Please respond to the following 2 questions based on the given scenarios
“Market Structures” Please respond to the following:
· From the scenario, assuming Katrina’s Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC = $5,000
P = 50-0.01Q and MR = 50-0.02Q
*Where price is in $ and Q is in kilograms. All answers should be rounded to the nearest whole number.
o Algebraically, determine what price Katrina’s Candies should charge in order for the company to maximize profit in the short run. Determine the quantity that would be produced at this price and the maximum profit possible.
Q1 Scenario Script: Price and Output Determination; Monopoly and Dominant Firms, and Oligopoly
“Predicting Price-Setting Strategies” Please respond to the following:
· From the scenario for Katrina’s Candies, determine the importance of predicting the pricing strategies of rival firms in an industry characterized by mutual interdependence. Examine the common price setting strategies of airlines that use game theory. Predict the potential effects of such pricing strategies on the demand for seats, and conclude the resulting impact on the profitability of the airlines.
Q2 Scenario Script: Best-Practice Tactics, Game Theory, and Pricing Techniques and Analysis
[DB1]This is not clear.
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