Ph14-Perloff-MicroCalc3wm2
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Ph14-Perloff-MicroCalc3wm2
WWW. down loadslide comMonopoly andMonopsonyMonopoly: one parrot.Apple started selling the iPad on April 3. 2010. The iPad was not the first tablet. I Ph14-Perloff-MicroCalc3wm2Indeed, it wasn't Apple s first tablet: Apple sold another tablet, the Newton, from 1993-1998. But the iPad was the most elegant one. and the first one that many consumers wanted to own. Users interact with the iPad using Apple's multi-touch, finger-sensitive touchscreen (rather than a pressure-trig Ph14-Perloff-MicroCalc3wm2gered stylus that most previous tablets used) and a virtual onscreen keyboard (rather than a physical one). Most importantly, the iPad offers an intuiPh14-Perloff-MicroCalc3wm2
tive interface and ts well integrated with Apple's iTunes music. eBooks, and various applicationCHALLENGEPricing Apple s iPadprogramsPeople loved the WWW. down loadslide comMonopoly andMonopsonyMonopoly: one parrot.Apple started selling the iPad on April 3. 2010. The iPad was not the first tablet. I Ph14-Perloff-MicroCalc3wm2C, in2010. Apple's market share of all tablets was 87%. Moreover, the other tablets available in2010 were not viewed by most consumers as close substitutes. Apple reported that it sold25 million iPads worldwide in Its first full year. 2010-2011.Within a year of iPad's introduction, over a hundred iP Ph14-Perloff-MicroCalc3wm2ad wanna-be tablets were launched. To maintain its dominance. Apple replaced the original iPad with the feature-rich iPad 2 in 2011. added the enhancePh14-Perloff-MicroCalc3wm2
d iPad 3 in 2012, and cut the price of the iPad 2 by $100 in 2012.Industry experts believe that Apple can produce tablets at far lower cost than most WWW. down loadslide comMonopoly andMonopsonyMonopoly: one parrot.Apple started selling the iPad on April 3. 2010. The iPad was not the first tablet. I Ph14-Perloff-MicroCalc3wm2e from suppliers than Its competitors. Using Its own patents. Apple avoids paying as many licensing fees as do other firms.Copycat competitors with 10-inch screens have gained some market share from Apple. More basic tablets with smaller 7-inch screens that are little more than e-readers have sold a Ph14-Perloff-MicroCalc3wm2 substantial number of units, so that the iPad's share ol the total tablet market was 68% in the first quarter of 2012, but it still has a strangleholPh14-Perloff-MicroCalc3wm2
d on the high-end market.In this chapter, we'll answer two questions about the IPad: How did Apple set the price for the iPad when It was essentially WWW. down loadslide comMonopoly andMonopsonyMonopoly: one parrot.Apple started selling the iPad on April 3. 2010. The iPad was not the first tablet. I Ph14-Perloff-MicroCalc3wm2ples pricing more recently? (See the Challenge Solution.)385wvAv.dovznloadsllde.com386 CHAPTER 11In this chapter, we examine seven main topics11.1Monopoly and MonopsonyA monopoly is rhe only supplier of a good for which there is no close substitute. Monopolies have been common since ancient times. I Ph14-Perloff-MicroCalc3wm2n rhe fifth century BC, the Greek philosopher Thales gained control of most of the olive presses during a year of exceptionally productive harvests. SPh14-Perloff-MicroCalc3wm2
imilarly, the ancient Egyptian pharaohs controlled the sale of food. In England, until Parliament limited the practice in 1624, kings granted monopolyWWW. down loadslide comMonopoly andMonopsonyMonopoly: one parrot.Apple started selling the iPad on April 3. 2010. The iPad was not the first tablet. I Ph14-Perloff-MicroCalc3wm2a limited time—to an inventor of a new product, process, substance, or design. Until 1999, the U.S. government gave one company, Network Solutions, the right to be the sole registrar of Internet domain names.Consumers hate monopolies because monopolies charge high prices. A monopoly can set its pric Ph14-Perloff-MicroCalc3wm2e—it is not a price taker like a competitive firm is. A monopoly’s output is the market output, and the demand curve a monopoly faces is the market dePh14-Perloff-MicroCalc3wm2
mand curve. Because the market demand curve is downward sloping, the monopoly doesn’t lose all its sales if it raises its price, unlike a competitive WWW. down loadslide comMonopoly andMonopsonyMonopoly: one parrot.Apple started selling the iPad on April 3. 2010. The iPad was not the first tablet. I Ph14-Perloff-MicroCalc3wm2ey would at the competitive price, which equals marginal cost. As a result, welfare is lower than in a competitive market.We also examine a monopsony: the only buyer of a good in a market. We show that a profit maximizing monopsony sets its price below the competitive level, which lowers welfare com Ph14-Perloff-MicroCalc3wm2pared to a competitive market.1 Monopoly Profit Maximization. Like all firms, a monopoly maximizes its profit by setting Its price or output so that IPh14-Perloff-MicroCalc3wm2
ts marginal revenue equals its marginal cost.2Market Power and Welfare. How much the monopoly's price is above its marginal cost depends on the shape WWW. down loadslide comMonopoly andMonopsonyMonopoly: one parrot.Apple started selling the iPad on April 3. 2010. The iPad was not the first tablet. I Ph14-Perloff-MicroCalc3wm2Monopoly. Specific and ad valorem taxes increase the deadweight loss due to monopoly, may have consumer incidences in excess of 100%, and affect welfare differently from each other.4Causes of Monopolies. Two major causes for a monopoly are a firm's cost advantage over other potential firms and gover Ph14-Perloff-MicroCalc3wm2nment actions.5Government Actions That Reduce Market Power. The welfare loss of a monopoly can be reduced or eliminated if the government regulates thPh14-Perloff-MicroCalc3wm2
e price the monopoly charges or allows other firms to enter the market.6Monopoly Decisions over Time and Behavioral Economics. If its current sales afWWW. down loadslide comMonopoly andMonopsonyMonopoly: one parrot.Apple started selling the iPad on April 3. 2010. The iPad was not the first tablet. I Ph14-Perloff-MicroCalc3wm2opsony—a single buyer—maximizes Its profit by paying a price below the competitive level, so welfare is lower than the competitive level.Monopoly Profit MaximizationCompetitive firms and monopolies alike maximize their profits using a two-step procedure (Chapter 8). First, the firm determines the ou Ph14-Perloff-MicroCalc3wm2tput at which it makes the highest possible profit. Second, the firm decides whether to produce at that output level or to shut down, using the rulesPh14-Perloff-MicroCalc3wm2
described in Chapter 8.www.downloadslid6.comWWW. down loadslide comMonopoly andMonopsonyMonopoly: one parrot.Apple started selling the iPad on April 3. 2010. The iPad was not the first tablet. IWWW. down loadslide comMonopoly andMonopsonyMonopoly: one parrot.Apple started selling the iPad on April 3. 2010. The iPad was not the first tablet. IGọi ngay
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