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KAPLAN MT445 UNIT 5 DISCUSSION LATEST 2016 FEBRUARY

Question # 00234643
Subject: Economics
Topic: Managerial Economics
Due on: 05/02/2016
Posted On: 04/02/2016 12:52 AM

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Topic 1

Describe an industry that would meet the conditions of a perfectly competitive industry:

  1. There are many buyers and sellers so neither side of the market has market power.
  2. The product provided to the market is identical across suppliers.
  3. There are no barriers to entry.

How do individual firms in a perfectly competitive industry respond to an increase in the market demand for the product? Would advertising by individual firms in this type of market provide any benefits?




Topic 2

In order to maximize profits, monopolies produce where: MARGINAL REVENUE = MARGINAL COST < MARKET PRICE. How does this compare to the profit maximization condition for perfectly competitive markets, and how do these differences contribute to deadweight loss in a monopoly market? Can you think of reasons why a monopoly might decide on their own to increase production and lower prices to earn an acceptable profit rather than maximize profits?


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KAPLAN MT445 UNIT 5 DISCUSSION LATEST 2016 FEBRUARY

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Posted On: 04/02/2016 12:52 AM
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Tutorial Preview … each type looks identical regardless of which farm it came…
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Preview: your post. I know that the weather can have an affect on the price of crops. If the farms in a particular area has bad weather that destroys the crops, then the price goes up for the other farmers in the areas that were not affected. I remember my dad talking about this when I was growing up.Margie ReplyShow LessDaniele Mitchellreply to Ephraim Duran 2/9/2016 6:44:17 PMRE: Main postEphraim- Great example. It is true that it is difficult to pick another industry that would be considered a perfect.....
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