MT445 unit 5 assignment - MT 445 unit 5 assignment (use as a guide only)

Feb 3rd, 2012
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Unit 5 Assignment Student Name: Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed. 1. Do the firms in an oligopoly act independently or interdependently? Explain your answer. 2. A monopolistically competitive firm has the following demand and cost structure in the short run: Output Price FC VC TC TR Profit/Loss 0 $90 $90 $ 0 ____ ____ ________ 1 80 ____ 40 ____ ____ ________ 2 70 ____ 80 ____ ____ ________ 3 60 ____ 140 ____ ____ ________ 4 5

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Unit 5 AssignmentStudent Name: Please answer the following questions. Submit as a Microsoft Word document to the Dropbox when completed.1. Do the firms in an oligopoly act independently or interdependently? Explain your answer.Relationship of Firms in anoligopoly situationis of interdependent nature. This refers that the demand for one firm's output depends on the actions of its rival firms thus making decision making difficult regarding price and output levels. Oligopolists try to reduce uncertainty about their demand by engaging in behavior that makes their rivals' actions more predictable or by assuming certain actions bytheir rivals.2. A monopolistically competitive firm has the following demand and cost structure in the short run:OutputPriceFCVCTCTRProfit/Loss0$90$90$ 0900(90)180904013080(50)2709080170140(30)3609014023018

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