Consider a monopolistically competitive market with N firms. Each firms business opportunities are described by the following equations: Demand: Q = 100/N P Marginal Revenue: MR = 100/N 2Q Total Cost: TC = 50 + Q2 Marginal Cost: MC = 2Q a. How does N, the number of firms in the market, affect each firms demand curve? Why? b. How many units does each firm produce? (The answers to this and the next two questions depend on N.) c. What price does each firm charge? d. How much profit does each firm make? e. In the long run, how many firms will exist in this market?
Chapter 2, Module 4 Hofstede's 6 Dimensions of National Culture o Individualism-collectivism: self-first vs group first Individualism: employee centered incentives, competition, goals/feedback best and individual level Collectivism: work relationships extent to private lives, group level feedback, respond better to authoritarian leaders than individualists do o Power Distance Index: how power or structure is interpreted. Family like companies may have a less rigid structure which can make them feel as if all are relatively equal or entitled to the same things o Mascu