Philos MasterClass

Your research problem is the why of your thesis. It must clearly state the gap in knowledge or the real world issue your work is solving.

“Mathematics reveals its secrets only to those who approach it with pure love, for its own beauty.”

- Archimedes

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Concentrated market is a market in which just a few firms have a large share of the total market.

Cartel is a formal agreement among firms in an industry to set the price of a product and the outputs of the individual firms or to divide the market for the product geographically.
Simply put, cartel is a group of businesses that agree to control prices or limit competition.

An example is the Organisation of the Petroleum Exporting Countries (OPEC), where countries like Nigeria, Algeria, Angola, Libya, Saudi Arabia, Iraq, Iran, United Arab Emirates, Kuwait, Venezuela work together to influence global oil prices.

Brain drain is when highly skilled and educated people leave a country to work abroad for better opportunities.

For Example:
In Ghana, many doctors and nurses move to countries like the UK, Canada or the US for higher pay and better working conditions. This leaves fewer healthcare workers in Ghana, especially in rural areas, affecting the quality of care.

Bilateral monopoly is a market structure in which there is monopoly power on both the buyer’s and the seller’s side of the market. In other word, bilateral monopoly occurs when there is a single seller (monopoly) and a single buyer (monopsony) in a market and both of them have significant market power.

Here, price is determined through negotiation between the two parties.
The two parties have the power to influence prices, but none of them can act without considering the response of the other.

A monopoly maximizes profit by producing the quantity of output where marginal revenue(MR) is equal to marginal cost (MC).
This is because producing beyond this point would cause marginal cost to exceed marginal revenue, resulting in lower profits.
In the graph below, MR and MC intersect at point G. If you trace the point G down to the x-axis (that is the quantity axis), the quantity level that will be identified is the profit maximizing level of output for the monopoly.
To also get the profit maximizing price, trace the profit maximizing output at the x-axis to meet the Demand curve to get a new point (E), then trace point E to the y-axis (that is price & cost axis) to identify the exact profit maximizing price.