This document provides an overview of oligopoly market structures. It begins by defining key terms like concentration ratios and oligopoly. It then discusses how oligopolies differ from perfect competition and monopoly. The document uses an example of a cell phone duopoly to illustrate how firms in an oligopoly may collude but each has an incentive to lower prices on their own. It discusses how the prisoner's dilemma applies to oligopolies and makes cooperation difficult. Finally, it covers how antitrust laws aim to promote competition in oligopolies.
1) Oligopolies involve a small number of firms producing similar products in a market. The firms engage in strategic decision making and consider how their rivals will react.
2) It is difficult for oligopoly firms to cooperate and act like a cartel or monopoly. While jointly maximizing profits, each firm has an incentive to lower prices or increase production to gain more sales at the other firms' expense.
3) Game theory, such as the prisoners' dilemma, demonstrates why cooperation breaks down even when it benefits all firms. The dominant strategy for each prisoner is to confess, leading to a worse outcome than if both remained silent.
This document summarizes key concepts from an economics textbook chapter on oligopoly. It discusses how oligopoly market structures have a small number of firms producing similar products. It provides examples of concentration ratios in different industries. It then uses a cell phone duopoly example to illustrate possible outcomes like collusion versus competition. Game theory, including the prisoner's dilemma, helps explain why collusion is difficult to sustain even when it would benefit firms. Overall, the document analyzes market outcomes and pricing under oligopoly compared to perfect competition and monopoly.
The document discusses market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. It provides characteristics of each market structure and gives an example of a cell phone duopoly in a small town. In the example, the two cell phone companies could collude to form a cartel by agreeing to each produce half of the monopoly output and charge the monopoly price, earning higher profits than competing. However, each company would have an incentive to renege on the agreement by secretly increasing its own output, leading the market back to competitive outcomes with lower prices and profits.
Monopolistic competition is characterized by many small firms producing differentiated products, free entry and exit into the industry, and firms having some degree of market power. Oligopoly is characterized by a small number of large, dominant firms producing either homogeneous or differentiated products. In oligopoly, the behavior of any single firm depends greatly on the actions of other firms in the industry.
Monopolistic competition and oligopoly are two market structures between perfect competition and monopoly. Monopolistic competition is characterized by many firms with differentiated products, easy entry and exit, and firms making positive profits in the short run but zero in the long run. Oligopoly is characterized by a small number of interdependent firms where the actions of one firm impact others and strategic behavior can result in inefficient outcomes.
Oligopoly is a market structure with few sellers influencing market price. Firms in an oligopoly are interdependent since the actions of one firm affect others' profits. This interdependence can be modeled as a prisoner's dilemma game where each firm is incentivized to increase output for higher profits, but overall profits decrease if all firms do so. Cartels like OPEC aim to coordinate production quotas to influence price but members often cheat for greater individual profits, requiring enforcement to maintain cooperation.
This document provides an overview of oligopoly market structures. It begins by defining key terms like concentration ratios and oligopoly. It then discusses how oligopolies differ from perfect competition and monopoly. The document uses an example of a cell phone duopoly to illustrate how firms in an oligopoly may collude but each has an incentive to lower prices on their own. It discusses how the prisoner's dilemma applies to oligopolies and makes cooperation difficult. Finally, it covers how antitrust laws aim to promote competition in oligopolies.
1) Oligopolies involve a small number of firms producing similar products in a market. The firms engage in strategic decision making and consider how their rivals will react.
2) It is difficult for oligopoly firms to cooperate and act like a cartel or monopoly. While jointly maximizing profits, each firm has an incentive to lower prices or increase production to gain more sales at the other firms' expense.
3) Game theory, such as the prisoners' dilemma, demonstrates why cooperation breaks down even when it benefits all firms. The dominant strategy for each prisoner is to confess, leading to a worse outcome than if both remained silent.
This document summarizes key concepts from an economics textbook chapter on oligopoly. It discusses how oligopoly market structures have a small number of firms producing similar products. It provides examples of concentration ratios in different industries. It then uses a cell phone duopoly example to illustrate possible outcomes like collusion versus competition. Game theory, including the prisoner's dilemma, helps explain why collusion is difficult to sustain even when it would benefit firms. Overall, the document analyzes market outcomes and pricing under oligopoly compared to perfect competition and monopoly.
The document discusses market structures including perfect competition, monopolistic competition, oligopoly, and monopoly. It provides characteristics of each market structure and gives an example of a cell phone duopoly in a small town. In the example, the two cell phone companies could collude to form a cartel by agreeing to each produce half of the monopoly output and charge the monopoly price, earning higher profits than competing. However, each company would have an incentive to renege on the agreement by secretly increasing its own output, leading the market back to competitive outcomes with lower prices and profits.
Monopolistic competition is characterized by many small firms producing differentiated products, free entry and exit into the industry, and firms having some degree of market power. Oligopoly is characterized by a small number of large, dominant firms producing either homogeneous or differentiated products. In oligopoly, the behavior of any single firm depends greatly on the actions of other firms in the industry.
Monopolistic competition and oligopoly are two market structures between perfect competition and monopoly. Monopolistic competition is characterized by many firms with differentiated products, easy entry and exit, and firms making positive profits in the short run but zero in the long run. Oligopoly is characterized by a small number of interdependent firms where the actions of one firm impact others and strategic behavior can result in inefficient outcomes.
Oligopoly is a market structure with few sellers influencing market price. Firms in an oligopoly are interdependent since the actions of one firm affect others' profits. This interdependence can be modeled as a prisoner's dilemma game where each firm is incentivized to increase output for higher profits, but overall profits decrease if all firms do so. Cartels like OPEC aim to coordinate production quotas to influence price but members often cheat for greater individual profits, requiring enforcement to maintain cooperation.
Oligopoly is a market structure with few sellers influencing market price. Firms in an oligopoly are interdependent and must consider competitors' actions when setting output and prices. The duopoly game illustrates how each firm has an incentive to increase output for higher profits, but overall profits decrease when both firms do so, similar to the prisoners' dilemma. OPEC acts as a petroleum cartel by setting output quotas but faces incentives to cheat on quotas for increased short-term profits.
Oligopoly is a market structure with few sellers influencing market price. Firms in an oligopoly are interdependent since the actions of one firm affect others' profits. This interdependence can be modeled as a prisoner's dilemma game where each firm is incentivized to increase output for higher profits, but overall profits decrease if all firms do so. Cartels like OPEC aim to coordinate production quotas to influence price but members often cheat for greater individual profits, requiring enforcement to maintain cooperation.
This document discusses oligopoly and strategic behavior in markets. It begins by defining oligopoly as a market structure with a small number of firms, differentiated products, significant entry barriers, and where firms interact strategically. It then explores duopoly and shows how firms in a duopoly market may collude like a joint monopoly or compete by lowering prices. Game theory, like the prisoner's dilemma, is presented as a way to understand strategic interactions between oligopolists.
This document discusses oligopolies and game theory. It explains that when there are few dominant firms in a market, they can engage in practices like price fixing to restrict output and fix higher prices. This allows them to recognize their interdependence and act together to maximize joint profits. However, cartel agreements are often unstable as firms have an incentive to cheat and exceed their output quotas for higher individual profits. This prisoners' dilemma framework illustrates why cooperation is difficult even when it benefits all parties. Game theory models are useful for understanding interdependent pricing and other strategic decisions in oligopolistic markets.
This document discusses various concepts related to oligopoly market structure including:
1) Oligopoly is characterized by few sellers that make interdependent decisions regarding price and output. Barriers to entry allow for potential economic profits in the long run.
2) Models of oligopoly include Cournot, Sweezy, and collusive models like cartels with price leadership.
3) Game theory can be used to analyze strategic interactions between oligopolists through concepts like the prisoner's dilemma, Nash equilibrium, and concentration measures.
The document discusses market structures including monopolistic competition and oligopoly. It provides examples and characteristics of each, and analyzes firm behavior in the short and long run under monopolistic competition using graphs. It then discusses oligopoly, providing the Cournot model as an example where firms determine output based on what competitors will produce. Equilibrium is reached when outputs are consistent with each firm's reaction curve. Collusion and the Stackelberg model, where one firm moves first, are also examined.
major difference between monopoly and oligopolyVinayKumarHS10
A monopoly and an oligopoly are market structures that exist when there is imperfect competition. A monopoly is when a single company produces goods with no close substitute, while an oligopoly is when a small number of relatively large companies produce similar, but slightly different goods. In both cases, significant barriers to entry prevent other enterprises from competing.
The document discusses oligopolies, which are market structures with only a few firms. It notes that oligopolies exist between perfect competition and pure monopoly. Oligopolies are characterized by interdependent firms that would benefit from cooperation to behave like a monopolist, but finding and maintaining cooperation can be difficult due to tensions between self-interest and joint interests. The document uses examples like duopolies, cartels, and game theory models to illustrate challenges around cooperation in oligopolistic markets.
Oligopoly refers to a market structure with only a few firms. These firms recognize their interdependence and would benefit most from cooperating to restrict output and raise prices like a monopoly. However, the prisoners' dilemma illustrates why self-interest makes cooperation difficult to sustain. As a result, oligopolies typically produce more but charge higher prices than competitive markets. Antitrust laws aim to promote competition by preventing anticompetitive cooperation among oligopolists.
This PPT includes Oligopoly Market. It is explained in detail.
This is for educational purpose only. If you own any of the content please let me know. We are not here to hurt anyone's emotion. Please try to co-operate and use this for educational purposes only.
The content discusses the Revenue Relationship with examples. Also explains the pricing under different competitions. At the end Break even analysis is explained. Each topic is supported by practice multiple choice questions.
Market Failure - Market power 2022.pptxJon Newland
Market failures can occur when:
1) Producers have monopoly power and restrict supply, raising prices above efficient levels.
2) Externalities are not accounted for, resulting in too much or too little of a good being produced.
3) Information is not perfectly shared, preventing markets from allocating resources efficiently.
Government intervention aims to address these market failures through taxes, subsidies, and regulations to improve efficiency and equity. However, excessive intervention can also lead to government failures and reduced welfare.
This document provides an overview of monopolistic competition and oligopoly market structures. It discusses key aspects of each including:
1) Monopolistic competition is characterized by many small firms producing differentiated products and free entry/exit in the long-run. Firms have some monopoly power in the short-run but compete such that long-run profits are zero.
2) Oligopoly is characterized by a small number of large firms producing either differentiated or homogeneous products. Strategic interactions between firms are important and outcomes depend on factors like the Cournot and Bertrand models of competition.
3) The Prisoner's Dilemma framework is used to analyze how firms may cooperate (collude) or compete
This document discusses oligopoly markets. Some key points:
- An oligopoly is a market with only a few sellers that are interdependent. They must consider each other's actions and reactions when deciding on things like price and output.
- Oligopolies have characteristics like homogeneous or differentiated products, barriers to entry, and price rigidity. Examples given include consumer goods companies and mobile phone service providers.
- Oligopolists face a tension between cooperating (like a monopoly) or competing. They may form cartels to restrict output and raise prices, but antitrust laws prohibit explicit collusion.
- The prisoner's dilemma framework shows how it is difficult for firms to cooperate without enforcement.
ECON 1102 Test 4 (120414) ECON 1102 Test 4 Do all 40.docxjack60216
ECON 1102 Test 4 (120414)
ECON 1102: Test 4
Do all 40 questions
Use the table below, which gives the demand for a monopolist’s output, to answer questions 1, 2 and 3.
Quantity
(units)
Price
(dollars per unit)
1 8
2 7
3 6
4 5
5 4
6 3
1) Between which two quantities is marginal revenue equal to 2?
