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Natalija [7]
3 years ago
6

Explain the monopolist Describe and/or analyze graphically the firm’s profit-maximizing,Break-even, and shut-down conditions Des

cribe the short and long run market conditions Explain what a "natural monopoly" is Describe limits on monopoly power
Business
1 answer:
Lina20 [59]3 years ago
7 0

Answer:

The overview of the given scenario is described in the explanation segment below.

Explanation:

The monopoly seems to be the owner and manager of the sole business that operates on either the marketplace (Industry).

The monopolist becomes making an extraordinary income. Balance requirements become MC = MR, MC reductions MR from underneath the.

The breakeven point would be where the expense of Average is equivalent to the value (Average Revenue-AR)

Closing down portion would be when the company is unable to cover the AR Cost i.e.

⇒  AR < AVC.

The normal monopoly would be when it has a large competitive edge over all the future entrants as either a barrier to the entrance of just about any new company, which prohibits any new installment including its company into the sector. It may even be attributable to someone's power over manufactured goods or perhaps the possession of environmental assets.

The limits of monopoly power are given below:

  • This power is limited to something like the possibility of competitors.
  • If alternatives are present mostly on the market, it's been difficult to retain the monopoly.
  • Law facilitates the possibility of monopoly power.

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Before the last presidential debates, 50% of registered votes indicated they were planning to vote for the incumbent president.
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Answer:

a) H₀ : p = 0.5

H_{a} : p > 0.5

b) z = 2.0785

c) p - value = 0.0188

d) Our conclusion is that there has been a significant increase in the proportion of registered voters who are planning to vote for the incumbent president

Explanation:

Probability of those planning to vote for the incumbent president before the debate, P₀ = 50/100 = 0.5

a) The null and the alternative hypothesis

Let the null hypothesis be represented by H_{0}

and the alternative hypothesis be represented by H_{a}

H₀ : p = 0.5

H_{a} : p > 0.5

b) compute the test statistics

sample size, n = 1200

number of voters planning to vote for the incumbent president, x = 636

Probability of those planning to vote for the incumbent president in the selected sample:

\bar{p} = x/n\\\bar{p} = 636/1200\\\bar{p} = 0.53

Formula for the test statistic:

z = \frac{\bar{p} - p_{0} }{\sqrt{\frac{p_{0}(1-p_{0} ) }{n} } }

z = \frac{0.53 - 0.5 }{\sqrt{\frac{0.5(1-0.5 ) }{1200} } }

z = 2.0785

c)

For \alpha = 0.05\\, the critical value as checked from the normal table will be:

z_{\alpha} = 1.645

The P value for z > 2.0785

P-value = P(z > 2.0785) \\P - value = \phi (-2.0785)\\P - value = 0.0188

d) What do you conclude?

since ( z = 2.0785) > (z_{\alpha} = 1.645), we will reject the null hypothesis.

Our conclusion is that there has been a significant increase in the proportion of registered voters who are planning to vote for the incumbent president

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