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Problem 1: In the model of a dominant firm, assume that the fringe. Supply curve is given by Q = -1 + 0.2P, where P is marked price and Q is output. Demand is given by Q = 11 - P.
What will price and output be if there is no dominant firm? Now assume that there is a dominant firm, whose marginal cost is constant at $6. Derive the residual demand curve that it faces and calculate that it faces and calculate its profit maximizing output and price.
Problem 2: A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but both the winning and losing bidders must pay her their bids. So if Jones bids $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with $1. If both bid the same amount, the $100 split evenly between them. Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2. Write out the payoff matrix for this game, and then find its Nash Equilibrium.
Environmental Protection Agency regulations tend to go by several stages of review and approval before they are implemented.
What is the Marginal Cost? What is the Average Cost? What is the optimal production level where production costs are the lowest per unit?
Evaluate the financial performance of the company using the information provided in the scenario. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term and how each factor influences mana..
Compare the path of economic growth using GDP, GDP growth, and GDP per capita. Compare the evolution of Agriculture and Manufacture as components of GDP.
Compare the consumer surplus, producer surplus, and total surplus in this condition to those same measures in a perfectly competitive market.
Is your explanation consistent with the fact that franchised tutoring services often charge a fixed royalty per student enrolled?
"Monopolistic competition is monopolistic up to the point at which consumers become willing to purchase close-substitute items and competitive beyond that point." Describe
Imagine that you are the manager of a gas station and your goal is to maximize profits. According to your past experience, the elasticity of demand by Texans for a car wash is -4,
Determine which of the following nations would you expect to have intertemporal production possibilities biased toward current consumption goods,
Given production function Q= 100(L^0.5)(K^0.5), where L = labor hours per unit time, K=machine hours per unit time, and Q=output per unit time.
Conduct an analysis of the demand for the organization product and or services by - Discussing the source of your numerical price and other data.
What is the shutdown point? Give an example. How is the short-run defined in the production process? Please provide references if applicable.
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