Minimum Wage This assignment is to address the minimum wage within the market structure and maximizing profits. The market structures are competitive market, monopoly, and oligopoly. Minimum wage had been established to protect the work force from employers paying them low wages and to allow the employees to maintain a minimum living standard to protect against poverty. The United States Federal Governments current minimum wage is $7.25 an hour. Many states use this figure or increase the wage
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University Online September 23, 2012 Abstract The paper contains information regarding Lowe’s home improvement. The 4 Ps of marketing that Lowe’s uses at this time are also included in this paper; Lowe’s is considered an oligopoly as the second home improvement store in the nation, explanation on how it has dealt with Home Depot and other stores is part of this paper. Lowe’s Home Improvement Introduction Lowe’s is a great company in
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6. The demand function is Q = 100 –.5P. The cost function is TC = C = 100 + 60(Q) + (Q)26. The demand function is Q = 100 –.5P. The cost function is TC = C = 100 + 60(Q) +(Q)2 a. Find MR and MC. MR = 520 – 4Q MC = 100 + 2Q MR = 520 – 4Q MC = 100 + 2Q 520 – 4Q = 100 + 2Q b. Demonstrate that profit is maximized at the quantity where MR = MC. Profit = TR – TC TR = P*Q = ($380 per unit)(70 units) = $26,600 2 TC = 100Q + Q + 50 = 100(70) + (70)(70) + 50 = $11,950 Profit = $14650 c. Derive the
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Supply and Demand Supply and demand is perhaps one of the most fundamental concepts of economics and is the backbone of a market economy and the qualities they share. In this paper, I will discuss what causes changes in supply and demand, determine how changes in price and quantity will influence market equilibrium. I’ll also describe how the necessity of a good and the availability of substitutions affect prices and compare and contrast market systems and the role of an economist within those systems
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include, pure competition, monopolistic competition, oligopoly, and monopoly. Pure competition markets are many sellers supplying identical products, such as framers selling milk, eggs, or corn, or individuals selling shares on the Stock Exchange (Douglas, (2012). Monopolistic competition markets are many sellers each supplying differentiated products, such as coffee shop in the central business district of a large city (Douglas, (2012). Oligopoly markets supply relatively few sellers each supply
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This paper is dedicated to Steve Jobs, one of the greatest inventors we had in modern times. Is iPod Apple’s quiet monopoly Prelude Apple’s iPod a revolutionary portable media player was launched in 2001. Being a striking piece of innovation with no comparable substitutes at that time it had a roaring success in worldwide. Till today, the quarterly sales of iPod worldwide continue to vary between 9 and 10 million ( [ Figure 1 ]). Even after the introduction of Microsoft’s Zune digital media
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markets her business should not be considered a monopoly. There is indirect competition from the supermarkets in the area who offer gourmet food products, thus she is a niche player in the food service sector. Her business should be classified as an oligopoly as she does have few indirect competitors and the key to her success is her resources, both internally and externally. There is the potential to classify her business market structure as monopolistic competition due to the fact that there are many
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ECON 306 Final Exam Click Link Below To Buy: http://hwaid.com/shop/econ-306-final-exam/ 1. Which of the following constitutes an implicit cost to the Johnston Manufacturing Company? a. Payments of wages to its office workers. b. Rent paid for the use of equipment owned by the Schultz Machinery Company. c. Use of savings to pay operating expenses instead of generating interest income. d. Economic profits resulting from current production. 2. Suppose that a business incurred implicit
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In a free economic order, the decisions about economic activities are not taken by the State Authority. It is the market forces which decide which things to produce and in what quantity, which modes should be adopted to produce them and for whom should they be produced. In other words the market forces, that is, forces of supply and demand play ,a decisive role in the spending, production and distribution and exchange of wealth. It is the price index which brings these forces into operation. For
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development of Blue Cross organizations. The predecessors of today's Health Maintenance Organizations (HMOs) originated beginning in 1929, through the 1930s and on during World War II and beyond (Thinking Healthy History, 2014). Market Structure An oligopoly is a market structure in which a few firms overshadow. When a market is communally jointed between a few firms, it is said to be highly competitive. Although only a few firms dominate, it
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