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The demand function for monopolistic product defines the competition faced by the product. The company attempts to obtain an economic gain by differentiating its brand from a collection of…
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Download file to see previous pages d function implies that if the competitors come together into a merger, the resultant monopolist product may not have more brands than the merged firm may, because more brand competition is internal. Nevertheless, it is not likely that just a single brand will be developed after the competitors’ merger. Producing more brands with a wide range of prices and properties is one technique for breaking up the market demand into sets of different clients with a variety of price elasticity, which also serves to stimulate the overall market demand. The monopolist product function is made up of the quantity or the number of brands in the market, the average cost per unit of the brands produced and the price or the value of the product brands. The questions will thus be solved by inputting the prices in the Mathematica codes and then applying the demand function below: to generate the 2 dimensional plotting of the first question. In the second question, the data input in Mathematica codes will be the quantity of products. In Question 3, the data input will be the same as in question 1 but will have a fixed price of 1 in calculating the demand elasticity. Question 4 will be treated in the same way as question 2 but will have a fixed quantity of 1 to calculating the marginal cost. Question 5 will calculate the profit function as the difference between the price and the marginal cost of the products. The sixth question will produce the 3D plots of the profit function, with two input variables, the prices and the product quantities. From this, it will be possible to locate the maximum profit to answer question 9, and select the quantity and the price that produces it, to answer question 7 and 8 respectively.
The study was successful in testing all the numerical questions presented. From the results generated, it was clearly evident that the price and the demand were inversely proportional. As the price increased, the demand for the products was seen to be reducing. At the same ...Download file to see next pagesRead More
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