Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Demand curves for different market structures

27/11/2021 Client: muhammad11 Deadline: 2 Day

Assignment 1: Characteristics of the Various Market Structures

The market structures influence how price and output decisions are made by the firms in their respective structure. In all market structures, one of the primary goals is to maximize profits or minimize losses.

One of the major differences between these market structures is how price and output decisions are made, which in turn depends on the characteristics of each market structure. There are four market structures:

1. Perfect competition

2. Monopolistic competition

3. Oligopoly

4. Monopoly

Required:

1. Using Template A , construct a table that describes the various characteristics of each market structure.

2. Identify a firm for each of these market structures and explain why each firm belongs in the market structure identified.

3. Using Microsoft Excel, construct a graph for each of the market structures and explain how price and output decisions are made in each structure and how they differ.

4. How is marginal analysis used in the price and output decisions of firms in the various market structures?

Template A:

Perfect Competition

Monopolistic Competition

Oligopoly

Monopoly

Number of Firms

Pricing Decisions

Output

Decisions

Profit

Demand Curve

Ease of Entry

Product Differentiation

Deliverables:

1. In a Microsoft Excel document, address each of the questions above, using text boxes for narratives. Explain your answers and use examples. Submit your document to the W4: Assignment 1 Dropbox by Saturday, June 21, 2014.

2. Create a 5-12 slide PowerPoint presentation that summarizes your responses to the above-noted questions. DO NOT include the table created in question 1. Post this assignment to the Week 4 Discussion Area by Saturday, June 21, 2014.

3. Comment on at least two other presentations submitted by your peers, identifying the strengths and weaknesses of each.

Hi Class,

As you respond to the characteristics of various market structures, please be sure to provide market concentration data using the Hirshman-Herfindahl Index and use practical examples and financial information from the respective industries.

Marlo

http://media.cheggcdn.com/media%2Fb61%2Fb61d886b-c0eb-4ba8-941b-67a1c70030c3%2Fphpc7Xn9G.png

http://media.cheggcdn.com/media%2Fb61%2Fb61d886b-c0eb-4ba8-941b-67a1c70030c3%2Fphpc7Xn9G.png

http://economicsonlinetutor.com/perfectcompetition.html

We know that all firms will maximize profits at the output level where mr=mc . In the real world, firms operate in a large variety of environments. These different environments, based on different market conditions, influence the behavior of different firms in different ways. In order to analyze this real life behavior, economists have identified characteristics that make some firms similar to each other, and other firms different from one another. This has led to the study of firms based on four categories of market structure: perfect competition, monopolistic competition, oligopoly, and monopoly. The characteristics of each market structure relate to differences in the demand curves faced by firms in each category. The identifying characteristics for each type of market structure include the number of firms in the industry, whether the products are identical (homogeneous), ease of entry for new firms in the industry, and the power that the firm has to influence the price of its products. The following table summarizes the characteristics of the four types of market structure:

MARKET STRUCTURE

NUMBER OF FIRMS

TYPE OF PRODUCT

ENTRY INTO INDUSTRY

FIRM'S INFLUENCE OVER PRICE

EXAMPLES

PERFECT COMPETITION

MANY

IDENTICAL

EASY

NONE

AGRICULTURAL CROPS

MONOPOLISTIC COMPETITION

MANY

DIFFERENTIATED

EASY

MODERATE

MANY LOCAL RETAIL OUTLETS

OLIGOPOLY

FEW

EITHER IDENTICAL OR DIFFERENTIATED

DIFFICULT

MODERATE TO SUBSTANTIAL

AUTOMAKERS

MONOPOLY

ONE

UNIQUE

IMPOSSIBLE

SUBSTANTIAL

LOCAL UTILITY

PERFECT COMPETITION MONOPOLISTIC COMPETITION OLIGOPOLY MONOPOLY MARKET FAILURE

Perfect competition and monopoly are extremes at the opposite ends of the competitive spectrum. Most real world firms have characteristics that more closely resemble the monopolistic competition and oligopoly models. For each of these four models of market structure, i have included a section which explains some of the details that distinguish one market structure from the rest. You can jump to each of these sections by clicking on the corresponding link. Besides the above table, which identifies the characteristics of each market structure, the following summary of conclusions from the details of each section should be helpful:

Perfect competition is the market structure that maximizes efficiency, as determined by total surplus. Perfect competition gives consumers more total output at a lower price than other market structures. Firms produce where P=MR=MC, which is at minimum average cost. Advertising is non-existent, since products are identical in the minds of consumers. The only competition is price competition, yet each firm is a price taker. Ease of entry and exit means that all firms will earn normal, not economic, profits in the long run. Monopolistic competition : differentiated products allow for more consumer choices than perfect competition. Higher prices and lower total output result in less efficiency than perfect competition. Firms do not produce at minimum average total cost. However, this lower efficiency results from consumer preference for more choices, not from economic profits. In the long run, economic profits do not exist. Advertising is an important part of product differentiation. Oligopoly : more than one model is needed to explain the behavior of firms in an oligopoly market structure. Non-price competition can be fiercer than any other market structure; on the other hand, anti-competitive cooperation may exist. Advertising is an important part of competition. So is research and development. Oligopoly is the market structure most responsible for technological advances. Price is above mc, and long run economic profits are possible as long as entry is restricted. Monopoly : with only one firm in the market, consumers are not given a choice of products. A monopolist has market power, and will set its output at the quantity where MR=MC, which is a lower quantity than the quantity under perfect competition, where MR=demand. At the same time, a monopolist will set its price where the MR=MC quantity equals demand, which is a higher price than perfect competition, where P=MC. With monopoly, advertising and innovation are unnecessary. Long run economic profits are possible.

