Economics AI Solver
Economics AI solver: Your expert Economics problem solver for tackling complex economic analyses and enhancing understanding.
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Expert help when you need it- Q1:• Suppose that a market consists of six firms with following market shares. Firm A = 25%、Firm B = 20%、Firm C = 20%、Firm D = 15%、 Firm E = 10%、Firm F ＝10% (1)Calculate H index. (2)If Firm D and Firm E are merged to become Firm D’, calculate post-merger H index. (3)According to the Horizontal Merger Guideline of 2010, is this merger categorized as white, gray, or black?
Answer1) Calculation Of H Index: Firm A Market Share = 25% Firm B Market Share = 20% Firm C Market Share = 20% Firm D Market Share = 15% Firm E Market Share = 10% Firm F Market Share = 10% The H index is calculated as follows: = 25 2 + 20 2 + 20 2 +15 2 +10 2 + 10 2 = 625 + 400 + 400 + 225 + 100 +100 = 1,850 2) If Firm D and Firm E are merged to become Firm D. Calculation of post-merger H index. Firm A Market Share = 25% Firm B Market Share = 20% Firm C Market Share = 20% Firm D Market Share = 25% (Assume that Firm D Market Share = 15% and Firm E Market Share = 10% are merged) Firm F Market Share = 10% The H index is calculated as follows: = 25 2 + 20 2 + 20 2 + 25 2 + 10 2 = 625 + 400 + 400 + 625 +100 = 2150 Post-merger H index = 2,150 The change In H index = 2,150-1,850 = 300 Values of H Index lies between 0 to 10,000. Higher the Index, Higher the possibility of Merger. 3) Post Merger H index were between 1500 to 2500 and the H index were above 200 so, the merger categorized as GRAY as per Horizontal Merger Guideline of 2010. - Q2:After conducting your own research, respond to the following question: What factors led to the present financial crisis in Europe, especially in Greece and Ireland? Discuss the differences between the Greek and Irish economies.AnswerThroughout the last twenty years, Ireland has seen both rapid economic development and bettering state finances. Ireland took coordinated steps to reduce its debt, whereas Greece continued to maintain fiscal shortfalls. Several nations throughout the eurozone region were having difficulty and unattainable either settle or refinancing its public debt on their own as a result of the current financial meltdown known as such European credit dilemma. The current financial crisis in Europe, particularly in Greece and Ireland, is the result of several factors, including: Rising levels of personal and governmental debt: In the decades before the crisis, several distinct credit-worthy Eurozone nations received comparable and significantly lower borrowing costs for their bonds and commercial credits as a result of the introduction of the euro. Trade discrepancies: Martin Wolff, a commentator and Financial Times columnist, claimed that the recession was brought about by expanding trade imbalances. Systemic issue with the Eurozone: Its Eurozone system has a structural flaw whereby nations are supposed to pursue a similar budgetary path yet lack a single treasury to enforce it. Inflexibility in monetary policy: The Eurozone's unified monetary policy was formed by membership, prohibiting each member state from operating autonomously. Decline in confidence: Banks held a considerable portion of debt in smaller economies, like Greece, that appeared to be similarly solid and gave a slight premium.
- Q3:Let X and Y be random variables. The covariance Cov(X, Y) is defined by(see Exercise 6.2.23) cov(X, Y) = E((X – 4(X))(Y – µ(Y))) .- (a) Show that cov(X, Y) = E(XY) – E(X)E(Y).%3D (b) Using (a), show that cov(X,Y) = 0, if X and Y are independent. (Caution: the converse is not always true.) (c) Show that V(X +Y) V(X)+V(Y)+2cov(X,Y).Answer(a) To show that cov(X, Y) = E(XY) - E(X)E(Y): Expand the definition of covariance: cov(X, Y) = E((X - E(X))(Y - E(Y))) Expand the terms: cov(X, Y) = E(XY - XE(Y) - E(X)Y + E(X)E(Y)) Distribute the expectation operator: cov(X, Y) = E(XY) - E(X)E(Y) - E(X)E(Y) + E(X)E(Y) Simplify: cov(X, Y) = E(XY) - E(X)E(Y) (b) If X and Y are independent, then E(XY) = E(X)E(Y). Substituting this into the equation from part (a): cov(X, Y) = E(XY) - E(X)E(Y) cov(X, Y) = E(X)E(Y) - E(X)E(Y) cov(X, Y) = 0 Therefore, if X and Y are independent, the covariance is 0. (c) To show V(X + Y) = V(X) + V(Y) + 2cov(X, Y): Expand the variance of X + Y: V(X + Y) = E((X + Y)^2) - [E(X + Y)]^2 Expand and simplify: V(X + Y) = E(X^2 + 2XY + Y^2) - [E(X) + E(Y)]^2 Apply linearity of expectation: V(X + Y) = E(X^2) + 2E(XY) + E(Y^2) - [E(X)^2 + 2E(X)E(Y) + E(Y)^2] Expand and simplify: V(X + Y) = [E(X^2) - E(X)^2] + [E(Y^2) - E(Y)^2] + 2[E(XY) - E(X)E(Y)] Using the definition of variance: V(X + Y) = V(X) + V(Y) + 2cov(X, Y) Therefore, V(X + Y) = V(X) + V(Y) + 2cov(X, Y).
- Q4:Suppose that in a small town, the market for cement had five companies with market shares 0.3, 0.2, 0.2, 0.2, and 0.1. The following year, a new firm entered but the leading firm increased its share. Now the shares are 0.5, 0.1, 0.1, 0.1, 0.1, and 0.1. Did the market become more competitive or less competitive?AnswerThe market became less competitive. This is indicated by the increase in market share concentration towards the leading firm, with one firm now holding a significantly larger market share compared to before.
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