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Consider the following Oligopoly market with two firms which produce a differentiated product and have the following demand functions. q1= 10 – P1 + (P2/2) q2 =10 – P2 + (P1/2) Total Fixed Costs to either firm is 10 dollars and there are no variable costs.
(1) Set up a normal form game (box game) which allows each firm (firm 1 and firm 2) to decide between setting the price derived in part (a) or the price derived in part (b). The payoffs to each firm should be the profit they would receive in each scenario
Why are trade negotiations usually mercantilist, ie, why does country A agree to reduce its trade barriers in exchange for country B also agreeing to lower trade barriers, when economic theory says that both A and B benefit
Firm C&D is a monopolist both in the US market and in the international market. The demand curve for the US market is QUS = 10 − PUS and the demand curve for the international market is QI =20−PI. The firm’s cost function is C(Q)=2Q+2. Suppose the fi..
Discuss how policy makers can incorporate the Domestic Climate Policy Framework into a widely accepted environmental policy. Provide examples.
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Using rational theory explain how rational individuals optimize their decision making? And, why sometimes rational individuals make irrational economic decisions?
At the profit-maximizing quantity, what is the average total cost of producing e-books.
Suppose that the chain-weighted index for GDP in Gambia was 275 in 2009 and 350 in 2010. The inflation rate between those two years was
It is obvious that US fiscal policy makers cannot manage balancing the budget every year, As an alternative, Balancing the budget over the business cycle requires
Cap-and trade as an economic tool for controlling environmental pollution only works if the regulating agency has specific information about the environment. What must be known for cap-and-trade work?
Peggy-sue's cookies are the best in the world, or so I hear. She has been offered a job by Cookie Monster.
Given the estimate for own price elasticity is -4.5, and the upper and lower 95% confidence intervals are -.5 and -8.5, what is the standard error for the own price elasticity estimate?
Using the results from previous question (the equilibrium price and quantity), which of the following is true or false? Explain (10 pts., 2.5 pts. each). Equilibrium quantity decreased by 4 units.(explain)
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