a. Give three characteristics of a perfectly competitive market. [3 marks]

b. List and explain three types of barriers to entry that may be used in a monopoly. [3 marks]

c. For a monopolist, why is marginal revenue less than price for every level of output except the first? [4 marks]

d. Give the conditions which should exist for price discrimination? [3 marks]

e. Draw a diagram to show the long run equilibrium condition of the perfectly competitive firm [4 marks]   

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

Does the lifespan of a shark depend on the species of shark? It is known that the lifespan depends on whether the shark is begin held in captivity or in the wild. For consistency, a researcher used GPS to track several sharks in the wild from four different species. Using the data provided , perform the appropriate test to determine if there is evidence that the average lifespan is different for at least one species of shark. Be sure to include all the necessary steps.
  

* * the commas separate the numbers between each shark. if there is a ,, that means to skip to the third shark.
Subject: Tiger Shark, Great White, Blue Shark, Hammerhead

1: 26, 31, 9, 23

2: 22,32, 12, 24

3: 31, 21, 20, 31

4: 24, 32, 21, 29

5: 36, 21, 16, 28

6: 29, 28, 19, 32

7: 30, 27, 11, 25

8: 26, 30, 21,

9: 27, , 16,

10: 23, ,22,

11: 29

12: 26

Exhaust gases from a manufacturing plant are being discharged through a 10-m-tall exhaust stack with outer diameter of 1.2 m. The exhaust gases are discharged at a rate of 1.2 kg/s, while temperature drop between inlet and exit of the exhaust stack is 30°C, and the constant pressure specific heat of the exhaust gasses is 1600 J/kg·K. On a particular day, wind at 27°C is blowing across the exhaust stack with a velocity of 10 m/s, while the outer surface of the exhaust stack experiences radiation with the surrounding at 27°C. Solar radiation is incident on the exhaust stack outer surface at a rate of 1400 W/m2, and both the emissivity and solar absorptivity of the outer surface are 0.9. Determine the exhaust stack outer surface temperature in oC. The properties of air at 80°C are k = 0.02953 W/m?K, v = 2.097 × 10?5 m2/s, and Pr = 0.7154. (Round the final answer to two decimal places.)

A sales manager believes that a firms’ sales representatives should spend about 30 percent of their working days traveling. If they are on the road for much less, new orders decline and the service and the news-gathering functions of the representatives are not adequately met. If they travel for much more than 30 percent of the time, expense accounts eat up any incremental profit. A study involving the 25 sales representatives of the firm for the last five months shows a sample mean traveling time of 27 percent with estimated population standard deviation of 5 percent. After a quick preliminary analysis of the data, the sales manager concludes that the discrepancy of 3 percent between the sample mean of 27 percent and the desired mean of 30 percent is within the margin of error and, therefore, it is negligible.   At the 90% level of confidence do you agree with the manager’s conclusion? Would your conclusion change at the 99% level of confidence? Show the necessary steps and interpret your results for each confidence interval.             ​

The length of a species of fish is to be represented as a function of the age (measured in days) and water temperature (degrees Celsius). The fish are kept in tanks at 25, 27, 29 and 31 degrees Celsius. After birth, a test specimen is chosen at random every 14 days and its length measured.

X Company estimates the following for its three products, A, B, and C, for 2018:

Fixed costs in 2018 are expected to be $19,800. What is the expected weighted average contribution margin rate in 2018?