A) 4 and 5
B) 3 and 4
C) 2 and 3
D) 1 and 2
2) Between which two quantities is demand inelastic?
A) 6 and 5
B) 5 and 4
C) 4 and 3
D) 3 and 2
3) What is the marginal revenue when output is increased from 5 to 6 units?
A) $18
B) $4
C) $3
D) -$2
4) A single-price monopoly
A) charges all consumers the lowest price that they want to pay for each unit purchased.
B) produces less output than it would if it could price discriminate.
C) eliminates all the consumer surplus.
D) creates a smaller deadweight loss than it would if it could price discriminate.
5) A single-price monopolist determines
A) its output but not its price.
B) its price but not its output.
C) both its output and its price.
D) neither its output nor its price.
6) In monopolistic competition, the presence of a large number of firms making a differentiated product
means that
A) each firm has some ability to effect the price of its particular good or service.
B) each firm must charge the same price.
C) the price is established by agreements among the different firms.
D) each firm must produce the same quantity.
7) Firms in monopolistic competition have rivals that
A) match their price increases.
B) match their price decreases.
C) agree on a common price.
D) set their prices according to the demand curves they face.
ECON 1102 Test 4 (120414)
8) When firms in monopolistic competition are making an economic profit, firms will
A) enter the industry, and demand will increase for the original firms.
B) exit the industry, and demand will increase for the firms that remain.
C) exit the industry, and demand will decrease for the firms that remain.
D) enter the industry, and demand will decrease for the original firms.
9) Firms in monopolistic competition charge prices that are ________ those of the other firms in the market.
A) close to
B) very different from
C) the same as
D) completely unrelated to
10) A monopolistically competitive firm has ________ power to set the price of its product because
________.
A) no; there are no barriers to entry
B) some; there are barriers to entry
C) no; of product differentiation
D) some; of product differentiation
11) Monopolistically competitive firms and perfectly competitive firms are alike because both types of firms
I. face downward sloping demand curves.
II. have marginal revenue curves that lie beneath their demand curves.
III. can make only zero economic profit in the long run.
A) I and II
B) I and III
C) III only
D) I only
12) Dole Co. operates in a monopolistically competitive market. Whi ...
- Microsoft developed the Windows operating system and holds a copyright, giving it a monopoly on producing and selling Windows. It charges approximately $100 per copy.
- A monopoly is a sole seller in a market. It can arise when a firm owns a key resource, is granted an exclusive right by the government, or can supply the entire market at lower cost than many firms.
- For a monopoly, price exceeds marginal revenue, unlike competitive firms where price equals marginal revenue. A monopoly profits where its price exceeds its average total cost.
Oligopoly is a market structure with only a few firms that dominate the market. The document discusses the key characteristics of oligopoly markets including interdependence between firms and barriers to entry. It provides examples of oligopolies in various industries such as smartphones, soft drinks, and automobiles. The Nash equilibrium is discussed as the situation where firms choose outputs to maximize their own profits given competitors' outputs.
This document discusses various barriers to entry that allow monopolies to form and persist, including legal restrictions like patents, economies of scale, and control of essential resources. It provides examples of monopolies in different industries. The document also examines how a monopoly determines the profit-maximizing price and quantity to produce by equating marginal revenue and marginal cost, and outlines how this differs from perfect competition. Consumer surplus is lower under monopoly compared to perfect competition due to the deadweight loss.
Topic 7-Pure Competition in the Short-Run.pdfdarim1
The document summarizes key concepts about pure competition in the short run from a chapter on market models. It defines characteristics of pure competition, including numerous firms/buyers, homogeneous products, perfect information, and free entry and exit. Firms are price takers and maximize profits by producing where marginal revenue equals marginal cost. The marginal revenue is equal to the price for a purely competitive firm. Profit maximization can be determined graphically or using total revenue-total cost and marginal revenue-marginal cost approaches.
· · · Must be a foreign film with subtitles· Provide you wit.docxLynellBull52
The document provides guidance for a management plan assignment. It discusses three best methods for management teams to use when problem solving: means-ends analysis, back up avoidance, and difference reduction. Means-ends analysis is recommended as it combines goal-driven and creative approaches. The role of judgment in problem solving processes and an example for the management plan are to be included. Problem solving involves breaking goals into sub-goals and applying appropriate methods. Management teams can acquire problem solving methods through discovery, instruction, or observing examples.
· Identify the stakeholders and how they were affected by Heene.docxLynellBull52
· Identify the stakeholders and how they were affected by Heene's actions?
· 2. What stage of moral reasoning is exhibited by Richard Heene's actions? Do you believe the punishment fit the crime? Why or why not?
· 3. Explain how the cognitive-developmental approach influences one's ability to make ethical judgments.
4. How do you assess at what stage of moral development in Kohlberg's model you reason at in making decisions? Are you satisfied with that stage? Do you believe there are factors or forces preventing you from reasoning at a higher level? If so, what are they?
.
Oligopoly is a market structure with few sellers influencing market price. Firms in an oligopoly are interdependent and must consider competitors' actions when setting output and prices. The duopoly game illustrates how each firm has an incentive to increase output for higher profits, but overall profits decrease when both firms do so, similar to the prisoners' dilemma. OPEC acts as a petroleum cartel by setting output quotas but faces incentives to cheat on quotas for increased short-term profits.
Oligopoly is a market structure with few sellers influencing market price. Firms in an oligopoly are interdependent since the actions of one firm affect others' profits. This interdependence can be modeled as a prisoner's dilemma game where each firm is incentivized to increase output for higher profits, but overall profits decrease if all firms do so. Cartels like OPEC aim to coordinate production quotas to influence price but members often cheat for greater individual profits, requiring enforcement to maintain cooperation.
This document discusses oligopoly and strategic behavior in markets. It begins by defining oligopoly as a market structure with a small number of firms, differentiated products, significant entry barriers, and where firms interact strategically. It then explores duopoly and shows how firms in a duopoly market may collude like a joint monopoly or compete by lowering prices. Game theory, like the prisoner's dilemma, is presented as a way to understand strategic interactions between oligopolists.
This document discusses oligopolies and game theory. It explains that when there are few dominant firms in a market, they can engage in practices like price fixing to restrict output and fix higher prices. This allows them to recognize their interdependence and act together to maximize joint profits. However, cartel agreements are often unstable as firms have an incentive to cheat and exceed their output quotas for higher individual profits. This prisoners' dilemma framework illustrates why cooperation is difficult even when it benefits all parties. Game theory models are useful for understanding interdependent pricing and other strategic decisions in oligopolistic markets.
This document discusses various concepts related to oligopoly market structure including:
1) Oligopoly is characterized by few sellers that make interdependent decisions regarding price and output. Barriers to entry allow for potential economic profits in the long run.
2) Models of oligopoly include Cournot, Sweezy, and collusive models like cartels with price leadership.
3) Game theory can be used to analyze strategic interactions between oligopolists through concepts like the prisoner's dilemma, Nash equilibrium, and concentration measures.
The document discusses market structures including monopolistic competition and oligopoly. It provides examples and characteristics of each, and analyzes firm behavior in the short and long run under monopolistic competition using graphs. It then discusses oligopoly, providing the Cournot model as an example where firms determine output based on what competitors will produce. Equilibrium is reached when outputs are consistent with each firm's reaction curve. Collusion and the Stackelberg model, where one firm moves first, are also examined.
major difference between monopoly and oligopolyVinayKumarHS10
A monopoly and an oligopoly are market structures that exist when there is imperfect competition. A monopoly is when a single company produces goods with no close substitute, while an oligopoly is when a small number of relatively large companies produce similar, but slightly different goods. In both cases, significant barriers to entry prevent other enterprises from competing.
The document discusses oligopolies, which are market structures with only a few firms. It notes that oligopolies exist between perfect competition and pure monopoly. Oligopolies are characterized by interdependent firms that would benefit from cooperation to behave like a monopolist, but finding and maintaining cooperation can be difficult due to tensions between self-interest and joint interests. The document uses examples like duopolies, cartels, and game theory models to illustrate challenges around cooperation in oligopolistic markets.
Oligopoly refers to a market structure with only a few firms. These firms recognize their interdependence and would benefit most from cooperating to restrict output and raise prices like a monopoly. However, the prisoners' dilemma illustrates why self-interest makes cooperation difficult to sustain. As a result, oligopolies typically produce more but charge higher prices than competitive markets. Antitrust laws aim to promote competition by preventing anticompetitive cooperation among oligopolists.
This PPT includes Oligopoly Market. It is explained in detail.
This is for educational purpose only. If you own any of the content please let me know. We are not here to hurt anyone's emotion. Please try to co-operate and use this for educational purposes only.
The content discusses the Revenue Relationship with examples. Also explains the pricing under different competitions. At the end Break even analysis is explained. Each topic is supported by practice multiple choice questions.
Market Failure - Market power 2022.pptxJon Newland
Market failures can occur when:
1) Producers have monopoly power and restrict supply, raising prices above efficient levels.
2) Externalities are not accounted for, resulting in too much or too little of a good being produced.
3) Information is not perfectly shared, preventing markets from allocating resources efficiently.
Government intervention aims to address these market failures through taxes, subsidies, and regulations to improve efficiency and equity. However, excessive intervention can also lead to government failures and reduced welfare.
This document provides an overview of monopolistic competition and oligopoly market structures. It discusses key aspects of each including:
1) Monopolistic competition is characterized by many small firms producing differentiated products and free entry/exit in the long-run. Firms have some monopoly power in the short-run but compete such that long-run profits are zero.
2) Oligopoly is characterized by a small number of large firms producing either differentiated or homogeneous products. Strategic interactions between firms are important and outcomes depend on factors like the Cournot and Bertrand models of competition.
3) The Prisoner's Dilemma framework is used to analyze how firms may cooperate (collude) or compete
This document discusses oligopoly markets. Some key points:
- An oligopoly is a market with only a few sellers that are interdependent. They must consider each other's actions and reactions when deciding on things like price and output.
- Oligopolies have characteristics like homogeneous or differentiated products, barriers to entry, and price rigidity. Examples given include consumer goods companies and mobile phone service providers.
- Oligopolists face a tension between cooperating (like a monopoly) or competing. They may form cartels to restrict output and raise prices, but antitrust laws prohibit explicit collusion.
- The prisoner's dilemma framework shows how it is difficult for firms to cooperate without enforcement.
ECON 1102 Test 4 (120414) ECON 1102 Test 4 Do all 40.docxjack60216
ECON 1102 Test 4 (120414)
ECON 1102: Test 4
Do all 40 questions
Use the table below, which gives the demand for a monopolist’s output, to answer questions 1, 2 and 3.
Quantity
(units)
Price
(dollars per unit)
1 8
2 7
3 6
4 5
5 4
6 3
1) Between which two quantities is marginal revenue equal to 2?
A) 4 and 5
B) 3 and 4
C) 2 and 3
D) 1 and 2
2) Between which two quantities is demand inelastic?
A) 6 and 5
B) 5 and 4
C) 4 and 3
D) 3 and 2
3) What is the marginal revenue when output is increased from 5 to 6 units?
A) $18
B) $4
C) $3
D) -$2
4) A single-price monopoly
A) charges all consumers the lowest price that they want to pay for each unit purchased.
B) produces less output than it would if it could price discriminate.
C) eliminates all the consumer surplus.
D) creates a smaller deadweight loss than it would if it could price discriminate.
5) A single-price monopolist determines
A) its output but not its price.
B) its price but not its output.
C) both its output and its price.
D) neither its output nor its price.
6) In monopolistic competition, the presence of a large number of firms making a differentiated product
means that
A) each firm has some ability to effect the price of its particular good or service.
B) each firm must charge the same price.
C) the price is established by agreements among the different firms.
D) each firm must produce the same quantity.
