BRIEF CONTENTS. Introduction. Organizational Architecture and Regulation. Demand and Forecasting 75. PART III Production and Cost 257.
|
|
- Emory Phillips
- 6 years ago
- Views:
Transcription
1 BRIEF CONTENTS Preface PART l Introduction 1 Introduction and Goals of the Firm 2 Fundamental Economic Concepts 2A Differential Calculus Techniques in Management XI l 2 26 Demand and Forecasting 75 3 Demand Analysis 76 4 Estimating Demand 112 4A Problems in Applying the Linear Regression Model Business and Economic Forecasting Managing Exports 202 PART III Production and Cost Production Economics 258 7A Maximization of Production Output Subject to a Cost Constraint Cost Analysis 299 8A Long-Run Costs with a Cobb-Douglas Production Function Applications of Cost Theory 333 9A Mass Customization and the Learning Curve 365 PART IV Pricing and Output Decisions: Strategy and Tactics 10 Prices, Output, and Strategy: Pure and Monopolistic Competition 11 Price and Output Determination: Monopoly and Dominant Firms Price and Output Determination: Oligopoly Best-Practice Tactics: Game Theory A Entry Deterrence and Accommodation Games Pricing Techniques and Analysis 542 Organizational Architecture and Regulation 15 Contracting, Governance, and Organizational Form 15A Auction Design and Information Economics 16 Government Regulation 17 Long-Term Investment Analysis Appendices A B C Index The Time Value of Money Tables Check Answers to Selected End-of-Chapter Web Appendices A Consumer Choice Using Indifference Curve Analysis B International Parity Conditions C Production Decisions and Linear Programming D Capacity Planning and Pricing against a Low- Cost Competitor A Case Study E Pricing of Joint Products and Transfer Pricing F Decisions Under Risk and Uncertainty A- 1 B-l C- 1 I- 1 IV
2 CONVENI Preface PA RT l Introduction CHAPTER 1 Managerial Challenge: Executive Performance Bonus Plan: General Electric What îs Managerial Economics? The Decision-Making Model The Role of Profits Objective of the Firm Separation of Ownership and Control: The Principal- Agent Problem Saturn Corporation Implications of Shareholder Wealth Maximization Eli Lilly Depressed by Loss of Prozac Patent Case : Designing a Managerial Incentives Contract Reducing Greenhouse Gases CHAPTER 2 EC 26 Managerial Challenge: Revenue Management at American Airlines 26 Demand and Supply: A Quick Review Marginal Analysis The Net Present Value Concept 41 Meaning and Measurement of Risk 44 Long-Term Capital Management (LTCM) 49 The Relationship Between Risk and Return XI APPENDIX2A DlFFERENTIAL CALCULUS TECHNIQUES INjŞ4ANAGEM[ENT ^ Relationship Between Marginal Analysis and Differential Calculus 57 Managerial Challenge: A Skeleton in the Stealth Bomber's Closet 58 Applications of Differential Calculus to Optimization Problems 65 Parţial Differentiation and Multivariate Optimization PART II Demand and Forecasting 75 CHAPTER 3 DEMAND ANALYSIS 76 Managerial Challenge: Health Care Reform and Cigarette Taxes Demand Relationships The Price Elasticity of Demand International Perspectives: Free Trade and the Price Elasticity of Demand: Nestle Yogurt The Income Elasticity of Demand Cross Price Elasticity of Demand Other Demand Elasticity Measures The Combined Effect of Demand Elasticities Case Exercise: Polo Golf Shirt Pricing CHAPTER Managerial Challenge: The Demand for Public Transportation 112 Estimating Demand Using Marketing Research Techniques 114
3 Statistical Estimation of The Demand Function A Simple Linear Regression Model Multiple Linear Regression Model Case Exercise: Soft Drink Demand Estimation APPENDIX4A PROBLEMS IN APPLYING THE LINEAR Introduction Nonlinear Regression Models CHAPTER 5 Managerial Challenge: Export Market Pricing at Toyota Managerial Challenge: Excess Fiber Optic Capacity at Global Crossing Inc. 161 The Significance of Forecasting 1 63 Selecting a Forecasting Technique 163 Alternative Forecasting Techniques 165 Deterministic Time-Series Analysis 165 Smoothing Techniques 173 Barometric Techniques 179 Survey and Opinion-Polling Techniques 1 84 Econometric Models 185 Stochastic Time-Series Analysis 189 Forecasting with Input-Output Tables 192 International Perspectives: Long-Term Sales Forecasting by General Motors in Overseas Markets Case : South Pole Ice Cream Company 199 Cruise Ship Arrivals in Alaska 199 Lumber Price Forecast 200 CHAPTER 6 MANAGING EXPORTS Introduction 203 Import-Export Sales and Exchange Rates 204 International Perspectives: The Collapse of Export and Domestic Sales at Cummins Engine 206 Outsourcing 207 China Trade Blossoms 209 The Market for U.S. Dollars as Foreign Exchange 210 Foreign Exchange Risk Management 214 International Perspectives: Toyota and Honda Buy U.S. Assembly Capacity 215 The Determinants of Long-Run Trends in Exchange Rates 216 Purchasing Power Parity 221 Ford Motor Co. and Exide Batteries: Are Country Managers Here to Stay? 222 International Trade: A Managerial Perspective 231 Free Trade Areas: The European Union and NAFTA 241 Perspectives on the U.S. Trade Deficit Case : Predicting the Long-Term Trends in Value of the U.S. Dollar, DM, and Euro 254 U.S. Energy Policy, Oii Imports, and the Price of Gasoline 255 Production and Cost CHAPTER 7 PRODUCTION ECONOMICS Managerial Challenge: What Went Wrong in California's Deregulation of Electricity? 258 The Production Function 260 Production Functions with One Variable Input 263 Factory Bottlenecks at a Boeing Assembly Plant 265 Determining the Optimal Use of the Variable Input 270 Production Functions with Multiple Variable Inputs 272 Determining the Optimal Combination of Inputs 277 VI
