Oligopoly and Monopolistic Competition and Product Differentiation Case Assignment

Oligopoly and Monopolistic Competition and Product Differentiation Case Assignment

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Oligopoly and Monopolistic Competition and Product Differentiation Case Assignment

Unit 8

[Microeconomics]

Unit 8 Assignment: Oligopoly and Monopolistic Competition and Product Differentiation

Name: –

Course Number: –

Section Number: –

Unit Number: – 8

Date: –

Problem

Dr. Fine and Dr. Feelgood are the only two medical doctors offering immediate walk-in medical services in the town of Springfield. That is, they operate in a duopoly. Each doctor can charge either a high price or a low price for a standard medical visit. The accompanying matrix shows their payoffs, in profits per patient (in dollars), for any choice that the two doctors can make.

Suppose the two doctors play a one-shot game—that is, they interact only once and never again. What will be the Nash (non-cooperative) equilibrium in this one-shot game?

1. Now suppose the two doctors play this game twice. Also, suppose each doctor can play one of two strategies: it can play either “always charge the low price” or “tit for tat”— that is, it starts off charging the high price in the first period, and then in the second period it does whatever the other doctor did in the previous period. Write down the payoffs to Dr. Fine from the following four possibilities:
2. Dr. Fine plays “always charge the low price” when Dr. Feelgood also plays “always charge the low price.”

FIRST Period	Payoffs	SECOND Period	Payoffs	TOTAL Payoffs
	Charges (high or low)			Charges (high or low)
Fine			Fine
Feelgood			Feelgood

1. Dr. Fine plays “always charge the low price” when Dr. Feelgood plays “tit for tat.”

FIRST Period	Payoffs	SECOND Period	Payoffs	TOTAL Payoffs
	Charges (high or low)			Charges (high or low)
Fine			Fine
Feelgood			Feelgood

1. Dr. Fine plays “tit for tat” when Dr. Feelgood plays “always charge the low price.”

FIRST Period	Payoffs	SECOND Period	Payoffs	TOTAL Payoffs
	Charges (high or low)			Charges (high or low)
Fine			Fine
Feelgood			Feelgood

1. Dr. Fine plays “tit for tat” when Dr. Feelgood also plays “tit for tat.”

FIRST Period	Payoffs	SECOND Period	Payoffs	TOTAL Payoffs
	Charges (high or low)			Charges (high or low)
Fine			Fine
Feelgood			Feelgood

2. “In the long run, there is no difference between monopolistic competition and perfect competition.”

Discuss whether this statement is true, false or ambiguous with respect to each of the criteria listed under a, b, c, and d. Justify your answers.

1. The price charged to consumers
2. The average total cost of production
3. The efficiency of the market outcome
4. The typical firm’s profit in the long run

———————

References:

Microeconomics: Unit 8 Assignment: Game Theory and Perfect Competition and monopolistic competition in the Long run
Content (15 points)	Points Possible	Points Earned
Game TheoryCorrectly calculated the non-cooperative Nash equilibrium for one-shot game.	3
Two-shot game with two strategies: “always charge the low price” or “tit for tat”. Find payoffs to Dr. Fine when: · Dr. Fine plays “always charge the low price” when Dr. Feelgood also plays “always charge the low price.” (a) · Dr. Fine plays “always charge the low price” when Dr. Feelgood plays “tit for tat.” · Dr. Fine plays “tit for tat” when Dr. Feelgood plays “always charge the low price.” · Dr. Fine plays “tit for tat” when Dr. Feelgood also plays “tit for tat.”	4
Considering the following statement: “In the long run, there is no difference between monopolistic competition and perfect competition.” discussed whether the following would be determined to be true, false, or ambiguous (justify your answers): · The price charged to consumers · The average total cost of production · The efficiency of the market outcome · The typical firm’s profit in the long run	8
Analysis (6 points)
Work demonstrates synthesis of concepts, research, and experience	2
Work demonstrates the student’s ability to tie relevant information to real-life applications.	2
Analysis exceeds basic comprehension to demonstrate higher-order thinking.	2
Writing (4 points)
Correct use of APA 6th edition format, all sources used to support the paper are referenced	2
Sentences are clear, concise, and direct; tone is appropriate, spelling, grammar, and punctuation are correct.	2
Total	25

Oligopoly and Monopolistic Competition and Product Differentiation Case Assignment

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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