7) Firms in monopolistic competition have rivals that
A) match their price increases.
B) match their price decreases.
C) agree on a common price.
D) set their prices according to the demand curves they face.
ECON 1102 Test 4 (120414)
8) When firms in monopolistic competition are making an economic profit, firms will
A) enter the industry, and demand will increase for the original firms.
B) exit the industry, and demand will increase for the firms that remain.
C) exit the industry, and demand will decrease for the firms that remain.
D) enter the industry, and demand will decrease for the original firms.
9) Firms in monopolistic competition charge prices that are ________ those of the other firms in the market.
A) close to
B) very different from
C) the same as
D) completely unrelated to
10) A monopolistically competitive firm has ________ power to set the price of its product because
________.
A) no; there are no barriers to entry
B) some; there are barriers to entry
C) no; of product differentiation
D) some; of product differentiation
11) Monopolistically competitive firms and perfectly competitive firms are alike because both types of firms
I. face downward sloping demand curves.
II. have marginal revenue curves that lie beneath their demand curves.
III. can make only zero economic profit in the long run.
A) I and II
B) I and III
C) III only
D) I only
12) Dole Co. operates in a monopolistically competitive market. Whi ...
- Microsoft developed the Windows operating system and holds a copyright, giving it a monopoly on producing and selling Windows. It charges approximately $100 per copy.
- A monopoly is a sole seller in a market. It can arise when a firm owns a key resource, is granted an exclusive right by the government, or can supply the entire market at lower cost than many firms.
- For a monopoly, price exceeds marginal revenue, unlike competitive firms where price equals marginal revenue. A monopoly profits where its price exceeds its average total cost.
Oligopoly is a market structure with only a few firms that dominate the market. The document discusses the key characteristics of oligopoly markets including interdependence between firms and barriers to entry. It provides examples of oligopolies in various industries such as smartphones, soft drinks, and automobiles. The Nash equilibrium is discussed as the situation where firms choose outputs to maximize their own profits given competitors' outputs.
This document discusses various barriers to entry that allow monopolies to form and persist, including legal restrictions like patents, economies of scale, and control of essential resources. It provides examples of monopolies in different industries. The document also examines how a monopoly determines the profit-maximizing price and quantity to produce by equating marginal revenue and marginal cost, and outlines how this differs from perfect competition. Consumer surplus is lower under monopoly compared to perfect competition due to the deadweight loss.
Topic 7-Pure Competition in the Short-Run.pdfdarim1
The document summarizes key concepts about pure competition in the short run from a chapter on market models. It defines characteristics of pure competition, including numerous firms/buyers, homogeneous products, perfect information, and free entry and exit. Firms are price takers and maximize profits by producing where marginal revenue equals marginal cost. The marginal revenue is equal to the price for a purely competitive firm. Profit maximization can be determined graphically or using total revenue-total cost and marginal revenue-marginal cost approaches.
· · · Must be a foreign film with subtitles· Provide you wit.docxLynellBull52
The document provides guidance for a management plan assignment. It discusses three best methods for management teams to use when problem solving: means-ends analysis, back up avoidance, and difference reduction. Means-ends analysis is recommended as it combines goal-driven and creative approaches. The role of judgment in problem solving processes and an example for the management plan are to be included. Problem solving involves breaking goals into sub-goals and applying appropriate methods. Management teams can acquire problem solving methods through discovery, instruction, or observing examples.
· Identify the stakeholders and how they were affected by Heene.docxLynellBull52
· Identify the stakeholders and how they were affected by Heene's actions?
· 2. What stage of moral reasoning is exhibited by Richard Heene's actions? Do you believe the punishment fit the crime? Why or why not?
· 3. Explain how the cognitive-developmental approach influences one's ability to make ethical judgments.
4. How do you assess at what stage of moral development in Kohlberg's model you reason at in making decisions? Are you satisfied with that stage? Do you believe there are factors or forces preventing you from reasoning at a higher level? If so, what are they?
.
· · Re WEEK ONE - DISCUSSION QUESTION # 2posted by DONALD DEN.docxLynellBull52
The document discusses financial statements and their importance for companies. It notes that the income statement shows a company's profitability over time by detailing revenue, gains, expenses, and losses. The balance sheet provides information on a company's assets, liabilities, and stockholders' equity at a point in time. It is used to make business decisions. Other comments add that the cash flow statement shows sources and uses of cash, and the owners' equity statement tracks changes in retained earnings. Unforeseen events like natural disasters, recessions, and changes in laws or regulations can impact businesses. There is a discussion around the importance of independent audits and maintaining separation between personal and business finances.
· Week 3 AssignmentGovernment and Not-For-Profit AccountingVal.docxLynellBull52
· Week 3 Assignment
Government and Not-For-Profit Accounting
Value of Donated Assets
Which is the proper value to be assigned to certain donated assets? (This is a question for which answers cannot be found in either GASB pronouncements or the text), research is necessary.
A city’s road maintenance department received “donations” of two type of assets:
1. From the county in which the city is located it received earthmoving equipment. The equipment had cost the county $800,000 when it was acquired five years earlier. Accounted for in a county proprietary fund, its book value, net of accumulated depreciation at the time of donation, was $500,000. Its fair market value was $530,000.
2. From the city’s own utility fund (a proprietary fund) it received motor vehicles that had cost the city $400,000 when acquired three years earlier. At the time of transfer, the vehicles were recorded on the utility’s books at $180,000, net of accumulated depreciation. Their fair market value was #225,000.
Write a 1000 word, APA you answer style paper where the following:
1. At what value should the city record in its government-wide financial statements for: (1) the earth-moving equipment, and (2) the motor vehicles?
1. Briefly justify your response, commenting on any apparent inconsistencies in the values assigned to each of the two types of assets.
1. Comment on the significance of the resultant book values for decisions or assessments to be made by statement users.
Myth Clash Paper #1
Zheng Hui
The present paper will discuss how different ancient poets describe the myths. It will compare and Contrast the two versions of the myth of the Cyclops Polyphemus in the Archaic Greek poet Homer’s Odyssey (EH 298-314) and in the Hellenistic poet Theocritus' poem (Idyll 11) (ACM 399-401). It will also elaborate how Roman poet Ovid combine elements from each of these earlier poets’ versions to make his own version of the myth in his poem, the Metamorphoses (OM 374-381). In general, the paper will discuss and analyze the differences and similarities among several versions from different aspects including characters, features, techniques and others.
According to ancient Greek myth, there were three separate tribes of the mythical, one eyed giants known as Cyclops, or Cyclopes. One of them is the Ouranian Cyclopes, who was the offspring of Gaea and Ouranos. Besides, there is also another Cyclops called the mason-Cyclopes, who represents workers in Hephaestus’s forge. The third one is the shepherd-like Cyclopes, who was neighbors of the island-dwelling Polyphemus, who was a son of Poseidon (Weinstock, 2013). Based on the description of the Cyclopes in the ancient Greek myth, one feature that is present in all these Cyclopes is that they had one unique anatomy. In addition, they all had a single round eye in the middle of their foreheads. In fact, the eye, according to the Greek poet Hesiod, is the source of their name.
In Greek, Cyclops means “circle-eye.” These giants .
· Week 10 Assignment 2 Submission
Students, please view the "Submit a Clickable Rubric Assignment" in the Student Center.
Instructors, training on how to grade is within the Instructor Center.
Click the link above to submit your assignment.
Assignment 2: Critical Thinking
Topic: "People have become overly dependent on technology"
Your paper should present a reasoned, convincing argument for a position on a selected topic.
Write a four to six (4-6) page paper in which you:
1. Follow the five (5) steps of persuasion: establishing credibility, acknowledging the audience’s position, constructing a rationale, transplanting root elements, and asking for a response.
2. Clearly define your position and supporting evidence.
3. Include all the necessary “evidence” for the reader to reach the expected conclusion in each argument in the paper (whether the overriding argument or one contained in an individual paragraph)
4. Ensure that each argument in the paper (whether the overriding argument or one contained in an individual paragraph) is valid and free from both formal and informal fallacies.
5. Include at least four (4) references (sources). At least one (1) of your sources must be obtained from the collection of databases accessible from the Learning Resources Center Web page.
The paper should follow guidelines for clear and effectively organized writing:
• The paper is well-organized, and every explanation is both complete and easy to understand.
• Include an introductory paragraph and concluding paragraph for the paper.
• Main ideas should be addressed in body paragraphs with a topic sentence and supporting sentences.
• Adhere to standard rules of English grammar, punctuation, and mechanics.
• The paper should be checked for spelling and grammatical errors.
Your assignment must:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
• Create written work utilizing the concepts of critical thinking.
• Use technology and information resources to research issues in critical thinking skills and informal logic.
• Write clearly and concisely about issues in critical thinking using proper writing mechanics.
.
· Write in paragraph format (no lists, bullets, or numbers).· .docxLynellBull52
The document discusses California becoming the first state to pass a law in 1999 legalizing electronic contracts and signatures. The law aims to ensure electronic contracts and signatures have the same legal standing as paper contracts. However, the law only applies when parties agree in advance to electronic transactions and excludes some transactions like wills and certain consumer protection agreements. While the law will significantly impact contract law in California and nationwide, its full effects remain to be determined through future legal cases involving electronic contracts.
· WEEK 1 Databases and SecurityLesson· Databases and Security.docxLynellBull52
· WEEK 1: Databases and SecurityLesson
· Databases and Security
Databases are in just about everything we use today. When you are performing any task, think to yourself, Does this involve a database in some way?
As a daily process, communication occurs between people by many mediums, but there is no other medium more utilized than the large internetwork of computer systems we know as the Internet. When we look at some of the transactions that are performed on a daily basis, it is highly likely that there is a database involved. For example, if you open a web page to www.google.com and type a keyword in the textbox to search for, this process starts a series of searches through multiple databases. Another example is when searching for a book in the APUS library, this search is conducted using a database of books known as a catalog. so databases play an integral part in our daily lives; they store millions of pieces of data and more is collected each day (Basta, 2012).
In recent years, we find that technology has expanded to the reaches of utilities and production environments. Many of the utilities we come to rely on so heavily, such as gas, oil and electric, have been tied into the networks we use today. This interconnection allows for many new innovations in keeping everything in working order, but at the same time it also presents some very real threats to security. In reality, an intruder could take down an entire electrical grid which would remove power to millions of customers. An article in CIO Insight gives a great perspective on this and other issues in security where databases play such an important role (CIOInsight, 2011).
With the importance of securing the database infrastructure, we need to look at a multilayered approach to security. As can be seen in many security programs, multiple layers allow for strong security because it adds another roadblock that an intruder has to bypass to get to these systems. This same approach leads us to begin with the foundation of security; the CIA Triad. It all begins with the most basic approach, computer security and moves forward from that point on. Below is a detailed description of the components of the CIA Triad from (Basta, 2012):
· Confidentiality: For a system to provide confidentiality, it needs to do two things: ensure that information maintains its privacy by limiting authorized access to resources; block unauthorized access to resources.
· Integrity: This refers to the efforts taken through policy, procedure, and design in order to create and maintain reliable, consistent, and complete information and systems.
· Availability: This refers to the efforts taken through policy, procedures, and design to maintain the accessibility of resources on a network or within a database. These resources include, but are not limited to, data, applications, other databases, computers, servers, applications, files, drives, shares, and network access.
Database Structure, Models and Management
A databa.
· Unit 4 Citizen RightsINTRODUCTIONIn George Orwells Animal.docxLynellBull52
· Unit 4 Citizen Rights
INTRODUCTION
In George Orwell's Animal Farm, the assertion that "all animals are equal but some animals are more equal than others" signals the breakdown of any semblance of a fair society. We have probably all experienced it: a situation where someone who was better connected, more influential, or in a position of power could advance far beyond the position or actions of the common person. On a typical day, this happens in travel, restaurant seating, the selection of a church pew, and the line at the grocery store.
