MGEA04 - Week 11
OLIGOPOLY
Oligopoly is a market in which there are only a few sellers.
How many?
So few that they feel the effects of each others decisionsthe profits
of each firm will depend on the
MGEA02:AnswerstoMidtermExam,Nov2,2015
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MGEA02
TUTORIAL #10
ANSWERS
1.
(a) Demand is given by P = 100 Q and supply is P = 10 + .5Q, so competitive
equilibrium is P0* = $40 and Q0* = 60. The optimal output and price will
take into account th
a)
MGEA02
Tutorial #7
Answers
For a long-run equilibrium, each firm must be producing at minimum LRAC and all
entry and exit to the industry must have ceased. Entry and exit will cease
when economic p
MGEA02
TUTORIAL #8
ANSWERS
1a)
The individual firm maximizes profits by setting MC = MR.
MC = dTC/dq = 6q + 10. MR = 120 - 4Q. (Notice that, since there is only
one firm in the industry, there is no d
MGEA02
TUTORIAL #11
ANSWERS
1(a)
If C is the number of units of cloth and G is the number of units of grain,
then, in Canada, total labour used is C + G = 20 (since 1 unit of labour is used
for produc
MGEA02
TUTORIAL #9
ANSWERS
1 a)
Since the minimum long-run cost per unit of output (minimum point on the
LRAC) is at $12, the equation of the LRAC is P = $12. Setting demand equal
to long-run supply,
1. y [1,1] x [
, ] sin x = y
2 2
y ( arcsin y ) arc sine y
x x = sin 1
y = sin 1 x
2. y [1,1] x [0, ] cos x = y
x x = cos 1 y ( arccos y ) arc cosine y
y = cos 1 x
3. y R x ( , ) tan x
MGEA02
Tutorial #5
Answers
1.
Government revenue is area C on the graph
at the right. That area is $50 x 35 = $1,750.
Excess burden (the economic loss due to
taxation) is area E, ($50 x 5)/2 = $125. C
MGEA02
Tutorial #2
Answers
1. a) Of course, the answer depends on normality. If tomatoes are a
normal good, a rise in income increases demand, increasing both price
and quantity purchased
b)
but if to
ECMA04 - Week 9
Looking at the effects of an increase in costs algebraic example
More on perfect competition especially the long runand the effect
of perfect competition on economic well-being (i.e.,
Week 13 MGEA02
International Trade
Exports goods and services sold to other countries
Imports goods and services purchased from other countries
Barriers to trade:
Tariff a tax on imported product
Quot
MGEA02 Week Ten
The Monopoly Model
a. The monopoly model. How does monopolist behave? What are
the results?
b. Inefficiency and monopoly. Dynamic efficiency vs. allocative
efficiency.
c. Where does mo
Week 8 (Study Break was Week 7) Perfect Competition
Perfect Competition the main model for microeconomics. We will
look at:
- the representative firm in SR
- the industry in SR
- the representative fi
MGEA02H Week 6
Review of key concepts from last week
q = f(K, L)
Production Function
q = g(L)
Function
Short-run Production
dq/dL
Labour
Marginal Product of
d2q/dL2 (or dMPL/dL) < 0 (eventually)
This
MGEA02
Week 5
Production, Productivity and Costs
Production, productivity and costs
Basic objective.understand diminishing
marginal productivity and the shapes of
typical cost curves in short run.
Why
Week 4 Elasticity, Tax Incidence and Tax Burden
A key characteristic of demand and supply curves! Elasticity
Elasticity = sensitivity or reponsiveness
Changes in one variable as another variable chang
Week #3 Demand and Utility
Explaining/Exploring Demand Curves
(Chapter 7 in your textbook)
Why are demand curves negatively sloped?
How do we interpret a point on the demand curve?
How do we interpret
Week 2: Demand and Supply in a
Competitive Market
Agenda for this week:
- Overview of the competitive market
model
- What is a market?
- What is competition?
- Demand
- Supply
- Equilibrium
- Shifts i
HISA04H3F
Themes in World History
Fall 2017
Midterm Examination
The midterm exam will be made available to students on Monday morning 16 October at 8.00am.
you are expected to spend approximately two