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Two identical firms have access to a spring. Their marginal cost of bottling water from the spring is a constant 10¢ per bottle. The market demand for bottled spring water is P = 250 − 20Q, where P is the price (in cents per bottle) and Q is the quantity demanded (in hundreds of bottles). (a) Suppose the two firms form a successful cartel (i.e., they will act as a monopoly and share the resulting profits). How much bottled water will the firms produce, and what price will they charge? (b) Suppose the firms behave as in the Bertrand model of oligopoly. How much bottled water will the firms produce, and what price will they charge? (c) Suppose the firms behave as in the Cournot model of oligopoly. How much bottled water will the firms produce, and what price will they charge? (d) Comment on your findings – what does each model in parts (a), (b), and (c) imply and is it consistent with what we observe?
Zelda Industries is the only firm of its kind in the world. Due largely to historical accident, it began producing streganomas in 1985 in a vacant warehouse. Virtually anyone with a degree in college chemistry could easily replicate the firm's formul..
Describe the shape of the average total cost function and also label the minimum point on the curve.
A retail outlet is being designed in a strip mall in Nebraska. For this outlet, the installed fiber glass insulation to protect against heat loss in the winter and heat gain in the summer will cost an estimated $90,000. What is the present equivalent..
What effect will a $30 billion decrease in autonomous investment have on total expenditures if the MPC is 0.9? What happens to the level of national income in an economy with an MPC of 0.8 and if autonomous consumption increases by $20 billion, auton..
A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals is a A. Mission statement. B. Corporate charter. C. Business plan. D. Corporate statement.
Using the information you have learned so far in this class, state what you think will cause market fluctuations over the next few years as the economy struggles to recover. What areas of the economy should be closely watched as indicators of future ..
Identify opportunity cost of increase divestment. What will happen to future production possibilities if investment increases.
The monetary return to an additional year of experience will be higher for workers in the primary sector of the labor market than for those in the secondary sector. A union’s contract zone will be wider the more inelastic is the labor demand curve.
How is law of diminishing returns reflected in shape of total product curve. Illustrate what is relationship between diminishing returns and stages of production.
The Gentle Warming Company is purchasing a new cooling system. To pay for the system, the company agrees to make 12 installment payments of $8186 per year, beginning at the end of year 1. How much should the company set aside today to pay for the coo..
increases the equilibrium GDP also the size of that increase varies directly with the size of the MPC
Use supply and demand analysis to explain price reduction of computers. What effect did price reduction have on quantity of computers demanded.
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