It should not, however, happen in our public services. As citizens, we all have rights, and we all have the same rights. That is the beauty of the United States's democratic government structure, and perhaps one of the most cherished aspects of it. Economic and social diversity aside, when we interact with the government, we expect to receive the same treatment, whether we are a Rockefeller or a plumber. The reality is that this balance of citizen rights is difficult to achieve, because in many cases, those wielding power and influence attempt to trump equity.
TOGGLE DRAWERHIDE FULL INTRODUCTION
Inherent in the concept of citizenship is the exchange wherein citizens give allegiance to a nation and receive protection offered by that nation. Citizens therefore have certain privileges in the eyes of the nation, such as the right to vote, to pay taxes, and to refuse certain actions, such as reciting the Pledge of Allegiance because it refers to God. There are benefits and entitlements that the citizen can demand from the government. These rights are balanced by responsibilities, such as upholding the law, participating in government, and engaging in the same privileges previously mentioned.
In this unit, issues of the middle class, the welfare state, and what constitutes citizenship will be examined based on the concept of citizen rights.
Reference
Orwell, G. (1945). Animal Farm. New York, NY: Harcourt Brace & Company.
SANDRA CISNEROS
Woman Hollering Creek
The day Don Serafín gave Juan Pedro Martínez Sánchez permission to take CleófilasEnriquetaDeLeón Hernández as his bride, across her father’s threshold, over several miles of dirt road and several miles of paved, over one border and beyond to a town en el otrolado—on the other side—already did he divine the morning his daughter would raise her hand over her eyes, look south, and dream of returning to the chores that never ended, six good-for-nothing brothers, and one old man’s complaints.
He had said, after all, in the hubbub of parting: I am your father, I will never abandon you. He had said that, hadn’t he, when he hugged and then let her go. But at the moment Cleófilas was busy looking for Chela, her maid of honor, to fulfill their bouquet conspiracy. She would not remember her father’s parting words until later. I am your father, I will never abandon you.
Only now as a mother did she remember. Now, when she and Juan Pedrito sat by the creek’s edge..
· Unit Interface-User Interaction· Assignment Objectives Em.docxLynellBull52
· Unit: Interface-User Interaction
· Assignment Objectives: Employ appropriate tools and methods for simple, functional, and effective interfaces.
· Deliverable Length: Screenshot or functional application, and a Word document of 1-2 pages
Building on your initial user interface (UI) design mock-up of the organization’s program UI, the interface now needs to present more information to the user. Complete the following for this assignment:
· The interface should present information visually with icons or graphics and text regarding critical issues related to the system, such as the following:
· New orders
· Change in employee status
· Updated pictures
· New products or services offered
· You must add at least 5 critical issue UI design items to your interface. Remember to ensure that these are easily understood by users.
· Submit a screenshot in Word or another functional application.
· Describe the items that you added to your interface design. Be specific with your descriptions, and identify the particular design features along with an explanation of why they are added in the way that they were.
.
· The Victims’ Rights MovementWrite a 2 page paper. Address the.docxLynellBull52
· The Victims’ Rights Movement
Write a 2 page paper. Address the following in your paper:
· Explain how has the victims’ rights movement has affected the criminal justice system and the rights of offenders?
Include a title page and 3-5 references. Only one reference may be from the internet (not Wikipedia).
Paper 2
· Victim Selection
Write a 2 page paper. Address the following in your paper:
· Is the victim selection process different between team serial killers and those who work alone?
· Discuss any differences and or similarities as it relates to motives, methods, and offender history.
· Support your argument. Be sure to cite your resource(s), use APA style formatting.
Include a title page and 3-5 references. Only one reference may be from the internet (not Wikipedia
Paper 3
· Credit Card Crime
In a two to three page paper, please discuss the following: Assume a person accidentally picks up a credit card that is not theirs and uses the card in several instances.
Can the person be charged with multiple violations of a state statute that makes it a crime to "knowingly obtain, possess, use, or transfer a means of identification or financial information of another?" Why or why not? See State vs. Leyda, 138 P.3d 610 (Wash. 2006).
Make sure you format your paper and cite all sources used in this paper appropriately according to APA style guidelines.
.
· Question 1· · How does internal environmental analy.docxLynellBull52
· Question 1
·
·
How does internal environmental analysis help health care organizations sustain competitive advantage? As a health care leader, what are some of the key aspects that you will assess in conducting your own internal environmental analysis?
Question 2
· How does the “value chain” relate to health care organizations? What is the role of the value chain in the strategic planning process?
Question 3
· How can the value chain be used to identify organizational strengths and weaknesses in health care organizations?
· Question 4
·
Read the Perspective 4-3–LEAN Six Sigma on page 140 in your textbook Discuss the Ottawa Ankle Rules as an example of Six Sigma utilization. How was Six Sigma beneficial in this case example? Think about your own health care organization or one which you hope to lead. How might Six Sigma be utilized in your own facility, as our colleagues in Ottawa did a few years ago?
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Clarence_Eder_Biography_(Jan_2015) (1).pdf
BIOGRAPHY: CLARENCE L. EDER (January 2015)
Clarence Eder is a retired United States Air Force officer and is currently working as Principal Acquisition
Associate and Senior Systems Engineer for Quantech Services, Inc. in El Segundo, California. He leads a team
of systems engineers and acquisition professionals in the development of strategies and documents to start the
new Air Force Weather Systems Follow-On (WSF) program. Clarence has over 18 years of acquisitions,
engineering, and operational experience in space, intelligence, missile defense, and aircraft programs.
Clarence was raised in Honolulu, Hawaii. He graduated with a Mechanical Engineering degree from the
University of Hawaii and was commissioned into the Air Force in 1996. As a second lieutenant, he was
assigned to Wright-Patterson Air Force Base in Dayton, Ohio. He worked to improve Air Force flying training
systems, and then became a project manager to improve T-37 aircraft engines and A-10 aircraft engines.
In 1999, he was assigned to Space and Missiles Systems Center in Los Angeles, California. He worked as an
Acquisition Support manager to implement Department of Defense (DoD) processes and policies to major space
programs. As a captain, he became a Mission Integration Manager for launch vehicles. He led teams to
integrate Global Positioning System (GPS), weather, and intelligence satellites into the newly acquired $18.8B
Air Force rockets. He also worked Ground systems integration issues.
In 2003, he was assigned to the National Geospatial Intelligence Agency (NGA) in Reston, Virginia to be Chief
of Tactical Imagery Dissemination. He led a team to develop, test, and deploy a $17M imagery system. He
trained Navy Seals and Special Forces deployed worldwide to use the system. As a major, he became a
Contacting Officer Technical Representative (COTR) for the $2B Geoscout program, NG.
· Question 1Question 192 out of 2 pointsWhat file in the.docxLynellBull52
· Question 1Question 19
2 out of 2 points
What file in the etc/ directory contains user’s hashed password?
Selected Answer:
etc/shadow file
Correct Answer:
[None]
Response Feedback:
[None Given]
· Question 20
1 out of 2 points
What file and file-field are read by the finger command?
Selected Answer:
Passwd file, it reads user id info like user name phone number and so on
Correct Answer:
[None]
Response Feedback:
gecos field
· Question 21
0 out of 2 points
When a parent process dies, what happens to any child processes that are still running?
Selected Answer:
They Child Processes keep running
Correct Answer:
[None]
Response Feedback:
process becomes child of init
· Question 22
1 out of 2 points
What is the effect of the command: $ killall root (Where root is the root account of the system)
Selected Answer:
It canceles all the Processes that the user
Correct Answer:
[None]
Response Feedback:
shutdown
· Question 23
2 out of 2 points
List 4 shortcomings of root accounts.
Selected Answer:
1- Single Point of failure if compromised
2-The security model is not strong enough for a network
3-High security environments enforce rules that cannot be implemented with traditional UNIX
4- Since some rules are implemented in command code, modification requires rewrite and recompilation
5- Minimal support for auditing
Correct Answer:
[None]
Response Feedback:
[None Given]
· Question 24
1 out of 2 points
Write a BASH command that would force the OS into single-user mode.
Selected Answer:
Root should run the init command to change the run level using the letter s or the number 1 for example
Correct Answer:
[None]
Response Feedback:
telinit 1
· Question 25
0 out of 2 points
Explain when it would be necessary to use the non-rewinding interface file of any backup device.
Selected Answer:
To implement permanent changes to the backup device
Correct Answer:
[None]
Response Feedback:
Only if multiple dumps were being made to the same tape drive. Failure to use the non-rewind would cause successive dumps to overwrite each other.
· Question 26
2 out of 2 points
What BASH shell command can send any signal level to a running process?
Selected Answer:
Kill Command
Correct Answer:
[None]
Response Feedback:
[None Given]
· Question 27
2 out of 2 points
Which two inter-process signals cannot be caught or blocked?
Selected Answer:
Kill process
Stop Process
Correct Answer:
[None]
Response Feedback:
[None Given]
· Question 28
2 out of 2 points
What BASH shell utility allows you to monitor CPU and memory usage?
Selected Answer:
Network Monitoring: Netstat, nethogs, iptraf, iftop
Disk I/O: iotop
CPU/ memory: top, Ps, htop, atop
Correct Answer:
[None]
Response Feedback:
[None Given]
· Question 29
0 out of 2 points
In the file permission listing drwxr-xr-x, what is the file type?
Selected Answer:
.sh
Correct Answer:
[None]
Response Feedback:
directory
· .
· Question 15 out of 5 pointsWhen psychologists discuss .docxLynellBull52
· Question 1
5 out of 5 points
When psychologists discuss fear, anger, sadness, joy, surprise, disgust, and contempt, they are usually describing the:
Answer
Selected Answer:
b.
primary emotions
· Question 2
5 out of 5 points
Studies on sex differences in emotion have found that men are more likely to ruminate about _____________ thoughts whereas women are more likely to ruminate about ____________.
Answer
Selected Answer:
a.
anger; depression
· Question 3
5 out of 5 points
Positive emotions evoke more electrical activity in the __________, and negative emotions evoke more activity in the __________.
Answer
Selected Answer:
c.
left hemisphere; right hemisphere
· Question 4
5 out of 5 points
What limbic structure is a center for fear responses?
Answer
Selected Answer:
b.
amygdala
· Question 5
5 out of 5 points
Imagine that you have just discovered a space craft that landed in a remote field near your home. Fortunately, the aliens aboard the space craft share your language, but they do not know anything about how to interact appropriately within the cultural norms of North America. Using your knowledge of emotions and emotional expression, create a list of 5 important points to remember when expressing emotion in this culture.
Answer
Selected Answer:
Smiling Frequently is ok
Dont kiss other male friends if male (european countries)
shake hands before hugging
Arms length of space between people, it can be seen as hostile or uncomfortable otherwise
Public displays of affection are often more acceptable then in other cultures
· Question 6
0 out of 5 points
Cindy used to study with her friend Amanda but found that she had to quit studying with her because Amanda was always so hyper and anxious before taking tests. Cindy often felt anxious after the study sessions and was worried that this might have a negative influence on her test performance. Cindy was probably experiencing:
Answer
Selected Answer:
c.
catharsis.
· Question 7
5 out of 5 points
Social and cultural rules that regulate when, how, and where a person may express emotions are referred to as:
Answer
Selected Answer:
c.
display rules
· Question 8
5 out of 5 points
Why are polygraph tests considered invalid or unreliable?
Answer
Selected Answer:
d.