4 CONTENTS A Fixed Proportions Optimal Production Process 281 Returns to Scale Case Exercise: The Production Function for Wilson Company 295 Break-Even Analysis Versus Contribution Analysis 348 Linear Break-Even Analysis Case : Cost Functions 361 Charter Airline Operating Decisions 363 APPENDIX 7 A MAXIMIZATION OF PRODUCTION OUTPUT SUBJECT TO A COST CONSTRAINT 297 Exercise CHAPTER 8 COST ANALYSIS Managerial Challenge: US Airways Cost Structure 299 The Meaning and Measurement of Cost 300 Short-Run Cost Functions 305 Long-Run Cost Functions 312 Economies and Diseconomies of Scale 316 International Perspectives: How Japanese Companies Deal with the Problems of Size Case Exercise: Cost Analysis 327 APPENDIX 8A LONG-RUN COSTS WITH A COBB-DOUGLAS PRODUCTION FUNCTION 329 CHAPTER 9 APPLICATIONS OF COST THEORY Managerial Challenge: How Exactly Have Computerization and Information Technology Lowered Costs at Chevron, Timken, and Merck? 333 Types of Cost Functions 334 Estimating Short-Run Cost Functions 335 Boeing: The Rising Marginal Cost of 747s 338 Long-Run Cost-Output Relationships 340 APPENDIX 9A MASS CUSTOMIZATION AND THE LEARNING CURVE 365 Learning Curve Relationship The Percentage of Learning Exercise PA RT IV Pricing and Output Decisions: Strategy and Tactics CHAPTER 10 PRICES, OUTPUT, AND STRATEGY: PURE AND MONOPOLISTIC COMPETITION Managerial Challenge: Resurrecting Apple 372 Introduction 374 Competitive Strategy 375 Xerox 376 Porter's Five Forces Strategic Framework 380 A Continuum of Market Structures 391 Price-Output Determination Under Pure Competition 394 Price-Output Determination Under Monopolistic Competition 400 The Dynamics of Competition at Amazon.com 402 Selling and Promotional Expenses 405 Competitive Markets Under Asymmetric Information [Opţional Advanced Section] 408 Solutions to the Adverse Selection Problem Case : HP and Dell Personal Computers 422 Saving Sony Music 422 vii
5 CONTENTS CHAPTER11 PRICE AND OUTPUT DETERMINATION: MONOPOLY AND DOMINANT FlRMS Managerial Challenge: Dominant Microprocessor Company Intel Adapts to Next Trend 423 Monopoly Defined 424 The Sources of Market Power for a Monopolist 425 Pilot Error at Palm 429 Price and Output Determination for a Monopolist 430 The Optimal Markup, Contribution Margin, and Contribution Margin Percentage 433 Regulated Monopolies 439 The Public Service Company of New Mexico 440 The Economic Raţionale for Regulation Case Exercise: Differential Pricing of Pharmaceuticals: The HIV/ AIDS Crisis CHAPTER 12 PRICE AND OUTPUT DETERMINATION: Managerial Challenge: Are Nokia's Margins on Cell Phones Collapsing? Oligopolistic Market Structures Interdependencies in Oligopolistic Industries Ignoring Interdependencies Cartels and Other Forms of Collusion International Perspectives: The Organization of Petroleum Exporting Countries (OPEC) Cartel 467 Price Leadership 471 The Kinked Demand Curve Model 475 Avoiding Price Wars 476 Good-Better-Best Product Strategy at Kodak Case Exercise: Cell Phones Displace Mobile Phone Satellite Networks 484 CHAPTER 13 BEST-PRACTICE TACTICS: GAME THEORY 485 Managerial Challenge: Large-Scale Entry Deterrence of Low-Cost Discounters: Southwest, People Express, Value Jet, Kiwi, and JetBlue Oligopolistic Rivalry and Game Theory Analyzing Simultaneous Games The Escape from Prisoner's Dilemma Analyzing Sequential Games Business Rivalry as a Self-Enforcing Sequential Game Credible Threats and Commitments Replacement Guarantees Case Exercise: International Perspectives: The Superjumbo Dilemma APPENDIX13A ENTRY DETERRENCE AND ACCOMMODATION Excess Capacity as a Credible Threat 531 Precommitments Using Non-Redeployable Assets CHAPTER 14 PRICING TECHNIQUES AND ANALYSIS Computers: Market Share Versus Current Profitability 542 A Conceptual Framework for Proactive, Systematic-Analytical, Value-Based Pricing 543 Optimal Differential Price Levels 546 Differential Pricing in Target Market Segments 555 $19.95 for "Unlimited Access" at AOL Time Warner 561 Pricing in Practice 567 The Practice of Revenue Management, Advanced Material 573 viii
6 CON' j N' S Case Exercise: Congestion Pricing Library Research 589 PART V Organizational Architecture and Regulation CHAPTER 15 CONTRACTING, GOVERNANCE, AND ORGANIZATIONAL FORM Managerial Challenge: Controlling the Vertical: Ultimate TV 592 Introduction 593 The Role of Contracting in Cooperative Games 594 Corporale Governance and the Problem of Moral Hazard 600 Moral Hazard and Holdup at Enron and Worldcom 604 The Principal-Agent Model 604 Why Have Restricted Stock Grants Replaced Executive Stock Options at Microsoft? 