Answer: Marcus can afford a loan of $167,597.76.
The mortgage factor tells us the monthly principal and interest rate payable for each $1000 of a loan.
Since we know the mortgage factor and the amount Marcus can make each month, we can determine the number of $1000 in his loan amount.
We do this by
This means that Marcus' loan will have 167.5977654 thousands.
Therefore we can find the amount of mortgage loan as
Both firms have market power.
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<h3><u>How Do Oligopolies Work?</u></h3>
An oligopoly is a market structure comprising a few enterprises, none of which can prevent the others from having a sizable impact. The concentration ratio calculates the largest companies' percentage of the market. A market with a monopoly has just one producer, a duopoly has two businesses, and an oligopoly has three or more businesses. The maximum number of firms in an oligopoly is unknown, but it must be low enough such that each firm's activities have a major impact on the others.
Learn more about Oligopolies with the help of the given link:
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