1 Final Exam (VERSION 1): Econ 101 • Please write your name at the top of every page of this mideterm • Please write your name‚ TA’s name‚ and the time of your discussion section here Your Name: TA’s Name: Discussion Time: • The exam has one parts: Written Questions. • There should be 16 total pages (front and back). Quickly read through the exam before beginning. • There are 100 total points available. Point values are listed next to each problem part. Please allocate your time accordingly
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to be highly concentrated. Although only a few companies dominate‚ it is possible that many small businesses may also operate in the market. Duopoly A market in which two companies own the entire market share for a given product or service is called a duopoly. A duopoly is the most basic form of an oligopoly. Amazon and Apple have been called a duopoly for their dominance in the e-book marketplace. Monopoly A monopoly is a market structure in which there is only one producer or seller
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price of PS3 in July 2007 and even though it was still higher than the Xbox 360‚ Microsoft entered the Bertrand competition being a Baumol type player. The action-reaction sequence continued for 3 iterations and then both the companies switched to Cournot competition revealing their shipments and enticing new customers by releasing new and exciting games. Thus‚ once again the Bertrand competition ended when Nash equilibrium was reached at price
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a stabilized market‚ with a duopoly amongst the two strong players: British Airways and Aer Lingus. Both airlines established routes in the lucrative Dublin - London markets and tap on profits from this route to finance their other less profitable operations. The demand for air travel between the Dublin and London has probably stabilized over the 10 years from the stagnant market share of half million air travelers. Ryanair’s strategy is focused on breaking this duopoly with the introduction of Ryanair’s
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Priyanka (Student) Jaipuria Institute Of Management‚ Lucknow THE EXISTING DUOPOLY OLIGOPOLY Oligopoly is said to prevail when there are few firms or sellers in the market producing or selling a product. Oligopoly is of two types- pure Oligopoly where the product is same and differentiated oligopoly where the product is different
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Executive Summary Richter’s CIO is facing two major decisions – is the current IT structure appropriate to meet the growing demands of the overall organization and to what extent should IT at affiliates be centrally controlled. This report will outline the current situation‚ provide alternative solutions‚ as well make a recommendation on the best alternative and implementation plan. It is recommended that Richter’s outsource the more routine IT functions. The current governance model should
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Question 1 The concentration producing industry has one buyer and through its value chain. Instead‚ costs for advertising‚ promotion‚ market research‚ and bottler relations were significant. On the other hand‚ bottling industry is the mid-way player in the soft drink industry. There are two suppliers and one buyer involved in its value chain (Exhibit 1). Whether two industries are profitable depends on soft drink consumption‚ which had increased for more than 20 years and plateaued in the 1990s
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sector in the world. In this case‚ the two supermarket chains Coles and Woolworths account for about 80% of the packaged groceries sold in Australia (Smith‚ 2006). The retail grocery market is dominated by these two giants‚ which eventually creates a duopoly/oligopoly existence‚ making the whole market not at all “perfectly competitive”. There are many buyers‚ but there are not too many sellers! Taking a look at the retail market‚ it is easy to notice that Coles and Woolworths have a lot of different
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Practice Problem Sets Industrial Organization Oz Shy General Instructions for Students 1. The problem sets given in this handout are taken from old exams. 2. Exercises should NOT submitted (they will not be graded). However‚ 3. The best‚ and perhaps the only‚ way to ensure that you understand the material taught in class is to solve these exercises under “exam conditions” and only then check the proposed solution. 4. Solutions to all problems can be downloaded as a separate file. 5. Another
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Economic Analysis of an oligopoly market structure Supermarkets brew up a crate full of profits 1. Introduction 1a Article Summary Woolworths and Coles continue to extend their dominance in the grocery market and more recently petrol. This has been extended and they are now looking to expand their hold on the Australian market by moving into the liquor industry. Julian Lee (2008) highlights Coles and Woolworths move into the industry‚ by trying to build on their previous acquisitions of liquor
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