History of Yugoslavia - Overview

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B. Answers to Short-Answer, Essays, and Problems 1. What are the major features of monopolistic competition compared to pure competition and pure monopoly? In monopolistic competition, there are a relatively large number of firms, not the thousands of firms as in pure competition. The monopolistically competitive firms produce differentiated products, not the standardized products of pure competition. Product differentiation means that monopolistic competitors engage in some price competition because they have some limited â€Å"price making† ability based on the less elastic demand for their particular product. This demand, however, is more elastic than the demand for monopolists’ products. Monopolistic competitors, unlike most†¦show more content†¦[text: E p. 488; MI p. 230] 6. Assume that the short run cost and demand data given in the table below confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table. Total Marginal Quantity Marginal Output cost cost demanded Price revenue 0 $ 25 0 $60 1 40 $15 1 55 $ 55 2 45 5 2 50 45 3 55 10 3 45 35 4 70 15 4 40 25 5 90 20 5 35 15 6 115 25 6 30 5 7 145 30 7 25 –5 8 180 35 8 20 –15 9 220 40 9 15 –25 10 265 45 10 10 –35 (a) The firm will produce 4 units of output. At that level, marginal revenue ($25) is greater than marginal cost ($15), but as close to equality as possible. Total profit will be $90 ($160 – $70). (b) The demand for the firm’s product will decrease until price equals average cost and total profits are zero. [text: E pp. 488-490; MI pp. 230-232] 7. Assume that the short-run cost and demand data given in the table below confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Compute the marginal cost and marginal revenue of each unit of output and enter these figures in the table. Total Marginal Quantity Marginal Output cost cost demanded Price revenue 0 $ 75 0 $180 1 120 $ 45 1 165 $ 165 2 135 15 2Show MoreRelatedManagerial Economics: A Study Guide2627 Words   |  11 Pagesï » ¿Running Head: Managerial Economics Managerial Economics Executive Summary A managers decision to start a new business in an international market essentially requires a careful analysis of the industry patterns, economic situation, and consumer behavior. The question is whether a new business should be started in an international setting or not. The answer to this question has been given in the light of ten important factors and costs which impact this managerial decision for a new businessRead MoreEconomics 130: Exam 3 Study Guide3071 Words   |  13 Pagesï » ¿Economics 130: Exam 3 Study Guide 1) Which market model has the least number of firms? a. 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Challenges in Cyber Security Of UCC Samples †MyAssignmenthelp.com

Questions: 1. Is a farmer a merchant under UCC? 2. How relevant sections of UCC will guide the parties to a conclusion. Answers: Introduction Uniform Commercial Code (UCC) contains various sections of articles that protects farmers, consumers and buyers classified under specific group against breaking the rules of carrying out transactions in business. The articles applies as a measure of security in sale of products and services, source of security for all transactions carried out and secured termination and cancellation of contracts for parties involved in case of any (Saunders,and Rymsza ). According to UCC articles, will be able to determine which party prevails in the case of Johnson the merchant and MFA the buyer. Since both party had signed an agreement and enter into a contract of transaction of 6000 bushels of soybeans. 1. According to article 2 sections 104 of the UCC, a merchant is defined as a person who deals with various types of goods and services that he or she has full knowledge about the particular product or services they are dealing with and is engaged in the transactions. In case a broker, intermediary or an agent is involved in performing the transaction on behalf of the merchant, they should also have the same knowledge or skills. In this scenario, the Farmer (Johnson) is therefore considered a merchant because he had full knowledge of his products the soybeans that he sold to MFA. To add to that, Johnson was also involved in the transaction by selling the soybeans to MFA directly. 