610 Choosing the Efficient Organizational Forrn 612 Cable Allies Refuse to Adopt Microsoft's WebTV as an Industry Standard 616 International Perspectives: Economies of Scale and International Joint Ventures in Chip Making 617 Vertical Integration 619 Dell Replaces Vertical Integration with Virtual Integration Case : Borders Books and Amazon.com Decide to Do Business Together 627 Designmg a Managerial Incentive Contract 628 The Division of Investment Banking Fees 629 Library Exercise: Vertical Integration at GM-Fisher Body 629 APPENDIX15A AUCTION DESIGN AND INFORMATION ECONOMICS 630 Queue Service Rules 630 Auctions 633 Incentive-Compatible Revelation Mechanisms 648 International Perspectives: Joint Venture in Memory Chips: IBM, Siemens, and Toshiba 653 International Perspectives: Whirlpool's Joint Venture in Appliances Improves Upon Maytag's Outright Purchase of Hoover Case : Spectrum Auction 658 Debugging Computer Software: Intel 659 CHAPTER 16 GOVERNMENT REGULATION Managerial Challenge: Deregulation and the Coase Theorem 660 The Regulation of Market Structure and Conduct 661 Antitrust Regulation Statutes and their Enforcement 664 Antitrust Prohibition of Selected Business Decisions 667 Command and Control Regulatory Constraints: An Economic Analysis 673 The Regulation of Externalities 675 Governmental Protection of Business 683 The Optimal Deployment Decision: To License or Secure Captive Use 683 Aventis 684 Technology Licenses Cost Palm Its Lead in PDAs 686 Motorola: What They Didn't Know Hurt Them Case : Price Fixing of Auction House Commissions Microsoft Tying Arrangements Music Recording Industry Blocked from Consolidating IX
7 CONTENTS CHAPTER 17 LONG-TERM INVESTMENT ANALYSIS Managerial Challenge: Multigenerational Effects of Ozone Depletion and Greenhouse Gases 695 The Nature of Capital Expenditure Decisions 696 A Basic Framework for Capital Budgeting 697 The Capital Budgeting Process 698 Estimating the Firm's Cost of Capital 707 Cost-Benefit Analysis 714 Steps in Cost-Benefit Analysis 716 Objectives and Constraints in Cost-Benefit Analysis 718 Analysis and Valuation of Benefits and Costs 719 The Appropriate Rate of Discount 722 Cost-Effectiveness Analysis Case : Cost-Benefit Analysis 731 Industrial Development Tax Relief and Incentives 734 Appendices A The Time Value of Money A-l B Tables B-l C Check Answers to Selected End-of-Chapter C-l Index 1-1 Web Appendices A Consumer Choice Using Indifference Curve Analysis B International Parity Conditions C Production Decisions and Linear Programming D Capacity Planning and Pricing against a Low- Cost Competitor A Case Study E Pricing of Joint Products and Transfer Pricing F Decisions Under Risk and Uncertainty
MANAGERIAL ECONOMICS SIXTH EDITION
MANAGERIAL ECONOMICS SIXTH EDITION William F. Samuelson Boston University Stephen G. Marks Boston University WILEY JOHN WILEY & SONS, INC. Contents CHAPTER 1 Introduction to Economic Decision Making 1
More informationMANAGERIAL ECONOMICS THEORY, APPLICATIONS, AND CASES EIGHTH EDITION. W.Bruce Allen The Wharton School University of Pennsylvania
MANAGERIAL ECONOMICS THEORY, APPLICATIONS, AND CASES EIGHTH EDITION W.Bruce Allen The Wharton School University of Pennsylvania Neil A. Doherty The Wharton School University of Pennsylvania Keith Weigelt
More informationPreface. Chapter 1 Basic Tools Used in Understanding Microeconomics. 1.1 Economic Models
Preface Chapter 1 Basic Tools Used in Understanding Microeconomics 1.1 Economic Models 1.1.1 Positive and Normative Analysis 1.1.2 The Market Economy Model 1.1.3 Types of Economic Problems 1.2 Mathematics
More informationContents in Brief. Preface
Contents in Brief Preface Page v PART 1 INTRODUCTION 1 Chapter 1 Nature and Scope of Managerial Economics and Finance 3 Chapter 2 Equations, Graphs and Optimisation Techniques 21 Chapter 3 Demand, Supply
More informationMICROECONOMICS. London School of Economics. University of Western Ontario. Prentice Hall FINANCIAL TIMES
.&*,- *>"> MICROECONOMICS Saul Estrin London School of Economics David Laidler University of Western Ontario Michael Dietrich University of Sheffield Prentice Hall FINANCIAL TIMES An imprint of Pearson
More informationCourse Outline. Business Undeclared School of Business & Economics ECON Applied Microeconomics for Sustainable Management
Course Outline Calendar Description Business Undeclared School of Business & Economics ECON 6020-3.00 Applied Microeconomics for Sustainable Management Students examine more advanced microeconomic tools
More informationMANAGERIAL ECONOMICS WILEY A JOHN WILEY & SONS, INC., PUBLICATION. A Mathematical Approach
MANAGERIAL ECONOMICS A Mathematical Approach M. J. ALHABEEB L. JOE MOFFITT Isenberg School of Management University of Massachusetts Amherst, MA, USA WILEY A JOHN WILEY & SONS, INC., PUBLICATION PREFACE
More informationIntroduction. Learning Objectives. Learning Objectives. Chapter 27. Oligopoly and Strategic Behavior
Chapter 27 Oligopoly and Introduction On a typical day, United Parcel Service will transport over 10 million packages. UPS and its main rival, FedEx Ground, earn more than three-fourths of total revenue
More informationContents. Concepts of Revenue I-13. About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11
Contents About the authors I-5 Preface I-7 Syllabus I-9 Chapter-heads I-11 1 Concepts of Revenue 1.1 Introduction 1 1.2 Concepts of Revenue 2 1.3 Revenue curves under perfect competition 3 1.4 Revenue
More informationLecture 11 Imperfect Competition
Lecture 11 Imperfect Competition Business 5017 Managerial Economics Kam Yu Fall 2013 Outline 1 Introduction 2 Monopolistic Competition 3 Oligopoly Modelling Reality The Stackelberg Leadership Model Collusion
More informationMonopolistic Competition Oligopoly Duopoly Monopoly. The further right on the scale, the greater the degree of monopoly power exercised by the firm.
