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Suppose that inverse demand is given by p(Q) = a-bQ, where Q is total quantity supplied in the market. There are two firms in the market, each with a cost function of c(q) = cq, now assume that the first firm moves before the second firm.
A) Compare the price level and level of output under Stackelberg to Cournot
B) What is the fundamental reason that the first firm in the stackelberg model is able to earn higher profits than in the Cournot model.
Illustrate what was your total revenue in dollars yesterday (be sure to include your commission). Why would your profit for the day be considerably less than this total revenue.
As in the previous exercise, consider an initial wealth of 10 and the lottery X˜ . Assume now that the utility is: u = w for w = 10. Draw the utility function. Is it globally concave? Compute the certainty equivalent and the risk premium attached t..
Consumers in some countries, like Japan, are reluctant to accept “foreign” retailing institutions and imported products. Explain this behavior by using the models of culture.
If the dollar appreciates in value relative to foreign currencies
Find the gradient of Q b. Find the Hessian of Q c. Denote the initial K = 10,000
Why is it not surprising to find that in an oligopoly, which sells a basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixin
A sum of money Q will be received 6 years from now. At 5% annual interest, the present worth of Q is $60. At the same interest rate, what would be the value of Q in 10 years?
In "Final Jeopardy" (pp. 234-242), Stephen Baker expresses an interesting look at the way technology, especially in terms of machines, could dramatically change the relationship between mankind and technology—not just helping us to locate information..
Aspects of fiscal policy Suppose the economy had been producing at natural real GDP but is now experiencing a recession. Which of the following are discretionary fiscal policies that could bring the economy closer to natural real GDP? In the precedi..
The nation of Isolani forbids international trade. In Isolani, you can exchange 1 car for 5 motorcycles. In other countries, you can exchange 1 car for 4 motorcycles. These facts indicate that
Use the theory of transaction costs to justify protecting the following rights by injunction or damages: Suppose that two people choose to litigate a dispute. Should the law presume that if two parties are prepared to litigate, transaction costs must..
Elucidate the inelasticity of agricultural products in general then compare which to the elasticity of a single food item such as a filet minion.
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