizes and types – small batches of orders (not mass production) • Patents across the globe Sales • Odysseus Flexible coupling product - 33% of sales revenue‚ total from $83.8 M in 1990 • Largest customer only less than 4% of
Premium Marketing International trade License
Chapter 8 Sample Multiple Choice Questions 1. In a competitive market‚ no single producer can influence the market price because a. many other sellers are offering a product that is essentially identical. b. consumers have more influence over the market price than producers do. c. government intervention prevents firms from influencing price. d. producers agree not to change the price. Suppose a firm in a competitive market received $1‚000 in total revenue and had a marginal revenue of $10 for the
Premium Costs Economics Marginal cost