21 May HOW DO ECONOMIST QUANTIFY THESE LOSSES? HOW DO DIFFERENT LEVELS OF COMPETITION AFFECT CONSUMERS?
Answer the following 3 questions in detail.
You can use examples from quizzes, the book, powerpoints, etc. But you must
work through the math and devise the explanations that go along with the math.
For example, you may copy a graph that has
numbers already on it, but you should show your work for calculations using
those numbers.
You may type your explanations, but all
answers should include hand-written portions. Graphs must be handwritten.All
math and graphs should be accompanied by an explanation. Be thorough in your
response. Attach extra pages as necessary. Please be
neat.
1.
Explain why when producers have fewer competitors consumers tend to be worse
off. How do economist quantify these losses? How do different levels of
competition affect consumers?
2.
Explain how the long run equilibrium differs for perfect competition,
monopolistic competition, and monopoly markets.
3. Why
are economists often skeptical of conspiracies (e.g., cartels)? Show an example
of a game where participants in the conspiracy have an incentive to cheat on
each other. How does competition and profit maximization prevent many
conspiracies from being successful?
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