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Two firms are producing identical goods in a market characterized by the inverse demand curve P = 60 - 2Q, where Q is the sum of Firm 1's and Firm 2's output, q1 + q2. Each firm's marginal cost is constant at $12, and fixed costs are zero. Answer the following questions, assuming that the firms are Cournot competitors.
a. Calculate each firm's reaction function.
b. How much output does each firm produce?
c. What is the market price?
d. How much profit does each firm earn?
All consumers have 24 hours in a day, which they can devote to leisure, to work, or to shopping. For each hour a consumer works he or she earns a wage w. Derive an expression for the marginal rate of substitution between groceries ans leisure. Calcul..
Your organization has always sold goods to the domestic market, for the first time they have expanded into Europe. As the Head of Internal Audit the board is concerned with risk of dealing with another currency (the Euro). The implications and risks ..
a. What is the probability that less than 2 runts will be born in the next 12 puppies
In many modern U.S. industries, the following patterns seem to hold: Small firms are more likely to outsource production of inputs that are large firms; “Standard” inputs are more likely to be outsourced than “tailor-made” inputs.
Assume the economy initially is in a long run equilibrium. Suppose the following shocks occur: U.S. fiscal policymakers decide to decrease government spending dramatically on all federal programs;
If we flip the coin and select a ball from one of the urns as described above, what is the probability that the ball is red?
Illustrate the effects of the following events on the dollar-peso exchange rate, i.e., the value of one peso in terms of dollars. label the axes and explain how you arrived at your answer. (Hint: the x-axis should be labeled “pesos” and the y-axis la..
The government has decided that the free market price of cheese is too low. Suppose the government imposes a binding price floor in the cheese market. Draw a supply and demand diagram to show the effect of this policy on the price of cheese and the q..
Using the Community Health Care Roles and Functions Table, examine the health care professions and departments involved in public policy, outcomes, and social marketing aspects of the health care field. Determine the following for each role or profes..
The Einstein Bagel Corp. has used a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $6. After a consumer accrues 10 stamps, she receives one dozen bagels free. This offer is an unlimited offer, ..
Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Use your knowledg..
Describe the strategy that East Asia used from the 1970s to the 1990s to achieve high rates of economic growth.
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