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Unit 6 Assignment: Oligopoly and Monopolistically Competitive Firms (Coursework Sample)

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Unit 6 Assignment: Oligopoly and Monopolistically Competitive Firms 
Student Name: 
In this Assignment, you will compute total cost, total revenue, and total profit/loss. Based on the computed results, you will determine the optimal quantity of output, which minimizes loss under a monopolistically competitive market. In addition, you will also evaluate the marketing strategies of oligopoly market firms.
Instructions: Answer all of the following questions. You are required to follow proper APA format. Read the Criteria section below for more information before you begin this Assignment.
1. Do the firms in an oligopoly act independently or interdependently? Explain your answer.
 
b. What level of output maximizes profit or minimizes loss?
c. Should this firm operate or shut down in the short run? Why?
3.  Suppose that Wal-World and Tarbo are independently deciding whether to implement a new bar code technology or use the existing bar code. It is less costly for their suppliers to use one system and the following payoff matrix shows the profits per year for each company resulting from the interaction of their strategies.
Does Wal-World have a dominant strategy? Briefly explain.
Does Tarbo have a dominant strategy? Briefly explain.
Is there a Nash Equilibrium in this game? Briefly explain.
CriteriaThis Assignment should be written in Standard English and demonstrate exceptional content, organization, style, and grammar and mechanics. Respond to the questions in a thorough manner, providing specific examples where asked.Your sources and content should follow proper APA format (A title page is not required). Review the APA formats found in the Writing Resources accessed through the Academic Success Center within the Academic Tools area of the course.Review the grading Rubric to ensure all points have been captured in the paper.
References (add references in APA format below)
Directions for Submitting your Assignment Complete your Assignment in this Word document. Submit your Assignment by the end of Unit 6 to the Unit 6 Assignment Dropbox. Make sure to save a copy of your work and be sure to confirm that your file uploaded correctly.
Unit 6 Assignment Points Possible Points EarnedContent and Analysis Problem #1Do the firms in an oligopoly act independently or interdependently? Explain your answer. 6 Problem #2A monopolistically competitive firm has the following demand and cost structure in the short run.  Complete the table (a) 16 What level of output maximizes profit or minimizes loss? (b) 4 Should this firm operate or shut down in the short run? Why? (c) 4 Problem #3Does Wal-World have a dominant strategy? Does Tarbo have a dominant strategy? Is there a Nash Equilibrium in this game? Briefly explain.  (a-c) 9 Writing style, grammar, and APA format. 6 Total 45

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Content:

Unit 6 Assignment: Oligopoly and Monopolistically Competitive Firms
Student Name:
In this Assignment, you will compute total cost, total revenue, and total profit/loss. Based on the computed results, you will determine the optimal quantity of output, which minimizes loss under a monopolistically competitive market. In addition, you will also evaluate the marketing strategies of oligopoly market firms.
Instructions: Answer all of the following questions. You are required to follow proper APA format. Read the Criteria section below for more information before you begin this Assignment.
1. Do the firms in an oligopoly act independently or interdependently? Explain your answer.
Firms act interdependently. Oligopoly constitutes of few large firms controlling a certain market. In this case, each firm has a significant influence over the market. The firms’ products maybe slightly differentiated but one firm’s decision over the price and quantity produced is greatly influenced by the other firms. This makes the oligopolist firms to either collude or compete to keep off other players from entering the market. If the firms decide to collude, they decide what price to set and the quantity to produce. In most collusion instances, firms reduce output quantity to have prices high through the game theory concept CITATION Gre171 \l 1033 (Mankiw, 2017).
2. A monopolistically competitive firm has the following demand and cost structure in the short run.
OutputPriceFCVCTCTRProfit/Loss
0$90$90$0$90$0$-90
180904013080-50
2709080170140-30
36090140230180-50
45090220310200-110
54090320410200-210
63090440530180-350
7

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