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20 May 2018

What is market commonality? What is resource similarity? How are these concepts combined to identify the level of competition between two firms?

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Jean Keeling
Jean KeelingLv2
22 May 2018

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Related questions

Competitors are firms competing in the same market, offering products that are similar, while targeting specific customers in order to gain a competitive advantage. In this assignment you will demonstrate your understanding of how to create and maintain a competitive advantage, answer the following questions:

What is market commonality?

What is resource similarity? What does it mean to say that these concepts are the building blocks for competitor analysis?

What factors affect the likelihood that a firm will take competitive action?

What factors affect the likelihood a firm will initiate a competitive response to the action taken by a competitor?

Please explain your answers so I can understand the concepts.

a)Use the TWO-PERIOD model of resource extraction to explain/illustrate how an unregulated market optimally allocates a fixed resource over time. Be sure to identify the critical assumptions you need to get this result (e.g. discount rates, market structure, resource constraint, etc.).

b) Explain why firms choose output so that Marginal User Costs are equalized in present value terms over both periods.

c) Explain how to find the asset value of the resource in situ.

d) How do the private optimal extractions change if interest rates rise? What is the intuition?

e) Explain why an unregulated market over-exploits a resource relative to the socially optimal extraction. Show how to find the Deadweight Loss.

One similarity between a monopoly and a firm in perfect competition is that both (A) face the entire market demand curve. (B) set their selling price. (C) have market power. (D) choose their output independent of demand. (E) are profit maximizers. Answer:

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