Oligopoly Monopolistic Competition Oligopoly Duopoly Monopoly The further right on the scale, the greater the degree of monopoly power exercised by the firm. Imperfect competition refers to those market
More informationThe Economic Way ; of Thinking for Managers
The Economic Way ; of Thinking for Managers Second Edition Richard B. McKenzie R. Lee CAMBRIDGE UNIVERSITY PRESS Preface page xv How to use this book -. _.. xxiv List of online perspectives xxvi List of
More informationA TEXTBOOK OF MICROECONOMIC THEORY. Pankaj Tandon. Boston University
A TEXTBOOK OF MICROECONOMIC THEORY Pankaj Tandon Boston University DSAGE j TEXTS www.sagepu bl ications.com London Orth) SlntEpore WMhlnQton DC * Borton CONTENTS Preface About the Author xiii xv Chapter
More informationChapter 15: Industrial Organization
Chapter 15: Industrial Organization Imperfect Competition Product Differentiation Advertising Monopolistic Competition Oligopoly Collusion Cournot Model Stackelberg Model Bertrand Model Cartel Legal Provisions
More informationIndustrial Organization
Industrial Organization Markets and Strategies 2nd edition Paul Belleflamme Université CatholiquedeLouvain Martin Peitz University of Mannheim University Printing House, Cambridge CB2 8BS, United Kingdom
More informationECONOMICS OF REGULATION AND ANTITRUST Second Edition
ECONOMICS OF REGULATION AND ANTITRUST Second Edition W. Kip Viscusi John M. Vernon Joseph E. Harrington, Jr. The MIT Press Cambridge, Massachusetts London, England Contents Preface to the Second Edition
More informationChapter 7: Market Structures
SCHS SOCIAL STUDIES What you need to know UNIT THREE 1. Describe 4 conditions that are in place for a perfectly competitive market 2. Describe and give characteristics of a monopoly 3. Describe and give
More informationChapter 15 Oligopoly
Goldwasser AP Microeconomics Chapter 15 Oligopoly BEFORE YOU READ THE CHAPTER Summary This chapter explores oligopoly, a market structure characterized by a few firms producing a product that mayor may
More informationUnit 4: Imperfect Competition
Unit 4: Imperfect Competition 1 Monopoly 2 Characteristics of Monopolies 3 5 Characteristics of a Monopoly 1. Single Seller One Firm controls the vast majority of a market The Firm IS the Industry 2. Unique
More informationOligopolies Part III
Oligopolies Part III It's called an oligopoly. It's not a regular market. It's a market in which they control the prices and they've been doing it for years. Richard Miller The Prisoner s Dilemma Consider
More informationUnit 4: Imperfect Competition
Unit 4: Imperfect Competition 1 Monopoly 2 Characteristics of Monopolies 3 5 Characteristics of a Monopoly 1. Single Seller One Firm controls the vast majority of a market The Firm IS the Industry 2. Unique
More informationIndustrial. Organization. Markets and Strategies. 2nd edition. Paul Belleflamme Universite Catholique de Louvain. Martin Peitz University of Mannheim
Industrial Organization Markets and Strategies 2nd edition Paul Belleflamme Universite Catholique de Louvain Martin Peitz University of Mannheim CAMBRIDGE UNIVERSITY PRESS Contents List offigures xiii
More informationAP Microeconomics Chapter 11 Outline
I. Learning Objectives In this chapter students should learn: A. The characteristics of pure monopoly. B. How a pure monopoly sets its profit-maximizing output and price. C. The economic effects of monopoly.
