Answer: Phase 1 For the purpose of this report the chosen industry is fruit. The demand for the industry is specified as QD specifies demand and P is the price The supply for the industry is specified as Based on upon the market data demand is obtained as The corresponding supply function is Equilibrium is obtained where demand equals supply At equilibrium, In the specified demand function, own price is the primary factor ...Read More >>
Answer: Introduction Soaring energy prices in Australia today has become a major cause of concern. Australians now pay one of the highest electricity bill for residential usage in world. Shortage of energy is the main factor contributing to growth in prices. Energy shortage in Australia is quite surprising as the nation is known for its abandoned stock of resources. The transition from coal based energy supply to a renewable one is ofte...Read More >>
Answers: Externality in economics is defined as the added cost or benefit of an economic transaction that influences a third party who does not involve in the activity. Economic transactions that incurs an external cost is said to constitute negative externality. Positive externality on the other hand is the additional benefit enjoyed by the society. Both type of externality hampers the efficient functioning of free market. The problem is that...Read More >>
Answer: Introduction The article “Gas price war erupts with discount offer” by Daniel Mercer on 8th may 2017 presents information about a price war in Western Australia household natural gas market. The two firms in this industry, Alinta Energy, and Kleenheat have staged price war with the aim of wooing the clients to increase their market share. Alinta’s monopoly in Western Australia natural gas industry came to an end...Read More >>
Answer: I support the position that the Euro was a mistake and back up the view of Oliver Hart that decentralization is the panacea. The EU must embark on the course of decentralization and revert some decision making areas to the member states to survive as well as thrive. The Brussels has gone too far in power centralization and only when this trend is abandoned will see EU survive and flourish lest it fails terribly. Because EU member state...Read More >>
Answers: Similarities and Differences between Monopolies and Oligopolies Today, Monopolies and Oligopolies are among the most predominant market structures in the world. Primarily, a monopoly refers to a market structure where there is only one firm offering a particular product. On the other hand, an oligopoly market structure is one in which there are few large firms that dominate the entire market. Notably, both markets serve many consumer...Read More >>
Answers: Introduction The assignment describes about the different markets in an industry that is monopolistic competition, oligopolistic competition, and duopoly competition. It describes the changes in demand of the product due to change in the price. These markets have different results due to change in the price (Hussain, 2010). Price elasticity of alcoholic products Price elasticity establishes a relationship between the price of a par...Read More >>
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