04 Jun Question Eco 2023 Paige
Question
Eco 2023 Paige
Homework #11
1. Give three examples of artificial barriers to entry. Why do artificial barriers create problems for consumers? (20 pts)
2. Describe the problems faced when using a concentration ratio. (20 pts)
3. Find a site on-line that discusses an oligopoly model or models. Provide the link and give a brief description. (20 pts)
4. The following firms are all the firms in the industry, listed in order of sales.
Firm A 18,000 Firm E 2,500
Firm B 14,000 Firm F 2,000
Firm C 7,000 Firm G 1,600
Firm D 3,700 Firm H 1,200
Find the HHI. Is this a highly concentrated industry or not? (15 pts)
5. What are the three ways firms could openly cooperate? (15 pts)
6. For the below game theory matrix, identify which cell is the Nash equilibrium and which cell is the joint profit maximization cell. (10 pts)
Firm A sets competitive P
Firm A sets monopoly P
Firm B sets competitive P
Firm A makes $100,000
Firm B makes $100,000
Firm A makes $ 20,000
Firm B makes $150,000
Firm B sets monopoly P
Firm A makes $150,000
Firm B makes $ 20,000
Firm A makes $120,000
Firm B makes $120,000
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