More informationAQA Economics A-level
AQA Economics A-level Microeconomics Topic 5: Perfect Competition, Imperfectly Competitive Markets and Monopoly 5.5 Oligopoly Notes Characteristics of an oligopoly: High barriers to entry and exit There
More informationEconomic Approaches to Organizations
Economic Approaches to Organizations Sytse Douma Tilburg University, the Netherlands Hein Schreuder DSM NV and Maastricht University, the Netherlands Prentice Hall FINANCIAL TIMES An imprint of Pearson
More information29/02/2016. Market structure II- Other types of imperfect competition. What Is Monopolistic Competition? OTHER TYPES OF IMPERFECT COMPETITION
Market structure II- Other types of imperfect competition OTHER TYPES OF IMPERFECT COMPETITION Characteristics of Monopolistic Competition Monopolistic competition is a market structure in which many firms
More informationUnit 4: Imperfect Competition
Unit 4: Imperfect Competition 1 FOUR MARKET STRUCTURES Perfect Competition Monopolistic Competition Oligopoly Pure Monopoly Imperfect Competition Every product is sold in a market that can be considered
More informationCHAPTER 8: SECTION 1 A Perfectly Competitive Market
CHAPTER 8: SECTION 1 A Perfectly Competitive Market Four Types of Markets A market structure is the setting in which a seller finds itself. Market structures are defined by their characteristics. Those
More informationOligopoly. Quantity Price(per year) 0 $120 2,000 $100 4,000 $80 6,000 $60 8,000 $40 10,000 $20 12,000 $0
Oligopoly 1. Markets with only a few sellers, each offering a product similar or identical to the others, are typically referred to as a. monopoly markets. b. perfectly competitive markets. c. monopolistically
More informationUse the following to answer question 4:
Homework Chapter 11: Name: Due Date: Wednesday, December 4 at the beginning of class. Please mark your answers on a Scantron. It is late if your Scantron is not complete when I ask for it at 9:35. Get
More informationECONOMICS. Paper 3 : Fundamentals of Microeconomic Theory Module 28 : Non collusive and Collusive model
Subject Paper No and Title Module No and Title Module Tag 3 : Fundamentals of Microeconomic Theory 28 : Non collusive and Collusive model ECO_P3_M28 TABLE OF CONTENTS 1. Learning Outcomes 2. Introduction
More informationSyllabus item: 57 Weight: 3
1.5 Theory of the firm and its market structures - Monopoly Syllabus item: 57 Weight: 3 Main idea 1 Monopoly: - Only one firm producing the product (Firm = industry) - Barriers to entry or exit exists,
More information2007 Thomson South-Western
BETWEEN MONOPOLY AND PERFECT COMPETITION Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly. Imperfect competition includes industries in which
More informationContents. Part 1: THE TOOL5 Or 5TRATEQIC AMALY5I5. Chapter 1: What Is Strategy and the Strategic Management Process? 2
Contents Part 1: THE TOOL5 Or 5TRATEQIC AMALY5I5 Chapter 1: What Is Strategy and the Strategic Management Process? 2 Opening Case: What Has Napster Wrought? 2 Strategy and the Strategic Management Process
More informationChapter 13. Game Theory. Gaming and Strategic Decisions. Noncooperative v. Cooperative Games
Chapter 13 Game Theory Gaming and Strategic Decisions Game theory tries to determine optimal strategy for each player Strategy is a rule or plan of action for playing the game Optimal strategy for a player
More informationCompetitive Advantages of Information Systems
Competitive Advantages of Information Systems DCS COMSATS Institute of Information Technology Rab Nawaz Jadoon Assistant Professor COMSATS IIT, Abbottabad Pakistan Management Information Systems (MIS)
More informationPrinciples of Microeconomics Assignment 8 (Chapter 10) Answer Sheet. Class Day/Time
1 Principles of Microeconomics Assignment 8 (Chapter 10) Answer Sheet Name Class Day/Time Questions of this homework are in the next few pages. Please find the answer of the questions and fill in the blanks
More informationQOD #: 29: Graphing Practice w/ Mr. Clifford
LO1 10-1 AGENDA Thurs 10/29 Regulated Monopoly (FRQ 2011 & 2012) QOD #: 29: Graphing Practice w/ Mr. Clifford Price Discriminating Monopoly Monopolistic Competition & Oligopoly CH 8/9 Results/TC & Retakes
More informationEco201 Review questions for chapters Prof. Bill Even ====QUESTIONS FOR CHAPTER 13=============================
Eco201 Review questions for chapters 13-15 Prof. Bill Even ====QUESTIONS FOR CHAPTER 13============================= 1) A monopoly has two key features, which are. A) barriers to entry and close substitutes
More informationCH 17 sample MC Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.