There is no pattern of physical arousal that is specific to lying and distinct from other types of arousal
· Question 9
5 out of 5 points
This term is the process by which the facial muscles send messages to the brain about the basic emotion being expressed.
Answer
Selected Answer:
c.
facial feedback
· Question 10
5 out of 5 points
___________, or how we explain events or behavior, affect our emotional responses.
Answer
Selected Answer:
a.
Attributions
· Question 11
0 out of 5 points
In one study, infants were put on a modified version of a visual cliff that is only moderately frightening because the cliff did not dr.
· Question 1 2 out of 2 pointsWhich of the following i.docxLynellBull52
· Question 1
2 out of 2 points
Which of the following is not considered a union unfair labor practice?
Answer
Selected Answer:
under a valid union-shop agreement, demanding the discharge of an employee who fails to pay union dues
· Question 2
2 out of 2 points
In recent years,
Answer
Selected Answer:
all of the above
· Question 3
0 out of 2 points
The first U.S. President ever to grant official recognition to federal government employees to bargain collectively was President
Answer
Selected Answer:
Nixon
· Question 4
0 out of 2 points
Recent media campaign ads by the Automobile Workers have contained the message
Answer
Selected Answer:
"America works best when we say, 'Union, Yes!' "
· Question 5
0 out of 2 points
Most of the local union's time is devoted to
Answer
Selected Answer:
negotiating labor agreements.
· Question 6
0 out of 2 points
Most members of the National Education Association
Answer
Selected Answer:
support right-to-work laws
· Question 7
0 out of 2 points
About 85 percent of the UAW's spending goes to
Answer
Selected Answer:
strike funds.
· Question 8
0 out of 2 points
As compared to the Teachers, many of the building trades are much
Answer
Selected Answer:
less active in research efforts.
· Question 9
0 out of 2 points
In 1970, an unprecedented federal sector eight-day strile was carried on by the employees of the
Answer
Selected Answer:
State Department
· Question 10
2 out of 2 points
The American Federation of Labor was originally entitled the
Answer
Selected Answer:
Federation of Organized Trades and Labor Unions
· Question 11
0 out of 2 points
Under Taft-Hartley, if management or labor wishes to terminate or modify an existing labor contract, it must give a
Answer
Selected Answer:
thrity-day notice to the other party.
· Question 12
0 out of 2 points
At present, the unionized percentage of all United States workers is approximately
Answer
Selected Answer:
33.4
· Question 13
0 out of 2 points
In 1993, the Retail, Wholesale and Department Store Union merged with the
Answer
Selected Answer:
Service Employees International Union.
· Question 14
0 out of 2 points
By 1917 some thrity states had introduced
Answer
Selected Answer:
antitrust laws for unions.
· Question 15
0 out of 2 points
Investigation of union misconduct under the Landrum-Griffin is the responsibility of the
Answer
Selected Answer:
Senate Subcommittee on Ethics.
· Question 16
0 out of 2 points
COPE is a part of the
Answer
Selected Answer:
Furriers.
· Question 17
0 out of 2 points
When it has found that employees have been unlawfully discharged for union activities, the NLRB has most frequently required
Answer
Selected Answer:
automatic union certification.
· Question 18
2 out of 2 points
Employ.
· Processed on 09-Dec-2014 901 PM CST · ID 488406360 · Word .docxLynellBull52
· Processed on 09-Dec-2014 9:01 PM CST
· ID: 488406360
· Word Count: 1969
Similarity Index
47%
Similarity by Source
Internet Sources:
46%
Publications:
2%
Student Papers:
N/A
sources:
1
30% match (Internet from 27-Mar-2009)
http://www.isaca.org/Content/ContentGroups/Journal1/20023/The_IS_Audit_Process.htm
2
13% match (Internet from 29-Mar-2011)
http://www.scribd.com/doc/36655995/Chapter-1-the-Information-System-Audit-Process
3
2% match (publications)
Athula Ginige. "Web site auditing", Proceedings of the 14th international conference on Software engineering and knowledge engineering - SEKE 02 SEKE 02, 2002
4
1% match (Internet from 26-Feb-2012)
http://www.dc.fi.udc.es/~parapar/files/ai/The_IS_Audit_Process_isaca_sayana.pdf
5
1% match (Internet from 01-Apr-2009)
http://www.idkk.gov.tr/web/guest/it_audit_manual_isaca
paper text:
Running head: AUDITING INFORMATION SYSTEMS PROCESS Auditing information systems process Student’s Name University Affiliation Auditing information systems 2process Information systems are the livelihood of any huge business. As in past years, computer systems do not simply record transactions of business, but essentially drive the main business procedures of the enterprise. In such a situation, superior management and business managers do have worries concerning information systems. Auditing is a methodical process by which a proficient, independent person impartially obtains and assesses evidence concerning assertions about a financial entity or occasion for the reason of outlining an outlook about and reporting on the extent to which the contention matches to an acknowledged set of standards. Auditing of information systems is the administration controls assessment inside the communications of Information Technology. The obtained proof valuation is used to decide if systems of information are defensive assets, maintenance reliability of data, and also if they are efficiently operating in order to attain organization’s goals or objectives (Hoelzer, 2009). Auditing of Information Systems has become an essential part of business organization in both large and small business environments. This paper examines the preliminary points for carrying out and Information system audit and some of the, techniques, tools, guidelines and standards that can be employed to build, manage, and examine the review function. The Certified Information Systems Auditor (CISA) qualifications is recognized worldwide as a standard of accomplishment for those who assess, monitor, control and audit the information technology of an organization and business systems. Information Systems experts with a concern in information systems security, control and audit. At least five years of specialized information systems security, auditing and control work practice is necessary for certification. An audit contract should be present to evidently state the responsibility of the management, 2objectives for, and designation of authority to Information .
· Strengths Public Recognition of OrganizationOverall Positive P.docxLynellBull52
· Strengths Public Recognition of Organization
Overall Positive Perception of Organization
Established Integrity and Longevity of the Organizations
Continued success in saving lives and always willing to lend a helping hand
Weaknesses
Lack of Congruency of public and internal views
Commitment to service to the public overlooks the work environment of the employees that make these endeavors possible daily
Opportunities
Disaster relief is always a turning point for anyone’s perception of the organization especially when it hits close to home
Threats
Possibility of not being able to help someone due to lack in financial or physical resources
Understanding that it’s impossible to please everyone, there could be some bad experiences that are communicated to many tarnishing the positive perception of the brand
Strengths with Opportunities
Increasing amount of volunteers and assistance of employees on a continual basis in order to secure definite support in the face of a disaster
Weaknesses with Threats
Increase and expand awareness of employees concerns through surveys and group discussions in order to increase the morale of the organization.
Strengths with Threats
With understanding the necessity of all aspects of the organization needing to be congruent, implementing and ensuring that public and employees all hold the same values to be true simultaneously through continued efforts of the organization increasing the involvement of the employees in minor decision making abilities in order to feel as if the organization is less of a dictatorship and slightly reflective of a democracy
Weaknesses with Opportunities
Increasing awareness of the severity of a need for this organization in the country due to the lack of ability by the country alone
.
· Part I Key Case SummaryThis case discusses the Union Carbid.docxLynellBull52
· Part I: Key
Case Summary
This case discusses the Union Carbide gas leak that occurred in Bhopal, India in 1984. Over five thousand people were killed and hundreds of thousands were injured after water inadvertently mixed with methyl isocyanate (MIC) causing the release of a deadly gas. The plant in Bhopal was a pesticide production facility that served the increasing demand of India’s thriving farming industry. However, uncontrolled zoning allowed the plant to be built within close proximity to a densely populated region. While the plant was initially profitable, market changes negatively impacted revenue forcing budget cuts that led to the decay of maintenance and safety practices. There are several theories as to why the incident occurred such as a disgruntled employee’s maliciousness or an accidental contamination. Over several years, Union Carbide paid out hundreds of millions of dollars to the survivors and ultimately ceased to exist, while the community continues to struggle with the aftermath of the disaster.
Main Critical Issues (the list):
· India’s officials adopted careless zoning practices and allowed the construction of the plant near dense population.
· The proper safety procedures were not followed and the equipment was not being properly utilized as designed. UCIL managers placed a higher weight on cost cutting than on safety, resulting in the reduction of maintenance and safety practices.
· Union Carbide Corp. did not require frequent reporting from its subsidiary in India (UCIL), which allowed malpractices and unsafe systems in the Bhopal plant to go unnoticed.
· Union Carbide Corporation and UCIL had an ethical obligation to warn the surrounding community of potential dangers of living close to the pesticide plant
· If the case, the disgruntled employees action to sabotage the plant to take vengeance
· Employees and supervisors in the Bhopal plant did not follow numerous policies and routines that could have prevented the tragedy (e.g. acting upon the alarming increase in the tank pressure, instead of postponing it to after the tea break).
· The residents were not informed of what actions to take in the event of a toxic leak or accident.
· The employees did not use the emergency buses to evacuate surrounding residents.
·
Part II: Key
Stakeholders:
The following are the stakeholders in the case: The Union Carbide’s Corporation Stockholders, The Bhopal’s population, The Indian Government, The Bombay Stock Exchange, The Union Carbide’s workers from de Indian subsidiary “UCIL”. The workers from Union Carbide headquarter in Connecticut, The Board of Directors of Union Carbide Headquarter, and The Board of Directors from Union Carbide’s Indian subsidiary. The American and Indian lawyers. UCIL’s Executives. Carbides’ Scientifics. Indian Scientists and engineers. Indian Court Systems. Insurance company. Indian Public. Corrupts Physicians. Corrupts Court Officials. Bhopal Congress. Chemical Industry. Dow Chemical. The Activis.
· Perceptual process is a process through manager receive organize.docxLynellBull52
· Perceptual process is a process through manager receive organize and interpret information. According to this case, after Andrea decided quit this job, Sam chose Grant for the manager position from three candidates, even he is not very suitable for this position, because Sam strongly believes the manager have to be a full time based on previous customer experience(He believed that you can’t be a part time manager and that his customers would think Vibe was not a serious company if he appointed a part time manager for marketing and public relations-Sam Nguyen) Moreover Sam thought Grant could Increase himself-awareness to achieve demonstrate good relationship with customer.
· Job satisfaction is a collection of positive or negative felling that an individual holds toward their job. In this case, Andrea is a good example of having a negative felling of her job. ( Sam’s only criticism of her was that she seemed to live to work). Because Sam does not care about the employee satisfaction, Andrea can not get more spiritual benefit even get good salary. People may have different level of the job satisfaction. In this case, Andrea work long hours, she may feel very stressful, she is happy with cognitive job satisfaction, but not with the affective job satisfaction.
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lllillllllllllllll LA TROBE UNIVERSITY
3 2934 02374381 0
SEMESTER TWO EXAMINATION PERIOD
2010
student ID: Seat Number:
Unit Code: LST2LBA
Unit Name:
Paper Name:
Reading Time:
Writing Time:
Paper No: 1
Law of Business Association
Final
30 minutes
3 hours
No. of Pages (including cover sheet): 9
OFFICE USE ONLY (FACULTY/SCHOOL STAFF):
CAMPUS AW BE BU MI SH
Number
102
92
ALLOWABLE MATERIALS
Description
Open book, including electronic dictionary
Students may make notes during reading time (not on script books or multiple
choice answer sheets)
INSTRUCTIONS TO CANDIDATES
1. This examination Is in three parts:
i. Part A: This Is a set of 20 multiple choice questions, worth 1 mark each. You may tear off the
answer sheet at the back of the examination paper. Write your student number on the answer
sheet. Circle the appropriate letter for each question.
li. Part B: This comprises three questions worth 10 marks each. Answer all questions.
