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ECON6001 Economic Principles

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Questions

Part 1

Economists would argue that each of these cafés enjoys a degree of monopoly power which is o?set by a degree of competition as well. Discuss the nature of these competitive forces in the context of a typical café and then explain the theoretical cost and revenue profile of a typical café which gives rise to any profitability it may enjoy in the short run.

Part 2

What factors threaten the long-­ run profitability and survival of such a cafe?  Explain your answer.

Part 3

If you walk down the street at lunch time you will notice that some cafes are filled to capacity with customers whereas others have spare seats. What are the implications of this for the minimization of a café’s long-­run average costs? Can you explain the reasons for this in the context of the 'excess capacity theorem' associated with the model of monopolistic competition?
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My Assignment Help. Economic Principles [Internet]. My Assignment Help. 2021 [cited 26 October 2021]. Available from: https://myassignmenthelp.com/free-samples/econ6001-economic-principles/monopolistic-competition.html.


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