Class: Date: CH 17 sample MC - 80 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Deregulation is defined as the a. use of government rules to regulate
More informationMarket Structures. Perfect competition Monopolistic Competition Oligopoly Monopoly
Market Structures The classification of market structures can be arranged along a continuum, ranging from perfect competition, the most competitive market, to monopoly, the lease competitive: Perfect competition
More informationEconomics Chapter 8 Competition and Markets
Economics Chapter 8 Competition and Markets CHAPTER 8: SECTION 1 - A Perfectly Competitive Market Four Types of Markets o A is the setting in which a seller finds itself. Market structures are defined
More informationCHAPTER 6: Monopoly and Imperfect Competition
CHAPTER 6: Monopoly and Imperfect Competition 1a. Column 1 (price): -, 2, 2, 2, 2; Column 2 (quantity): 0, 1000, 2000, 3000, 4000; Column 3 (total revenue): 0, 2000, 4000, 6000, 8000; Column 4 (marginal
More informationECON December 4, 2008 Exam 3
Name Portion of ID# Multiple Choice: Identify the letter of the choice that best completes the statement or answers the question. 1. A fundamental source of monopoly market power arises from a. perfectly
More informationSTATE UNIVERSITY OF NEW YORK COLLEGE OF TECHNOLOGY CANTON, NEW YORK COURSE OUTLINE ECON 314- MANAGERIAL ECONOMICS. Prepared by: Karen Spellacy
STATE UNIVERSITY OF NEW YORK COLLEGE OF TECHNOLOGY CANTON, NEW YORK COURSE OUTLINE ECON 314- MANAGERIAL ECONOMICS Prepared by: Karen Spellacy Updated by Edouard Mafoua SCHOOL OF BUSINESS AND LIBERAL ARTS
More informationSCHOOL OF DISTANCE EDUCATION :: ANDHRA UNIVERSITY 2-YEAR MBA I YEAR ASSIGNMENTS FOR THE ACADEMIC YEAR
MANAGEMENT PROCESS AND BEHAVIOUR 1. a) Strategies for resolving intra-personal conflicts b) Business Ethics 2. a) Features of Organisational Culture b) Psychological Analysis of Behaviour and attitudes
More informationThe Analysis of Competitive Markets
C H A P T E R 12 The Analysis of Competitive Markets Prepared by: Fernando & Yvonn Quijano CHAPTER 12 OUTLINE 12.1 Monopolistic Competition 12.2 Oligopoly 12.3 Price Competition 12.4 Competition versus
More informationECONOMICS FOR LAWYERS. Richard A. Ippolito. Princeton University Press Princeton and Oxford
ECONOMICS FOR LAWYERS Richard A. Ippolito Princeton University Press Princeton and Oxford Contents Introduction xv What Makes This Book Different xvii Recommended Supplementary Reading xviii Chapter 1
More informationSpecial Pricing Practices. Managerial Economics: Economic Tools for Today s Decision Makers, 4/e
Special Pricing Practices Chapter 11 Managerial Economics: Economic Tools for Today s Decision Makers, 4/e By Paul Keat and Philip Young Special Pricing Policies Introduction Cartel Arrangements Revenue
More information7-3: Monopolistic Competition and Oligopolies Notes
7-3: Monopolistic Competition and Oligopolies Notes Learning Target 1. I will demonstrate my understanding of the characteristics of monopolistically competitive firms and oligopolies. Monopolistic Competition
More informationChapter 10 Lecture Notes
Chapter 10 Lecture Notes I. Pure Monopoly: An Introduction A. Definition: Pure monopoly exists when a single firm is the sole producer of a product for which there are no close substitutes. B. There are
More informationEconomics 101A (Lecture 19) Stefano DellaVigna
Economics 101A (Lecture 19) Stefano DellaVigna November 3, 2009 Outline 1. Market Equilibrium in The Long-Run II 2. Profit Maximization: Monopoly 3. Price Discrimination 4. Oligopoly? 1 Market Equilibrium
More informationIntroduction. Learning Objectives. Learning Objectives. Economics Today Twelfth Edition. Chapter 24 Monopoly
Roger LeRoy Miller Economics Today Twelfth Edition Chapter 24 Monopoly Introduction The cement market in Mexico is dominated by a single company that accounts for more than 70 percent of all sales. Why
More informationMaster of Business Administration Course Descriptions
Master of Business Administration Course Descriptions CORE COURSES MBAB 5P01 Accounting for Decision-Making I The functional basics of accounting for management and business decisions. Data collection,
More informationCollege Record: 59.7% 4 year school, 13.1% 2 year school, 9.9% trade school
Microeconomics SYLLABUS Jason Farone Blackhawk High School Beaver Falls, PA School Profile School Location and Environment: Blackhawk High School is a public school in Beaver Falls, PA, located 50 miles
More informationECON 230D2-002 Mid-term 1. Student Number MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
ECON 230D2-002 Mid-term 1 Name Student Number MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Scenario 12.3: Suppose a stream is discovered whose
More informationExtra Credit. Student:
Extra Credit Student: 1. A glass company making windows for houses also makes windows for other things (cars, boats, planes, etc.). We would expect its supply curve for house windows to be: A. Dependent
More informationGLOBAL. Microeconomics ELEVENTH EDITION. Michael Parkin EDITION
GLOBAL EDITION Microeconomics ELEVENTH EDITION Michael Parkin Microeconomics, Global Edition - PDF - PDF - PDF Table of Contents Cover Microeconomics About the Author Brief Contents Alternative Pathways
More informationWallingford Public Schools - HIGH SCHOOL COURSE OUTLINE
Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE Course Title: Advanced Placement Economics Course Number: 3552 Department: Social Studies Grade(s): 11-12 Level(s): Advanced Placement Credit: 1
More informationMicroeconomics
Microeconomics 978-1-63545-005-7 To learn more about all our offerings Visit Knewtonalta.com Source Author(s) (Text or Video) Title(s) Link (where applicable) OpenStax Steve Greenlaw - University of Mary
More informationOligopoly and Game Theory
Strategic Behavior in Concentrated Industries Oligopoly and Game Theory Extreme market structures: Monopoly and perfect competition => No need to consider rivals reactions Intermediate case: Oligopoly
