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In the town of Middleofnowhere there are only two farmers and they are the only producers of milk. The local demand for milk is given by (P denotes price measured in cents, Q denotes the total quantity measured in cartons): P = 2000 - 2Q. Both farmers have the same cost function given by (C is total cost measured in cents and q is output measured in cartons): C = 80,000 + 560 q.
(a) Calculate and draw the reaction (or best reply) function of firm 1 (that is, calculate the profit-maximizing output of firm 1 for every possible output of firm 2). Do the same for firm 2.
(b) Calculate the Cournot-Nash equilibrium (give the output of each firm, the total output, the price and the profit of each firm)
Two economists agree that labor market discrimination against certain workers unfairly leads to lower wages for the disfavored group. Economist X argues that government intervention is most likely necessary to eliminate this unfair treatment, Economi..
Explain why exchange-rate quotations stated in different financial centers tend to be consistent with one another.
Assume in the retail-trade industry, unionized workers earn 19.0% more than non-unionized workers do. Briefly explain how the “product market” effect may operate in this industry. If the product market effect were large, would that suggest that the 1..
Explain the key differences between viruses and other malicious codes. Identify at least three (3) different types of viruses, and describe the main differences between each one. Next, explain both the potential threat posed by viruses and other mali..
The rule of 72's states that the number of years for an investment to double is approximately 72 divided by the interest rate percentage
A monopolist operates at the minimum point of her ATC curve
What is the principal of universal service? How is it paid for?
In “ A Value-Added Tax for the United States: Part of the Solution ,” Gale and Harris suggest that a 10 percent federal VAT could be used to reduce the long-term fiscal gap. What do they suggest that states do with their retail sales taxes? How can C..
What characteristics are needed? In recent years who have been some of the most influential and profitable entrepreneurs?
Describe the economic status of South Korea. What types of economic activities are most prominent there? What factors have led to your region's growth or lack thereof?
q1. decreased by 4.86 per day wait for a new-patient appointment and by 5.20 per minute wait in the reception room p.
After the unexpected exceptional performance of a company, all of its employees received a one-time bonus. This led to a rightward shift of the demand curve for laptops manufactured by the company and a leftward shift of the demand curve for flas..
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