III. Part C: Answer ONE of the two questions In Part C. It Is worth 20 marks.
2. This examination is worth 70 marks, being 70% of the marks for the course.
This paper MUST NOT BE REMOVED from the examination venue
Part A
This Part of the examination consists of twenty (20) multiple choice questions, each worth
one (1) marlc. The suggested time for completion is fifty minutes; that is, two minutes and
thirty seconds for each question. Be very careftal not to spend too much time on this section.
Students should circle the most appropriate answer to each question in Part A on the Part A
answer sheet provided at the end of this examination paper. Y o u may tear the answer shee.
· Performance Critique Assignment· During the first month of.docxLynellBull52
This document outlines an assignment to write a performance critique of a theatrical production attended during the first month of class. Students are instructed to develop an argument about how the production choices reflected or failed to reflect the play's central message. They should explore specific scenic choices and argue whether they furthered audience understanding or made sense within the world created. The critique should be 4 pages, describe the production, develop a clear thesis, and provide specific examples to back up the argument.
· Please read the following article excerpt, and view the video cl.docxLynellBull52
· Please read the following article excerpt, and view the video clips below. Listen carefully in order to understand as much of the Spanish as you can, using the images and contextual clues to help you get a sense of the gist of the video content.
· Next, write a 200-word response in English to the issues raised. Make sure to address the following questions:
1. What is syncretism and how does it differ from the concept of the melting pot?
2. How is Latin America’s (specifically Brazil and Cuba) experience with racial and cultural mixture different from that of the U.S.?
3. Can you give a couple of examples of syncretism in your own culture or in the U.S.?
Article
SYNCRETISM AND ITS SYNONYMS: REFLECTIONS ON CULTURAL MIXTURE by CHARLES STEWART
(If you would like to read the article from which this excerpt was taken, you can find it in Doc Sharing.)
The subject matter of anthropology has gradually changed over the last twenty years. Nowadays ethnographers rarely search for a stable or original form of cultures; they are usually more concerned with revealing how local communities respond to historical change and global influences. The burgeoning literature on transnational flows of ideas, global institutions, and cultural mixture reflects this shift of attention. This increased awareness of cultural penetration has, furthermore, been instrumental in the critique of earlier conceptions of “culture” that cast it as too stable: bounded, and homogeneous to be useful in a world characterized by migrations (voluntary or forced), cheap travel, international marketing, and telecommunications… In this body of literature the word syncretism has begun to reappear alongside such related concepts as hybridization and creolization as a means of portraying the dynamics of global social developments.
My purpose in considering the history of syncretism up to the present is not to enforce a standard usage conformed to the domain of religion; nor is it my goal to promote syncretism to a position of primus inter pares in the company of all other terms for mixture. I see my approach instead as an attempt to illustrate historically that syncretism has an objectionable but nevertheless instructive past…
Current Discussions of Mixture
Cultures, if we still wish to retain this term (and I do), are porous; they are open to intermixture with other, different cultures and they are subject to historical change precisely on account of these influences. This has no doubt always been the case…
Cultural borrowing and interpenetration are today seen as part of the very nature of cultures… To phrase it more accurately, syncretism describes the process by which cultures constitute themselves at any given point in time. Today's hybridization will simply give way to tomorrow's hybridization, the form of which will be dictated by historical-political events and contingencies… As [Edward] Said expresses it: all cultures are involved in one another, none is simple and pure, all.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
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আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
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it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
2. 1
OLIGOPOLY 2
Measuring Market Concentration
the percentage of the
market’s total output supplied by its four largest
firms.
the less competition.
a market structure with high concentration ratios.
../../../../../Program Files/TurningPoint/2003/Questions.html
Concentration Ratios in Selected U.S. Industries
Industry Concentration ratio
Video game consoles 100%
Tennis balls 100%
Credit cards 99%
Batteries 94%
3. Soft drinks 93%
Web search engines 92%
Breakfast cereal 92%
Cigarettes 89%
Greeting cards 88%
Beer 85%
Cell phone service 82%
Autos 79%
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 4
Oligopoly
few sellers offer similar or identical products.
A firm’s decisions about P or Q can affect other
firms and cause them to react. The firm will
consider these reactions when making decisions.
8. outcome:
P = MC = $10
Q = 120
Profit = $0
Monopoly
outcome:
P = $40
Q = 60
Profit = $1,800
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 7
EXAMPLE: Cell Phone Duopoly in Smalltown
market about quantities to produce or prices to
charge
-Mobile and Verizon could agree to each produce
9. half of the monopoly output:
e.g., T-Mobile and Verizon in the outcome with
collusion
../../../../../Program Files/TurningPoint/2003/Questions.html
A C T I V E L E A R N I N G 1
Collusion vs. self-interest
8
Duopoly outcome with collusion:
Each firm agrees to produce Q = 30,
earns profit = $900.
If T-Mobile reneges on the agreement and
produces Q = 40, what happens to the
market price? T-Mobile’s profits?
Is it in T-Mobile’s interest to renege on the
agreement?
If both firms renege and produce Q = 40,
10. determine each firm’s profits.
P Q
$0 140
5 130
10 120
15 110
20 100
25 90
30 80
35 70
40 60
45 50
../../../Program Files/TurningPoint/2003/Questions.html
If both firms stick to agreement,
each firm’s profit = $900
If T-Mobile reneges on agreement and
produces Q = 40:
11. Market quantity = 70, P = $35
T-Mobile’s profit = 40 x ($35 – 10) = $1000
T-Mobile’s profits are higher if it reneges.
Verizon will conclude the same, so
both firms renege, each produces Q = 40:
Market quantity = 80, P = $30
Each firm’s profit = 40 x ($30 – 10) = $800
A C T I V E L E A R N I N G 1
Answers
9
P Q
$0 140
5 130
10 120
15 110
20 100
25 90
30 80
12. 35 70
40 60
45 50
../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 10
Collusion vs. Self-Interest
cartel agreement.
agreement.
It is difficult for oligopoly firms to form cartels and
honor their agreements.
../../../../../Program Files/TurningPoint/2003/Questions.html
If each firm produces Q = 40,
market quantity = 80
P = $30
13. each firm’s profit = $800
Is it in T-Mobile’s interest to increase its
output further, to Q = 50?
Is it in Verizon’s interest to increase its
output to Q = 50?
A C T I V E L E A R N I N G 2
The oligopoly equilibrium
11
P Q
$0 140
5 130
10 120
15 110
20 100
25 90
30 80
35 70
40 60
14. 45 50
../../../Program Files/TurningPoint/2003/Questions.html
If each firm produces Q = 40,
then each firm’s profit = $800.
If T-Mobile increases output to Q = 50:
Market quantity = 90, P = $25
T-Mobile’s profit = 50 x ($25 – 10) = $750
T-Mobile’s profits are higher at Q = 40
than at Q = 50.
The same is true for Verizon.
A C T I V E L E A R N I N G 2
Answers
12
P Q
$0 140
5 130
10 120
15 110
15. 20 100
25 90
30 80
35 70
40 60
45 50
../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 13
The Equilibrium for an Oligopoly
economic participants interacting with one another
each choose their best strategy given the strategies
that all the others have chosen
in which each firm produces Q = 40.
T-Mobile’s best move is to produce Q = 40.
16. -Mobile produces Q = 40,
Verizon’s best move is to produce Q = 40.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 14
A Comparison of Market Outcomes
When firms in an oligopoly individually choose
production to maximize profit,
but smaller than competitive Q.
but less than monopoly P.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 15
The Output & Price Effects
m’s profits:
If P > MC, selling more output raises profits.
17. Raising production increases market quantity,
which reduces market price and reduces profit
on all units sold.
the firm increases production.
the firm reduces production.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 16
The Size of the Oligopoly
the price effect becomes smaller
competitive market
efficient quantity
18. Another benefit of international trade:
Trade increases the number of firms competing,
increases Q, brings P closer to marginal cost
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 17
Game Theory
other situations where “players” interact and
behave strategically.
for a player in a game regardless of the
strategies chosen by the other players
two captured criminals that illustrates
why cooperation is difficult even when it is
mutually beneficial
../../../../../Program Files/TurningPoint/2003/Questions.html
19. OLIGOPOLY 18
Prisoners’ Dilemma Example
two suspected bank robbers, but only have
enough evidence to imprison each for 1 year.
offer each the following deal:
you go free.
you, you get 20 years in prison.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 19
Prisoners’ Dilemma Example
Confess Remain silent
Confess
21. gets 1 year
Clyde
gets 20 years
Confessing is the dominant strategy for both players.
Nash equilibrium:
both confess
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 20
Prisoners’ Dilemma Example
each gets 8 years in prison.
silent.
being caught to remain silent, the logic of self-
interest takes over and leads them to confess.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 21
22. Oligopolies as a Prisoners’ Dilemma
of reaching the monopoly outcome,
they become players in a prisoners’ dilemma.
-Mobile and Verizon are duopolists in
Smalltown.
Each firm agrees to serve Q = 30 customers.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 22
T-Mobile & Verizon in the Prisoners’ Dilemma
Q = 30 Q = 40
Q = 30
Q = 40
T-Mobile
24. ../../../../../Program Files/TurningPoint/2003/Questions.html
The players: American Airlines and United Airlines
The choice: cut fares by 50% or leave fares alone
each airline’s profit = $400 million
each airline’s profit = $600 million
its profit = $800 million
the other airline’s profits = $200 million
Draw the payoff matrix, find the Nash equilibrium.
A C T I V E L E A R N I N G 3
The “fare wars” game
23
A C T I V E L E A R N I N G 3
Answers
25. 24
Nash equilibrium:
both firms cut fares
Cut fares Don’t cut fares
Cut fares
Don’t cut
fares
American Airlines
United
Airlines
$600 million
$600 million
$200 million
$800 million
$800 million
$200 million
$400 million
$400 million
../../../Program Files/TurningPoint/2003/Questions.html
26. OLIGOPOLY 25
Other Examples of the Prisoners’ Dilemma
Ad Wars
Two firms spend millions on TV ads to steal
business from each other. Each firm’s ad
cancels out the effects of the other,
and both firms’ profits fall by the cost of the ads.
Organization of Petroleum Exporting Countries
Member countries try to act like a cartel, agree to
limit oil production to boost prices & profits.
But agreements sometimes break down
when individual countries renege.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 26
Other Examples of the Prisoners’ Dilemma
Arms race between military superpowers
Each country would be better off if both disarm,
27. but each has a dominant strategy of arming.
Common resources
All would be better off if everyone conserved
common resources, but each person’s dominant
strategy is overusing the resources.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 27
Prisoners’ Dilemma and Society’s Welfare
prevents them from achieving monopoly profits
Q is closer to the socially efficient output
P is closer to MC
cooperate may reduce social welfare.
28. ../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 28
Another Example: Negative Campaign Ads
3000 fewer people will vote for D:
1000 of these people vote for R, the rest abstain.
R loses 3000 votes, D gains 1000, 2000 abstain.
Will each one stick to the agreement?
OLIGOPOLY 29
Another Example: Negative Campaign Ads
Do not run attack
ads (cooperate)
R’s decision
D’s decision
29. no votes lost
or gained
no votes
lost or gained
R gains 1000
votes
R loses
2000 votes
R loses 3000
votes
D loses
3000 votes
D loses
2000 votes
D gains
1000 votes
Each candidate’s
dominant strategy:
30. run attack ads.
Run attack ads
(defect)
Do not run
attack ads
(cooperate)
Run
attack ads
(defect)
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 30
Another Example: Negative Campaign Ads
Each side’s ads cancel out the effects of the
other side’s ads.
Lower voter turnout, higher apathy about politics,
31. less voter scrutiny of elected officials’ actions.
