Assignment Eight 4.11.08

Assignment Eight 4.11.08 - Assignment Eight AGEC 505...

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Assignment Eight. AGEC 505. Agricultural Market Structures. Spring 2008. Due: 11:30 AM, Friday, April 11, 2008. Turn in TYPED hard copy before class. Assignments turned in after 11:30 AM will be marked 10 percent off. This late policy will be strictly enforced . Assignments turned in after the deadline will be marked 10 percent off each day that they are late (for example, an assignment due on Friday that is turned in on Monday will be marked 40 percent off). Exceptions will be granted in advance by the instructor. Assignments must be typed. Fifty percent off for untyped work. READ : Chapter 12 1. (5 pts) Oligopoly a. (1 pt) Define and explain the market structure, “oligopoly.” b. (1 pt) Explain what causes an oligopoly… why is the market not perfectly competitive? c. (2 pts) Explain why managing an oligopolistic firm is complicated. d. (1 pt) Define and explain “Nash Equilibrium.” 2. (30 pts) The Market for Combines in Oakley, Kansas Suppose that there are two firms in Oakley that sell harvesting equipment (combines):
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