30 Apr Question: QUESTION 1 Identify several cartels in the world and determine to what extent they are successfu…
QUESTION 1
- Identify several cartels in the world and determine to what extent they are successful.
- The ability of oligopolistic firms to engage successfully in collusion depends on a number of factors. Identify and examine at least FIVE (5) of these factors
QUESTION 2
Muhibah Group manufactures smart phones that can be sold directly to retail outlets or to the Mother Company for further processing and eventual sale by them as a completely different model. The demand function for each of these markets is:
Retail Outlets: P1 = 60 – 2Q1
Mother Company: P2 = 40 – Q2
where P1 and P2 are the prices charged and Q1 and Q2 are the quantities sold in the respective markets.
Muhibah’s total cost function for the manufacture of this smart phone is:
TC = 10 + 8(Q1 + Q2)
- Determine Muhibah’s total profit function.
- What are the profit-maximising price and output levels for the product in the two markets?
- At these levels of output, calculate the marginal revenue in each market.
- What are Muhibah’s total profits if the firm is effectively able to charge different prices in the two markets?
- Calculate the profit-maximising level of price and output if Muhibah is required to charge the same price per unit in each market. What are Mubihah’s profits under this condition?
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