OLIGOPOLY 31
Why People Sometimes Cooperate
cooperation may be possible.
neges in one round,
you renege in all subsequent rounds.
-for-tat”
Whatever your rival does in one round
(whether renege or cooperate),
you do in the following round.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 32
Public Policy Toward Oligopolies
Governments can sometimes
32. improve market outcomes.
are too high, relative to the social optimum.
olicymakers:
Promote competition, prevent cooperation
to move the oligopoly outcome closer to
the efficient outcome.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 33
Restraint of Trade and Antitrust Laws
titrust Act (1890):
Forbids collusion between competitors
Strengthened rights of individuals damaged by
anticompetitive arrangements between firms
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 34
33. Controversies Over Antitrust Policy
-fixing agreements
among competitors should be illegal.
policymakers go too far when using antitrust laws
to stifle business practices that are not
necessarily harmful, and may have legitimate
objectives.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 35
1. Resale Price Maintenance (“Fair Trade”)
acturer imposes lower limits
on the prices retailers can charge.
competition at the retail level.
34. is at the wholesale level; manufacturers do not
gain from restricting competition at the retail level.
preventing discount retailers from free-riding
on the services provided by full-service retailers.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 36
2. Predatory Pricing
or drive a competitor out of the market,
so that it can charge monopoly prices later.
to determine when a price cut is predatory and
when it is competitive & beneficial to consumers.
rational strategy:
costly for the firm.
35. ../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 37
3. Tying
together and sells them for one price (e.g., Microsoft
including a browser with its operating system)
argue that tying gives firms more market
power by connecting weak products to strong ones.
power: Buyers are not willing to pay more for two
goods together than for the goods separately.
may use tying for price discrimination,
which is not illegal, and which sometimes
increases economic efficiency.
../../../../../Program Files/TurningPoint/2003/Questions.html
OLIGOPOLY 38
36. CONCLUSION
s
or like competitive markets, depending on the
number of firms and how cooperative they are.
for firms to maintain cooperation, even when
doing so is in their best interest.
the antitrust laws to regulate
oligopolists’ behavior. The proper scope of these
laws is the subject of ongoing controversy.
../../../../../Program Files/TurningPoint/2003/Questions.html
CHAPTER SUMMARY
y form a
cartel and act like a monopolist.
-interest leads each oligopolist to a higher
quantity and lower price than under the monopoly
outcome.
38. Monopolistic Competition
Microeconomics
P R I N C I P L E S O F
N. Gregory Mankiw
Premium PowerPoint Slides
by Ron Cronovich
16
In this chapter,
look for the answers to these questions:
competition and monopoly, and what are their
characteristics?
price and quantity? Do they earn economic profit?
tition affect
society’s welfare?
39. advertising?
1
MONOPOLISTIC COMPETITION 2
Introduction:
Between Monopoly and Competition
Two extremes
products
opoly: one firm
In between these extremes: imperfect competition
identical products.
similar but not identical products.
../../../../../Program Files/TurningPoint/2003/Questions.html
MONOPOLISTIC COMPETITION 3
Characteristics & Examples
of Monopolistic Competition
42. manynoneclose substitutes
zeropositivelong-run econ. profits
yesnofree entry/exit
manyonenumber of sellers
Monopolistic
competition
Monopoly
../../../../../Program Files/TurningPoint/2003/Questions.html
MONOPOLISTIC COMPETITION 6
profit
ATC
P
A Monopolistically Competitive Firm
Earning Profits in the Short Run
The firm faces a
downward-sloping
D curve.
At each Q, MR < P.
43. To maximize profit,
firm produces Q
where MR = MC.
The firm uses the
D curve to set P.
Quantity
Price
ATC
D
MR
MC
Q
../../../../../Program Files/TurningPoint/2003/Questions.html
MONOPOLISTIC COMPETITION 7
losses
A Monopolistically Competitive Firm
With Losses in the Short Run
For this firm,
P < ATC
44. at the output where
MR = MC.
The best this firm
can do is to
minimize its losses.
Quantity
Price
ATC
Q
P
ATC
MC
D
MR
../../../../../Program Files/TurningPoint/2003/Questions.html
MONOPOLISTIC COMPETITION 8
Monopolistic Competition and Monopoly
45. firm behavior is very similar to monopoly.
monopolistic competition,
entry and exit drive economic profit to zero.
New firms enter market,
taking some demand away from existing firms,
prices and profits fall.
Some firms exit the market,
remaining firms enjoy higher demand and prices.
../../../../../Program Files/TurningPoint/2003/Questions.html
MONOPOLISTIC COMPETITION 9
A Monopolistic Competitor in the Long Run
Entry and exit
occurs until
P = ATC and
profit = zero.
46. Notice that the
firm charges a
markup of price
over marginal cost
and does not
produce at
minimum ATC. Quantity
Price
ATC
D
MR
Q
MC
MC
P = ATC
markup
../../../../../Program Files/TurningPoint/2003/Questions.html
47. MONOPOLISTIC COMPETITION 10
Why Monopolistic Competition Is
Less Efficient than Perfect Competition
1. Excess capacity
downward-sloping part of its ATC curve,
produces less than the cost-minimizing output.
perfect competition, firms produce the
quantity that minimizes ATC.
2. Markup over marginal cost
../../../../../Program Files/TurningPoint/2003/Questions.html
MONOPOLISTIC COMPETITION 11
Monopolistic Competition and Welfare
have all the desirable welfare properties of
perfectly competitive markets.
48. the socially efficient quantity.
Firms earn zero profits, so cannot require them
to reduce prices.
../../../../../Program Files/TurningPoint/2003/Questions.html
MONOPOLISTIC COMPETITION 12
Monopolistic Competition and Welfare
due to external effects from the entry of new firms:
-variety externality:
surplus consumers get from the introduction
of new products
-stealing externality:
losses incurred by existing firms
when new firms enter market
subtle and hard to measure. No easy way for
49. policymakers to improve the market outcome.
../../../../../Program Files/TurningPoint/2003/Questions.html
1. So far, we have studied three market
structures: perfect competition, monopoly, and
monopolistic competition. In each of these,
would you expect to see firms spending money
to advertise their products? Why or why not?
2. Is advertising good or bad from society’s
viewpoint? Try to think of at least one “pro”
and “con.”
A C T I V E L E A R N I N G 1
Advertising
13
MONOPOLISTIC COMPETITION 14
Advertising
dustries,
50. product differentiation and markup pricing
lead naturally to the use of advertising.
the more advertising firms buy.
advertising.
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MONOPOLISTIC COMPETITION 15
The Critique of Advertising
advertising.
eople’s tastes.
–
it creates the perception that products are
more differentiated than they really are,
allowing higher markups.
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51. MONOPOLISTIC COMPETITION 16
The Defense of Advertising
exploit price differences.
reduces market power.
Eyeglasses were more expensive in states
that prohibited advertising by eyeglass makers
than in states that did not restrict such advertising.
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MONOPOLISTIC COMPETITION 17
Advertising as a Signal of Quality
A firm’s willingness to spend huge amounts
on advertising may signal the quality of its product
52. to consumers, regardless of the content of ads.
once,
but the product must be of high quality for people
to become repeat buyers.
unless they lead to repeat buyers.
they think the product must be good if the company
is willing to spend so much on advertising.
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MONOPOLISTIC COMPETITION 18
Brand Names
with generic ones.
sually spend more on
advertising, charge higher prices for the products.
53. the economics of brand names…
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MONOPOLISTIC COMPETITION 19
The Critique of Brand Names
differences that do not really exist.
names is irrational, fostered by advertising.
govt protection of trademarks
would reduce influence of brand names,
result in lower prices.
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MONOPOLISTIC COMPETITION 20
The Defense of Brand Names
54. to consumers.
to maintain quality, to protect the reputation of
their brand names.
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MONOPOLISTIC COMPETITION 21
CONCLUSION
examples of monopolistic competition abound.
many markets in the economy,
yet offers little guidance to policymakers looking
to improve the market’s allocation of resources.
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CHAPTER SUMMARY
many firms, differentiated products, and free entry.
55. monopolistically competitive market
has excess capacity – produces less than the
quantity that minimizes ATC. Each firm charges a
price above marginal cost.
22
CHAPTER SUMMARY
desirable welfare properties of perfect competition.
There is a deadweight loss caused by the markup
of price over marginal cost. Also, the number of
firms (and thus varieties) can be too large or too
small. There is no clear way for policymakers to
improve the market outcome.
23
CHAPTER SUMMARY
57. In this chapter,
look for the answers to these questions:
e their P and Q?
-being?
1
MONOPOLY 2
Introduction
product without close substitutes.
it with perfect competition.
A monopoly firm has market power, the ability to
58. influence the market price of the product it sells.
A competitive firm has no market power.
MONOPOLY 3
Why Monopolies Arise
The main cause of monopolies is barriers
to entry – other firms cannot enter the market.
Three sources of barriers to entry:
1. A single firm owns a key resource.
E.g., DeBeers owns most of the world’s
diamond mines
2. The govt gives a single firm the exclusive right
to produce the good.
E.g., patents, copyright laws
MONOPOLY 4
Why Monopolies Arise
3. Natural monopoly: a single firm can produce
59. the entire market Q at lower cost than could
several firms.
Q
Cost
ATC
1000
$50
Example: 1000 homes
need electricity Electricity
ATC slopes
downward due
to huge FC and
small MC
ATC is lower if
one firm services
all 1000 homes
than if two firms
each service
60. 500 homes. 500
$80
MONOPOLY 5
Monopoly vs. Competition: Demand Curves
In a competitive market,
the market demand curve
slopes downward.
But the demand curve
for any individual firm’s
product is horizontal
at the market price.
The firm can increase Q
without lowering P,
so MR = P for the
competitive firm.
D
P
61. Q
A competitive firm’s
demand curve
MONOPOLY 6
Monopoly vs. Competition: Demand Curves
A monopolist is the only
seller, so it faces the
market demand curve.
To sell a larger Q,
the firm must reduce P.
Thus, MR ≠ P.
D
P
Q
A monopolist’s
demand curve
62. A C T I V E L E A R N I N G 1
A monopoly’s revenue
7
Q P TR AR MR
0 $4.50
1 4.00
2 3.50
3 3.00
4 2.50
5 2.00
6 1.50
n.a.
Common Grounds
is the only seller of
cappuccinos in town.
The table shows the
market demand for
cappuccinos.
63. Fill in the missing
spaces of the table.
What is the relation
between P and AR?
Between P and MR?
A C T I V E L E A R N I N G 1
Answers
8
Here, P = AR,
same as for a
competitive firm.
Here, MR < P,
whereas MR = P
for a competitive
firm.
1.506
2.005
67. $4
MONOPOLY 10
Understanding the Monopolist’s MR
creasing Q has two effects on revenue:
the price on all the units it sells.
n be negative if the price effect
exceeds the output effect (e.g., when Common
Grounds increases Q from 5 to 6).
MONOPOLY 11
Profit-Maximization
profit by producing the quantity where MR = MC.
68. it sets the highest price consumers are willing to
pay for that quantity.
MONOPOLY 12
Profit-Maximization
1. The profit-
maximizing Q
is where
MR = MC.
2. Find P from
the demand
curve at this Q.
Quantity
Costs and
Revenue
MR
70. MR
MC
Q
P
ATC
MONOPOLY 14
A Monopoly Does Not Have an S Curve
A competitive firm
on P.
A monopoly firm
-maker,” not a “price-taker”
rather, Q and P are jointly determined by
MC, MR, and the demand curve.
So there is no supply curve for monopoly.
71. MONOPOLY 15
CASE STUDY: Monopoly vs. Generic Drugs
Patents on new drugs
give a temporary
monopoly to the seller.
When the
patent expires,
the market
becomes competitive,
generics appear.
