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According to the case study, there has been a massive increase in the flowering of the mango trees across the country. The major mango producing areas are Darwin, Burdekin, Mareeba, Katherine, and Bowen and Townsville. The mango producers predict that the harvest would be great if the weather remains favorable. They also predict that the timing of harvest would determine the price of the mangoes in this particular year. If the producer...
The dependent variable in graph 1 is number of accidents and the independent variable is the number of drink drivers.
Graph 1 shows positive linear relation between dependent and independent variable. Number of accident increases with the increase in the number of drink driver and vice versa.
On the other hand, Graph 2 represents non-linear relationship between two variables. The curve is positively sloped concave curve. The non-...
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An oligopoly market structure can be defined as the imperfect kind of competition. Elements such as small number of firms within the industry especially large firms owe a significant amount of share in a particular market (Taussig, 2013). The products sold by the firms in the oligopoly market are similar however; there is some amount of variation. Under the oligopoly market there is barrier to entry for other firms that ...
Coles is Australian supermarket owned by Wesfarmers and was founded by GJ Coles in 1914. In the recent years, the company’s management has devoted efforts to delivering quality services and products with a view of winning more clients. For instance, this firm has invested in noteworthy changes such as rolling out new format stores, lowering price and employee training to enhance the experience of customers (Cole...
Over the past several decades, the world market for oil are faced with most disruptive events. The members of Organization of Petroleum exporting countries raised the price of oil for increasing their income. This was done by reducing the amount of oil supplied on jointly basis. Oil price rose for more than 50% after adjusting the inflation rate from 1973 to 1974. Oil price was approximately doubled from 1979 to 1981 resu...
Global economy has experienced continuous energy crisis in the last few decades of twentieth century. Most of this crisis was actually intended by groups that had economic power during that time. One such powerful organisation was OPEC whose members include most of Middle East countries controlling a major share of world oil export. In 1974 oil price made an almost 50 percent jump from its existing level. The price hop was the re...
The cafe business is monopolistically competitive. Product differentiation provides the firm some extent of monopoly power. Presence of large number of cafes in the market makes the market competitive. Cocolat Rundle St is an established café of Rundle Street if Australia. The competitors of this firm are Eros Kafe, Exchange Specialty Café, Belgian Beer Café, The Coffee Club Adelaide Central and others. Eac...
Perfect competition is a market structure where a large number of buyers and sellers present in the market. Each seller there sells a homogenous product. However, in real world there are mostly markets with imperfect competition. Markets with imperfect competition take forms like oligopoly, monopoly and monopolistic competition. The classification based on the number of buyers and sellers present in the market.
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