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Consider a differentiated duopoly market in which firms compete by selecting prices and produce to fill orders. Let p1 be the price chosen by firm 1 and let p2 be the price of firm 2. Let q1 and q2 denote the quantities demanded (and produced) by the two firms. Suppose that the demand for firm 1 is given by q1 = 22 - 2p1 + p2 , and the demand for firm 2 is given by q2 = 22 - 2p2 + p1 . Firm 1 produces at a constant marginal cost of 10 and no fixed cost. Firm 2 produces at a constant marginal cost of c and no fixed cost. The payoffs are the firms' individual profits.
Now suppose that firm 1 does not know firm 2's marginal cost c. With probability 1/2 nature picks c = 14, and with probability 1/2 nature picks c = 6. Firm 2 knows its own cost (that is, it observes nature's move), but firm 1 only knows that firm 2's marginal cost is either 6 or 14 (with equal probabilities). Calculate the best-response functions of player 1 and the two types (c = 6 and c = 14) of player 2 and calculate the Bayesian Nash equilibrium quantities.
Investigate the Bank of Canada and the Bank of England and compare their authority to the Federal Reserve. What are these institutions supposed to do? What may they not do? How are they similar and how are they different? Keep your answer under two p..
Explain what is meant by inflation and deflation, clearly distinguish between the two terms. Explain the problems associated with inflation.
a. Give the appropriate null and alternative hypotheses. b. Compute the necessary p-value to test the hypothesis using the available data.
Question on platform market
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consider a market characterized by the following demand and supply conditions px 15 - 2qx and px 3 2qx. the
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In the early 1980s, planners were examining alternate sites for a new London airport. The economic analysis included the value of structures that would need.
Due to a slow economy, business has been slow and you are losing money every month. The owners have asked you whether to continue operations or to shut down at least until the economy improves.
In recent years technological improvements have greatly reduced the cost of producing basic cell phones and a number of new firms have entered the cell phone industry. At the same time, prices of substitutes for cell phones, such as smart phones and ..
Define "North" and "South" as they pertain to IR. How did colonialism impact farming in general? What are colonialism's legacies in the developing world? What is the difference between colonialism and imperialism?
cost and perfect competition1. if a perfectly competitive firm produces goods with the following technology y min 2x1
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