More informationInstructions: must Repeat this answer on lines 37, 38 and 39. Questions:
Final Exam Student Name: Microeconomics, several versions Early May, 2011 Instructions: I) On your Scantron card you must print three things: 1) Full name clearly; 2) Day and time of your section (for
More informationVIII 1 TOPIC VIII: MONOPOLY AND OTHER INDUSTRY STRUCTURES. I. Monopoly - Single Firm With No Threat of Close Competition. Other Industry Structures
TOPIC VIII: MONOPOLY AND OTHER INDUSTRY STRUCTURES I. Monopoly - Single Firm With No Threat of Close Competition II. Other Industry Structures CONCEPTS AND PRINCIPLES MONOPOLY We now consider the opposite
More informationImperfect Competition (Monopoly) Chapters 15 Mankiw
Imperfect Competition (Monopoly) Chapters 15 Mankiw What did we learn one week ago? Regulated prices Effect of a ceiling price Effect of a floor price. The cost of taxes and subsidies. Tax on producers
More informationMicroeconomics (Oligopoly & Game, Ch 12)
Microeconomics (Oligopoly & Game, Ch 12) Lecture 17-18, (Minor 2 coverage until Lecture 18) Mar 16 & 20, 2017 CHAPTER 12 OUTLINE 12.1 Monopolistic Competition 12.2 Oligopoly 12.3 Price Competition 12.4
More informationMonopoly, Oligopoly, and Monopolistic Competition Chapter 8 McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Monopoly, Oligopoly, and Monopolistic Competition Chapter 8 McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives 1. Distinguish among three types
More informationDo not open this exam until told to do so. Solution
Do not open this exam until told to do so. Department of Economics College of Social and Applied Human Sciences K. Annen, Fall 003 Final (Version): Intermediate Microeconomics (ECON30) Solution Final (Version
More informationPart 2 Strategic Actions: Strategy Formulation 96
Michael A. Hitt Management of strategy Concepts and cases Part 1 Strategic Management Inputs 1 CHAPTER 1 Strategic Management 2 CHAPTER 2 Analysis of the External Environment 32 CHAPTER 3 Analysis of the
More informationCompetition and Monopoly in Markets
Competition and Monopoly in Markets What is a market structure? A market structure describes the characteristics of a market that can affect the behaviour of businesses and also affect the welfare of consumers.
More informationCLEP Microeconomics Practice Test
Practice Test Time 90 Minutes 80 Questions For each of the questions below, choose the best answer from the choices given. 1. In economics, the opportunity cost of an item or entity is (A) the out-of-pocket
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Review 10-14-15 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1. The four-firm concentration ratio equals the percentage of the value of accounted
More informationInstitute of Actuaries of India
Institute of Actuaries of India Subject CT7 Business Economics For 2018 Examinations Aim The aim of the Business Economics subject is to introduce students to the core economic principles and how these
More informationEcon Microeconomic Analysis and Policy
ECON 500 Microeconomic Theory Econ 500 - Microeconomic Analysis and Policy Monopoly Monopoly A monopoly is a single firm that serves an entire market and faces the market demand curve for its output. Unlike
More informationAP Economics Final Exam Krugman2014v1
AP Economics Final Exam Krugman2014v1 Multiple Choice Identify the choice that best completes the statement or answers the question. Module 1 1. Scarcity in economics means: 2 2. Suppose people in households
More information1. Minimum Efficient Scale (MES)..The lower the output at which production becomes efficient the lower the barrier to entry.
Econ 10 Lecture Monopoly & Imperfect Competition Page 27 1. Minimum Efficient Scale (MES)..The lower the output at which production becomes efficient the lower the barrier to entry. Average Cost High MES
More informationPricing with Perfect Competition. Advanced Pricing Strategies. Markup Pricing. Pricing with Market Power
Pricing with Perfect Competition Advanced Pricing Strategies Herbert Stocker herbert.stocker@uibk.ac.at Institute of International Studies University of Ramkhamhaeng & Department of Economics University
More informationAt P = $120, Q = 1,000, and marginal revenue is ,000 = $100
Microeconomics, monopoly, final exam practice problems (The attached PDF file has better formatting.) *Question 1.1: Marginal Revenue Assume the demand curve is linear.! At P = $100, total revenue is $200,000.!
More informationMark Scheme (Results) Winter 2010
Scheme (Results) Winter 2010 GCE GCE Economics (6EC03/01) Edexcel Limited. Registered in England and Wales No. 4496750 Registered Office: One90 High Holborn, London WC1V 7BH General ing Guidance All candidates
More informationLesson Objectives. By the end of the lesson you will:
Oligopoly Lesson Objectives By the end of the lesson you will: Be able to define oligopoly and describe its features Understand game theory and its relevance to oligopoly Have considered the impact of
More information14.1 Comparison of Market Structures
14.1 Comparison of Structures Chapter 14 Oligopoly 14-2 14.2 Cartels Cartel in Korea Oligopolistic firms have an incentive to collude, coordinate setting their prices or quantities, so as to increase their
More informationPractice Problems 2. State Price Elasticity Massachussets $ Ohio $ Utah $
Firms and Markets Assignments and Problems Price Discrimination and Auctions Practice Problems 2 1. Many states sell vanity license plates (with personalized initials) to drivers, for extra fees. The cost
More informationECON 202 2/13/2009. Pure Monopoly Characteristics. Chapter 22 Pure Monopoly
ECON 202 Chapter 22 Pure Monopoly Pure Monopoly Exists when a single firm is the sole producer of a product for which there are no close substitutes. There are a number of products where the producers
More informationThe "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market.