MC
Quantity
Price
D
MR
PM
QM
72. PC =
QC
The market for
a typical drug
MONOPOLY 16
The Welfare Cost of Monopoly
ve market equilibrium,
P = MC and total surplus is maximized.
exceeds the cost of the resources needed to
produce that unit (MC).
–
could increase total surplus with a larger Q.
MONOPOLY 17
73. P = MC
Deadweight
loss
P
MC
The Welfare Cost of Monopoly
Competitive eq’m:
quantity = QC
P = MC
total surplus is
maximized
Monopoly eq’m:
quantity = QM
P > MC
deadweight loss
Quantity
Price
D
MR
74. MC
QM QC
MONOPOLY 18
Price Discrimination
on some characteristic, e.g. race or gender.
the same good
at different prices to different buyers.
is willingness to pay (WTP):
price to buyers with higher WTP.
MONOPOLY 19
Consumer
surplus
Deadweight
76. MONOPOLY 20
Monopoly
profit
Perfect Price Discrimination vs.
Single Price Monopoly
Here, the monopolist
produces the
competitive quantity,
but charges each
buyer his or her WTP.
This is called perfect
price discrimination.
The monopolist
captures all CS
as profit.
But there’s no DWL.
MC
Quantity
Price
77. D
MR
Q
MONOPOLY 21
Price Discrimination in the Real World
not possible:
unce it to sellers
based on some observable trait
that is likely related to WTP, such as age.
MONOPOLY 22
Examples of Price Discrimination
Movie tickets
Discounts for seniors, students, and people
78. who can attend during weekday afternoons.
They are all more likely to have lower WTP
than people who pay full price on Friday night.
Airline prices
Discounts for Saturday-night stayovers help
distinguish business travelers, who usually have
higher WTP, from more price-sensitive leisure
travelers.
MONOPOLY 23
Examples of Price Discrimination
Discount coupons
People who have time to clip and organize
coupons are more likely to have lower income
and lower WTP than others.
Need-based financial aid
Low income families have lower WTP for
their children’s college education.
79. Schools price-discriminate by offering
need-based aid to low income families.
MONOPOLY 24
Examples of Price Discrimination
Quantity discounts
A buyer’s WTP often declines with additional
units, so firms charge less per unit for large
quantities than small ones.
Example: A movie theater charges $4 for
a small popcorn and $5 for a large one that’s
twice as big.
MONOPOLY 25
Public Policy Toward Monopolies
allow govt to break up monopolies.
80. Clayton Act (1914)
r natural monopolies, MC < ATC at all Q,
so marginal cost pricing would result in losses.
or set P = ATC for zero economic profit.
MONOPOLY 26
Public Policy Toward Monopolies
efficient since no profit motive to minimize costs
so the best policy may be no policy.
81. MONOPOLY 27
CONCLUSION: The Prevalence of Monopoly
competitors
s, most of the results from this
chapter apply, including:
CHAPTER SUMMARY
Monopolies arise due to barriers to entry, including:
government-granted monopolies, the control of a
key resource, or economies of scale over the entire
82. range of output.
-sloping
demand curve for its product. As a result, it must
reduce price to sell a larger quantity, which causes
marginal revenue to fall below price.
28
CHAPTER SUMMARY
quantity where marginal revenue equals marginal
cost. But since marginal revenue is less than
price, the monopoly price will be greater than
marginal cost, leading to a deadweight loss.
try to raise their profits by charging higher prices
to consumers with higher willingness to pay.
This practice is called price discrimination.
29
84. 14
In this chapter,
look for the answers to these questions:
and average revenue?
that maximizes profits?
short run? Exit the market in the long run?
short run? In the long run?
1
FIRMS IN COMPETITIVE MARKETS 2
Introduction: A Scenario
business.
85. to charge, how many workers to hire, etc.
perfectly competitive markets.
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FIRMS IN COMPETITIVE MARKETS 3
Characteristics of Perfect Competition
1. Many buyers and many sellers.
2. The goods offered for sale are largely the same.
3. Firms can freely enter or exit the market.
“price taker” – takes the price as given.
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FIRMS IN COMPETITIVE MARKETS 4
The Revenue of a Competitive Firm
86. The change in TR from
selling one more unit.
∆TR
∆Q
MR =
TR = P x Q
TR
Q
AR = = P
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A C T I V E L E A R N I N G 1
Calculating TR, AR, MR
5
Fill in the empty spaces of the table.
$50$105
$40$104
89. MR = P
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FIRMS IN COMPETITIVE MARKETS 7
MR = P for a Competitive Firm
without affecting the market price.
-unit increase in Q causes revenue
to rise by P, i.e., MR = P.
MR = P is only true for
firms in competitive markets.
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FIRMS IN COMPETITIVE MARKETS 8
Profit Maximization
If increase Q by one unit,
revenue rises by MR,
91. MR – MC
MCMRProfitTCTRQAt any Q with
MR > MC,
increasing Q
raises profit.
5
7
7
5
1
–$5
10
10
10
10
–2
0
2
92. 4
$6
12
10
8
6
$4$10
(continued from earlier exercise)
At any Q with
MR < MC,
reducing Q
raises profit.
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FIRMS IN COMPETITIVE MARKETS 10
P1 MR
MC and the Firm’s Supply Decision
At Qa, MC < MR.
93. So, increase Q
to raise profit.
At Qb, MC > MR.
So, reduce Q
to raise profit.
At Q1, MC = MR.
Changing Q
would lower profit. Q
Costs
MC
Q1Qa Qb
Rule: MR = MC at the profit-maximizing Q.
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FIRMS IN COMPETITIVE MARKETS 11
P1 MR
P2 MR2
MC and the Firm’s Supply Decision
If price rises to P2,
94. then the profit-
maximizing quantity
rises to Q2.
The MC curve
determines the
firm’s Q at any price.
Hence,
Q
Costs
MC
Q1 Q2
the MC curve is the
firm’s supply curve.
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FIRMS IN COMPETITIVE MARKETS 12
Shutdown vs. Exit
utdown:
95. A short-run decision not to produce anything
because of market conditions.
A long-run decision to leave the market.
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FIRMS IN COMPETITIVE MARKETS 13
A Firm’s Short-run Decision to Shut Down
(firm must still pay FC)
down if TR < VC
Shut down if P < AVC
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96. FIRMS IN COMPETITIVE MARKETS 14
The firm’s SR
supply curve is
the portion of
its MC curve
above AVC.
Q
Costs
A Competitive Firm’s SR Supply Curve
MC
ATC
AVC
If P > AVC, then
firm produces Q
where P = MC.
If P < AVC, then
firm shuts down
97. (produces Q = 0).
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FIRMS IN COMPETITIVE MARKETS 15
The Irrelevance of Sunk Costs
committed and cannot be recovered
you must pay them regardless of your choice.
costs whether it produces or shuts down.
down.
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FIRMS IN COMPETITIVE MARKETS 16
A Firm’s Long-Run Decision to Exit
98. (zero FC in the long run)
decision rule as:
Exit if P < ATC
../../../../../../Program Files/TurningPoint/2003/Questions.html
FIRMS IN COMPETITIVE MARKETS 17
A New Firm’s Decision to Enter Market
it is profitable to do so: if TR > TC.
entry decision as:
Enter if P > ATC
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FIRMS IN COMPETITIVE MARKETS 18
The firm’s
LR supply curve
99. is the portion of
its MC curve
above LRATC.
Q
Costs
The Competitive Firm’s Supply Curve
MC
LRATC
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A C T I V E L E A R N I N G 2
Identifying a firm’s profit
19
Determine
this firm’s
total profit.
Identify the
area on the
graph that
101. Costs, P
MC
ATC
P = $10 MR
50
$6
A competitive firm
Profit per unit
= P – ATC
= $10 – 6
= $4
Total profit
= (P – ATC) x Q
= $4 x 50
= $200
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A C T I V E L E A R N I N G 3
Identifying a firm’s loss
103. P = $3 MR
30
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A C T I V E L E A R N I N G 3
Answers
22
loss
MRP = $3
Q
Costs, P
MC
ATC
A competitive firm
loss per unit = $2
Total loss
= (ATC – P) x Q
= $2 x 30
= $60
104. $5
30
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FIRMS IN COMPETITIVE MARKETS 23
Market Supply: Assumptions
1) All existing firms and potential entrants have
identical costs.
2) Each firm’s costs do not change as other firms
enter or exit the market.
3) The number of firms in the market is
(due to fixed costs)
(due to free entry and exit)
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FIRMS IN COMPETITIVE MARKETS 24
The SR Market Supply Curve
105. , each firm will produce its
profit-maximizing quantity, where MR = MC.
At each price, the market quantity supplied is
the sum of quantities supplied by all firms.
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FIRMS IN COMPETITIVE MARKETS 25
The SR Market Supply Curve
MC
P2
Market
Q
P
(market)
One firm
Q
P
(firm)
106. S
P3
Example: 1000 identical firms
At each P, market Qs = 1000 x (one firm’s Qs)
AVC
P2
P3
30
P1
2010
P1
30,00010,000 20,000
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FIRMS IN COMPETITIVE MARKETS 26
Entry & Exit in the Long Run
entry & exit.
rofit,
107. ../../../../../../Program Files/TurningPoint/2003/Questions.html
FIRMS IN COMPETITIVE MARKETS 27
The Zero-Profit Condition
-run equilibrium:
The process of entry or exit is complete –
remaining firms earn zero economic profit.
occurs when P = ATC.
the zero-profit condition is P = MC = ATC.
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108. FIRMS IN COMPETITIVE MARKETS 28
Why Do Firms Stay in Business if Profit = 0?
– including implicit costs, like the opportunity cost
of the owner’s time and money.
-profit equilibrium,
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FIRMS IN COMPETITIVE MARKETS 29
The LR Market Supply Curve
MC
Market
Q
P
(market)
One firm
109. Q
P
(firm)
In the long run,
the typical firm
earns zero profit.
LRATC
long-run
supply
P =
min.
ATC
The LR market supply
curve is horizontal at
P = minimum ATC.
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FIRMS IN COMPETITIVE MARKETS 30
S1
111. Q1 Q2
S2
Q3
A firm begins in
long-run eq’m…
…but then an increase
in demand raises P,……leading to SR
profits for the firm.
Over time, profits induce entry,
shifting S to the right, reducing P…
…driving profits to zero
and restoring long-run eq’m.
A
B
C
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FIRMS IN COMPETITIVE MARKETS 31
Why the LR Supply Curve Might Slope Upward
112. 1) all firms have identical costs, and
2) costs do not change as other firms enter or
exit the market.
er of these assumptions is not true,
then LR supply curve slopes upward.
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FIRMS IN COMPETITIVE MARKETS 32
1) Firms Have Different Costs
market
before those with higher costs.
for higher-cost firms to enter the market,
which increases market quantity supplied.
ginal firm,
113. P = minimum ATC and profit = 0.
-cost firms, profit > 0.
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FIRMS IN COMPETITIVE MARKETS 33
2) Costs Rise as Firms Enter the Market
pply of a key input is
limited (e.g., amount of land suitable for farming
is fixed).
input, causing its price to rise.
to increase
the market quantity supplied, so the supply curve
is upward-sloping.
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FIRMS IN COMPETITIVE MARKETS 34
CONCLUSION: The Efficiency of a
Competitive Market
114. -maximization: MC = MR
P is value to buyers of the marginal unit.
total surplus.
production decisions, deadweight loss, regulation.
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CHAPTER SUMMARY
price = marginal revenue = average revenue.
the quantity where MR = MC. If P < AVC, a firm
will shut down in the short run.
115. d an
increase in demand increases firms’ profits.
and P = minimum ATC.
35