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RISK NEUTRAL: A person who values a certain income the same as an equal amount of income that involves risk or uncertainty. Let's say that you're given two options--(A) a guaranteed $1,000 or (b) a 50-50 chance of getting either $500 or $1,500. If you don't really care which option you chose, because both options have the same "expected" values, then you're risk neutral.

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Lesson 20: Oligopoly | Unit 4: Analysis Page: 18 of 24

Topic: Collusion Output <=PAGE BACK | PAGE NEXT=>

  • By combining their productive capabilities -- that is, their marginal cost curves -- the firms can now reach a profit-maximizing output.

  • This is the same output level that would be reach if monopoly controlled the soft-drink market.

  • The two firms maximize total industry profit by producing the quantity of output in which the marginal cost of each firm is equal to the marginal revenue for the overall market.

  • A Little Cheating: Consider either firm's predicament. Both can increase profit by increasing production.

  • However, under the collusion agreement, each firm can do a little better if they increase production -- so long as the other firms maintain the agreement and the higher price.

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LEADING ECONOMIC INDICATORS

Ten economic statistics that tend to move up or down a few months BEFORE business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months before they occur. Leading economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and lagging economic indicators.

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