We're Open
+44 7340 9595 39
+44 20 3239 6980

WHAT ARE OF THE CHARACTERISTICS OF AN OLIGOPOLISTIC MARKET

  100% Pass and No Plagiarism Guaranteed

WHAT ARE OF THE CHARACTERISTICS OF AN OLIGOPOLISTIC MARKET

Task


Assignment 2 consists of two problem questions (worth 15 marks each) based on text material. Text material which may be relevant to the questions may be drawn from any of text chapters 1-10
Answer the following:

Question 1

Assume the government wishes to reduce alcohol consumption by considering a higher excise tax on alcohol products. Collect information on estimates for the price elasticity of demand for alcohol products. Based on these elasticity estimates illustrate using a demand/supply diagram(s) who bears the burden of the higher excise tax, consumers or producers.

As an alternative for reducing alcohol consumption assume the government is also considering the imposition of a minimum price on alcohol products. Using a demand/supply diagram illustrate the consequences of imposing a minimum price on alcohol for the consumption of alcohol products.

Provide comment on the relative merits of increasing excise taxes compared to imposing a minimum price on alcohol products for reducing alcohol consumption.

Question 2

 

  1. a)    Assume that in long-run equilibrium the minimum point of the LRAC curve for a table manufacturer’s tables in $200   per table. Under conditions of monopolistic competition, will the long-run price of a table be above $200, equal to $200 or less than $200. Explain your answer.
  1. b)    What are of the characteristics of an oligopolistic market? Give three examples of industries with oligopolistic firms in Australia. Justify your examples by relating them to the characteristics of oligopolistic firms.
  1. c)     What are the characteristics of a monopolistically competitive market? Give three examples of industries with monopolistically competitive firms in Australia. Justify your examples by relating them to the characteristics of monopolistically competitive firms.
  1. d)    Assume that two firms make up a natural duopoly. What are the conditions which may make this occur? Sketch the market demand curve and cost curves that describe the situation in this market and that prevent other firms from entering.

Rationale

The questions address the following learning outcomes:
 

  • be able to apply demand and supply analysis to make a range of market related decisions
  • be able to explain and defend why it is important to understand the structure of the market in which a firm operates

100% Plagiarism Free & Custom Written,
Tailored to your instructions


International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

UK Registered Company # 11483120


100% Pass Guarantee

STILL NOT CONVINCED?

View our samples written by our professional writers to let you comprehend how your work is going to look like. We have categorised this into 3 categories with a few different subject domains

View Our Samples

We offer a £ 2999

If your assignment is plagiarised, we will give you £ 2999 in compensation

Recent Updates

Details

  • Title: WHAT ARE OF THE CHARACTERISTICS OF AN OLIGOPOLISTIC MARKET
  • Price: £ 115
  • Post Date: 2018-11-10T06:38:47+00:00
  • Category: Assignment
  • No Plagiarism Guarantee
  • 100% Custom Written

Customer Reviews

 WHAT ARE OF THE CHARACTERISTICS OF AN OLIGOPOLISTIC MARKET WHAT ARE OF THE CHARACTERISTICS OF AN OLIGOPOLISTIC MARKET
Reviews: 5

A masterpiece of assignment by , written on 2020-03-12

The rates are a bit expensive for me of the essay writing service but the overall look is amazing. The references and formatting are done beautifully. So, I feel that the high rates are worth all these qualities. I want to thank you for great help.
Reviews: 5

A masterpiece of assignment by , written on 2020-03-12

I had wasted so much money for poor quality work on other sites that I became despair to find a reliable one. I landed on Insta Research and finally, I am fully satisfied after ages from their quality of the work and instant response. Also, the rates are handy. Great going guys!