Market Structures and Economic Analysis: Assignment on Economics

This economics assignment delves into various market structures, including perfect competition, monopoly, monopolistic competition, and oligopoly. It begins by outlining the assumptions of perfect competition and applies them to the stock trade of BP. The assignment then analyzes the New Zealand egg market, calculating equilibrium price and quantity, and determining profit-maximizing output levels. It further explores long-run equilibrium, zero profits, and the impact of shifts in demand. The assignment also examines monopoly, determining profit-maximizing output, and illustrating it graphically. Finally, it analyzes monopolistic competition in the Auckland café market and oligopoly in the New Zealand airline industry, discussing price determination and the concept of a kinked demand curve, and the effects of non-price competition.