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Consider a market with two identical firms. The market demand is P = 26 – 2Q, where Q = qa + qb and the firms cost structure is such that MCa=MCb=ACa=ACb=2. a) Solve for the Cournot reaction functions of each firm. b) Solve for the Cournot-Nash equilibrium. Calculate the quantity of each firm, the market price, and the profit of each firm. c) Solve for the Stackelberg equilibrium assuming that firm a is the leader. Find: the quantities produced by each firm, the market price, and the profit of each firm. d) Solve for the output and price under perfect collusion (note: perfect collusion is a synonym for joint profit maximization or cartel). e) Now assume the market is perfectly competitive, what is the equilibrium market price and quantity? f) Use your answers above to rank from best to worst the above equilibria (Cournot, Stackelberg, perfect collusion, and perfect competition) according to: • Allocative efficiency • Industry profit (sum of firms’ profit)
Describe the four successful round of venture financing (Through D) achieved by spatial Technology in terms of sources also amounts.
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What is the definition of a contract? What are the required elements? What is the distinction between a void and avoidable contract; between an executive and an executor contract; and between a unilateral and bilateral contract?
Discuss your opinion regarding whether unions are still relevant and necessary in today’s work environment. What other means might be used to ensure ‘‘employee voice’’ in the workplace?
Illustrate what are different types of unemployment and how do they affect economy. Illustrate what is inflation. Illustrate what is deflation.
Under a competitive market, a new tax will have what impact, A. The suppliers/producers will pay it and thus bear the economic burden B. The consumers/demanders will pay it and thus bear the economic burden C. The tax will be borne by the side of the..
Discuss which key concepts and topics in this course have made you a stronger candidate to enter the business world.
A winery estimates that the demand for its fine Owner's Select, has an income elasticity of 2, where income refers to the income per capita of its customer base.
Your firm’s research department has estimated the income elasticity of demand for Art Deco lawn furniture to be -0.85. You have just learned that due to an upturn in the economy, consumer incomes are expected to rise by 5 percent next year. How will ..
Discuss the ethics of the situation where a lifetime warranty is defined as based on the “life of the product.” Analyze and evaluate the various issues presented while arguing and debating the connections between business, law, politics, and ethics.
Suppose that two people, Mary and John each live alone in an isolated region. They each have the same resources available, and they grow corn and raise pigs.
Say you owe money to Big River Bank. Will you gain or lose from an unanticipated decrease in inflation? How could inflation make people turn to exchange by barter? What impact will free trade have on economic growth?
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