http://www.scribd.com/doc/61250873/Lesson-11-Market-Structures

Book: http://online.vitalsource.com/books/9781305217171 Principles of Economics, 7th Edition

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Ideas & Innovations
Unique Academic Solutions
Premium Solutions
Instant Assignments
Quick Mentor
Buy Coursework Help
Writer Writer Name Offer Chat
Ideas & Innovations

ONLINE

Ideas & Innovations

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$27 Chat With Writer
Unique Academic Solutions

ONLINE

Unique Academic Solutions

After reading your project details, I feel myself as the best option for you to fulfill this project with 100 percent perfection.

$25 Chat With Writer
Premium Solutions

ONLINE

Premium Solutions

I have read your project details and I can provide you QUALITY WORK within your given timeline and budget.

$40 Chat With Writer
Instant Assignments

ONLINE

Instant Assignments

I have assisted scholars, business persons, startups, entrepreneurs, marketers, managers etc in their, pitches, presentations, market research, business plans etc.

$18 Chat With Writer
Quick Mentor

ONLINE

Quick Mentor

I can assist you in plagiarism free writing as I have already done several related projects of writing. I have a master qualification with 5 years’ experience in; Essay Writing, Case Study Writing, Report Writing.

$24 Chat With Writer
Buy Coursework Help

ONLINE

Buy Coursework Help

This project is my strength and I can fulfill your requirements properly within your given deadline. I always give plagiarism-free work to my clients at very competitive prices.

$38 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Examples of individualistic political culture in texas - How do i critically evaluate something - Mini saga english examples - I want a comment of two-paragraph about this topic - Reason for the season - Business communication and ethics - Proposal - Rapid resolution therapy training - Empirical formula of sodium carbonate - Wanted down under application form - The positivist school of criminology posits that - Why did the math teacher open a window company - Security Audit Procedure Guide - Graham bantock sails etc - Intro to psychology test bank - Geometry Online experts - Uts summer session census date - Crane beam design spreadsheet - 3010 kj to calories - Business case versus business plan - Need ASAP - Burglar alarm circuit using logic gates - Sqa higher psychology assignment examples - The exodus people crossword - Into thin air comprehension questions - 50AC - Michelangelo ceiling tiles nz - Aami safe driver rewards ruby - Access control - Strike it rich xi sweepstakes - Plastic waste recycling project proposal - 2.5 a translate to an algebraic expression answers - Ex - Managing economic exposure and translation exposure - What are the four metaparadigms of nursing theory - The baldwin company will increase its automation - Discussion board - Trends in organizational behavior and how to adapt it in your organization - Ubs spring week application - Breezair evaporative cooling manual - Actuate fuel bleed renault - Healthwise medical supplies - Pharmaceutical commissioning and qualification - Areva vacuum circuit breaker - Suny levin institute globalization 101 - Walden health assessment final exam - Comunication - Business ethics final exam questions and answers - Tom hanks salary polar express - Organizational culture and readiness assessment tool for ebp - Lego group strategic analysis review - An adiabatic air compressor is to be powered - Middle adulthood social development - Monash abroad study plan - Havant gov uk garden waste - Jim napier joinery services - Neo scholasticism metaphysics - Projet 1 - Efficient capital markets and behavioral challenges - Write synopsis based on research paper for microbiology - Junior camp counselor jobs - Preset and clear in d flip flop - Business studies operations strategies essay - Writing logically thinking critically exercise 6a - Essentials of business communication ppt - Phase shift amplitude and period calculator - Computer sciences corporation subsidiaries - Falkirk lawn tennis club - Stickleback evolution lab quiz answers - Information system - Incident Response - 5.. - ENC1101 Issue Analysis Essay - Teddy roosevelt abercrombie and fitch - Nursing - Psy 420 week 1 worksheet - Fitness components for cricket - April fools day poem by kenn nesbitt - Cora unashamed full movie - System analysis and design template - Aida model was developed by - Launching a business jcf health and fitness - Org400 week 1 - 5-1 - Modified pen grasp dental - Hw - In self-directed learning, trainers do not control or disseminate instruction. - Bell computers purchases integrated chips at $350 per chip - Bac si huy richmond - Basketball in the 1900s - Mathews creed totally lost limited edition - What are beakers used for - The road not taken questions with answers - Camber in concrete beam - Customer relationship management books free download - Speech outline template for kids - No greater love than this - Ethical issues with restraints - What is 225 ml in grams - 3 examples of assonance