Chapter 16 Monopolistic Competition TRUE/FALSE 1. The "competition" in monopolistically competitive markets is most likely a result of having many sellers in the market. ANS: T 2. The "monopoly" in monopolistically
More informationChapter 7. Section 3: Monopolist Competition & Oligopoly
Chapter 7 Section 3: Monopolist Competition & Oligopoly Monopolist Competition Many companies compete in an open market to sell products that are similar but not identical Each firms hold a monopoly over
More informationOligopoly: How do firms behave when there are only a few competitors? These firms produce all or most of their industry s output.
Topic 8 Chapter 13 Oligopoly and Monopolistic Competition Econ 203 Topic 8 page 1 Oligopoly: How do firms behave when there are only a few competitors? These firms produce all or most of their industry
More informationOligopoly is a market structure in which Natural or legal barriers prevent the entry of new firms. A small number of firms compete.
CHAPTER 15: OLIGOPOLY What Is Oligopoly? Oligopoly is a market structure in which Natural or legal barriers prevent the entry of new firms. A small number of firms compete. Barriers to Entry Either natural
More informationEco 300 Intermediate Micro
Eco 300 Intermediate Micro Instructor: Amalia Jerison Office Hours: T 12:00-1:00, Th 12:00-1:00, and by appointment BA 127A, aj4575@albany.edu A. Jerison (BA 127A) Eco 300 Spring 2010 1 / 61 Monopoly Market
More informationRecall from last time. Econ 410: Micro Theory. Cournot Equilibrium. The plan for today. Comparing Cournot, Stackelberg, and Bertrand Equilibria
Slide Slide 3 Recall from last time A Nash Equilibrium occurs when: Econ 40: Micro Theory Comparing Cournot, Stackelberg, and Bertrand Equilibria Monday, December 3 rd, 007 Each firm s action is a best
More informationAP Microeconomics. Content Skills Learning Targets Assessment Resources & Technology
St. Michael Albertville High School Teacher: Matthew Rooker AP Microeconomics October 2014 Content Skills Learning Targets Assessment Resources & Technology November 2014 Content Skills Learning Targets
More informationEconomic Analysis for Business and Strategic Decisions. The Fundamentals of Managerial Economics
Economic Analysis for Business and Strategic Decisions Chapter 1: The Fundamentals of Managerial Economics 1. Define the concept of time value of money. 2. Recognize the difference between value maximization
More informationCHAPTER 5 THE ANALYSIS OF COSTS
1. CHAPTER 5 THE ANALYSIS OF COSTS Long-run average cost equals long-run marginal cost whenever a) the production function exhibits constant returns to scale. b) fixed costs are zero. c) no factor always
More informationSAMPLE MULTIPLE CHOICE FINAL EXAM CHAPTER 6 THE ANALYSIS OF COSTS
1. SAMPLE MULTIPLE CHOICE FINAL EXAM CHAPTER 6 THE ANALYSIS OF COSTS Long-run average cost equals long-run marginal cost whenever a) the production function exhibits constant returns to scale. b) fixed
More informationRefer to the information provided in Figure 12.1 below to answer the questions that follow. Figure 12.1
1) A monopoly is an industry with A) a single firm in which the entry of new firms is blocked. B) a small number of firms each large enough to impact the market price of its output. C) many firms each
More informationSection I (20 questions; 1 mark each)
Foundation Course in Managerial Economics- Solution Set- 1 Final Examination Marks- 100 Section I (20 questions; 1 mark each) 1. Which of the following statements is not true? a. Societies face an important
More informationChapter 12. Oligopoly. Oligopoly Characteristics. ) of firms Product differentiation may or may not exist ) to entry. Chapter 12 2
Chapter Oligopoly Oligopoly Characteristics ( ) of firms Product differentiation may or may not exist ( ) to entry Chapter Oligopoly Equilibrium ( ) Equilibrium Firms are doing the best they can and have
More informationIndex. Cambridge University Press A Short Course in Intermediate Microeconomics with Calculus Roberto Serrano and Allan M.
adverse selection, 361, 363 Akerloff, G., 360 allocation competitive equilibrium allocation, 275 feasible allocation, 266, 267, 275 nonfeasible allocation, 268 Arrow, K., 272 asymmetric information, 359,
More informationPerfect Competition. Chapter 7 Section Main Menu
Perfect Competition What conditions must exist for perfect competition? What are barriers to entry and how do they affect the marketplace? What are prices and output like in a perfectly competitive market?
More informationMonopoly Monopoly occurs when there is a single seller of a good or service. Despite this simple definition that is usually given in textbooks, we
Monopoly Monopoly occurs when there is a single seller of a good or service. Despite this simple definition that is usually given in textbooks, we must criticize it a bit. Monopoly occurs when there is
More informationEconomics 101A (Lecture 19) Stefano DellaVigna
Economics 101A (Lecture 19) Stefano DellaVigna November 9, 2004 Outline 1. Monopoly 2. Price Discrimination 3. Oligopoly? 4. Game Theory 1 Profit Maximization: Monopoly Monopoly. Firm maximizes profits,
More informationEconomics 211A and 271A: Contract Theory
Economics 211A and 271A: Contract Theory M,W 10:30-11:45, BH 9294, Autumn 2010 http://www.econ.ucla.edu/sboard/teaching.html Professor: Simon Board. Office Hours: By appointment. Email: sboard@econ.ucla.edu
More information