2. Article 2 sections 105 of Part 2 of UCC, requires a mutual agreement to be made when parties involved in transactions are getting in to a contract. Therefore no contract can work without an agreement witnessed by both parties. In this case, Johnson entered into an agreement and signed a contract with MFA to deliver 6000 bushels of soybeans to MFA within an agreed period of time. However, Johnson did not conform to the agreement made and he failed to deliver the required amount of bushel of soybeans. According to this section therefore, MFA had the right to withheld payment that was to be made to Johnson, since he failed to conform to the agreement. (Shabani) Contract for sale states clearly that it includes either the sale of services and particular goods in the present or an agreement made through a contract to sale same goods or services in future. Article 2 sections 105 also states that termination of contract only occurs when one of the party that is pursuant to the law puts an end to the contract. Where as in this case, no pursuant law was involved in terminating the contract, instead, the merchant just decided not to deliver the products as they had agree thus breaking the law of contract(Wagner). The same section states that, for cancellation of contract to occur, one of the parties must put to an end the contract for breach by the other party involved. Johnson in this scenario however, did not follow all the procedure of terminating the contract or cancelling it. This gives MFA all the rights to withhold his payments until when they will come to an agreement of compensation for the loss incurred. If Johnson could take a step of informing MFA about the change of market price and request for an increase of amount to be paid, then if MFA would have assumed and still pay Johnson a less amount, Johnson would therefore have the right to file a petition against MFA for not conforming to his request. But since Johnson never took that step instead he opt to throw away the contract in an informal way, he is therefore liable for his actions. (Degrand) According to common sales law, parties involved in the contract are always advised to incorporate the termination and cure sections in their actions. For instance, Johnson in this case should have followed the law and terminate the contract earlier in order for him to avoid contract pitfall. However, Johnson never applied this section in his process, instead he only concentrated on negotiating for the contract and payment, but he did not take keen action of signing a written agreement that would have protected him from the negative outcome. The sales law under UCC clearly states that, failure of either party to sign the contract document with properly written agreement always ends up in disagreements, late payments and inflexibility in delivery dates that eventually results to contract failure. This disagreement results in wastage of time, resources and money because an extra cost is experienced in such scenario. If the merchant would have taken extra time to review the contract thoroughly up to the final word of the agreement, get prepared for either a negative or positive feedback, expanded his review of what was in the contract, referenced other documents to avoid confusion and ambiguity, he would have overcome the contract pitfall.(Gerhard) Conclusion Johnson once he received the contract was excited and went ahead with the transaction meaning he had agreed to the terms of the contract. He never took time to go through it and understand the number of bushels sold. After doing the delivery and some part of his payment not made, that is when he realised the mistake made. However, According to article 2 section 106 part 2 of the UCC, in order for a contract sale to take place, there must be a mutual agreement and a contract which is to be used both for present and future sale. In case one of the parties fails to conform to the agreement within given time frame, then that particular is liable to the consequences (Dolan). Johnson in this case did not conform to the agreement, and therefore making MFA withheld his payment. If Johnson could apply the correct procedure after realising his mistake and terminate the contract according to article 2 section 106 parts 3 of UCC, he will then have the right to file a lawsuit against MFA for refu sing to pay him. Since Johnson never takes any action according to UCC, MFA therefore prevails under the UCC. (Nam) References DeGrand, Luke. "The Demise Of The 'You Break It, You Bought It' Rule In The Seventh Circuit: Lost Profit And Overhead Damages Under The UCC".SSRN Electronic Journal, 2010.Elsevier BV, doi:10.2139/ssrn.1553434. Dolan, John. "Letter Of Credit Litigation Under UCC Article 5: A Case Of Statutory Preemption".SSRN Electronic Journal, 2011.Elsevier BV, doi:10.2139/ssrn.1963240. Nam, Suk-Hee. "The Suggestion On The Application Of UCC Contents".Journal Of The Korea Academia-Industrial Cooperation Society, vol 11, no. 11, 2010, pp. 4182-4187.The Korea Academia-Industrial Cooperation Society, doi:10.5762/kais.2010.11.11.4182. Saunders, Kurt M., and Leonard Rymsza. "Contract Formation And Performance Under The UCC And CISG: A Comparative Case Study".Journal Of Legal Studies Education, vol 32, no. 1, 2015, pp. 1-46.Wiley-Blackwell, doi:10.1111/jlse.12021. Shabani, Faton. "Termination Of The Contract: Principles Of European Contract Law And The Law On Obligations Of The Republic Of Macedonia".Mediterranean Journal Of Social Sciences, 2015.Walter De Gruyter Gmbh, doi:10.5901/mjss.2015.v6n4p307. Gerhard. "Termination And Cure Under The Common European Sales Law: Avoiding Pitfalls In Contract Remedies".SSRN Electronic Journal, 2012.Elsevier BV, doi:10.2139/ssrn.2083049.