Question

Offered Price $10.00

ECON 202 - In the small country of Cruziland the government

Question # 00541236
Subject: Economics
Due on: 06/06/2017
Posted On: 06/06/2017 04:52 AM

Rating:
4.1/5
Expert tutors with experiences and qualities
Posted By
Best Tutors for school students, college students
Questions:
98258
Tutorials:
98485
Feedback Score:

Purchase it
Report this Question as Inappropriate
Question

In the small country of Cruziland the government is against trade, and only domestic production of wine can be consumed, legally. Currently, there are only two large domestic wine producers licensed by the government and competing for Cruziland's wine market shares. In an upsetting recent election, a new president has been elected, and she promises that one of her first economic changes will be to open trade with the rest of the world, eliminate wine licenses, and allow wine imports from world-wine producers.

a) Before the change in the presidency, since imports of wine are not possible, explain: What type of Market structure is the domestic wine market and how the only two Cruziland wine producers maximize profit (or minimize losses)?

b) After imports of wine are allowed from the rest of the world wine-producers what would you say the wine-market structure could change into? Choose one among perfect competition, monopolistic competition, Oligopoly and monopoly. Why? Justify your answer

c) Compare the price and output determination of the two domestic wine-producers before and after imports are allowed? "In the short-Run."

d) Discuss how this market structure change can affect the two domestic wine producers' profit (or loss) in the short run and long run.

Tutorials for this Question
Available for
$10.00

ECON 202 - In the small country of Cruziland the government

Tutorial # 00538372
Posted On: 06/06/2017 04:54 AM
Posted By:
Best Tutors for school students, college students dr.tony
Expert tutors with experiences and qualities
Questions:
98258
Tutorials:
98485
Feedback Score:
Report this Tutorial as Inappropriate
Tutorial Preview …of xxxxxxxxx the xxxxxxxxxxxxxx…
Attachments
ECON_202_-_In_the_small_country_of_Cruziland_the_government.ZIP (18.96 KB)
Purchase this Tutorial @ $10.00 *
* - Additional Paypal / Transaction Handling Fee (3.9% of Tutorial price + $0.30) applicable
List of Main Subjects
Accounting
Anthropology
Architecture
Art
Asian Studies
Astronomy
Biology
Business
Chemistry
Communications
Computer Science
Economics
Education
Engineering
English
Finance
Foreign Languages
Gender Studies
General Questions
Geography
Geology
Health Care
History
Kindergarten
Law
Linguistics
Literary Studies
Marketing
Mathematics
Music
Nursing
Performing Arts
Philosophy
Physics
Political Science
Psychology
Religious Studies
Sociology
Statistics
Urban Planning and Policy
View all subjects...
Loading...