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Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $120. The inverse market demand for this product is P= 600 - 3Q.
a. Determine the equilibrium level of output in the market.
b. Determine the equilibrium market price.
c. Determine the profits of each firm.
Defining managerial economics by reffering two economists, using the positive approach. discuss by using specific examples the purpose of economic analysis and use of economic model.
In year one, Adam earns $1,000 and saves $100. In year 2, Adam gets a $500 raise so that he earns a total of $1,500. Out of that $1,500, he saves $200. What is Adam's MPC out of his $500 raise. Explain your answer.
Research unemployment and inflation. Use your course materials and the Internet for your research. Use the following to guide your research: Examine articles discussing unemployment and inflation rates within the last 12 months.
A person has an expected utility function of the form U(w)=w^1/2.He has an initial wealth of $25.He also has a lottery ticket that will be worth $75 with probability 1/2 and will be worth $0 with probability 1/2.
Suppose that the natural rate of unemployment in a particular year is 5 percent and the actual rate of unemployment is 9 percent. Use Okun's law to determine the size of the GDP gap in percentage-point terms. If the potential GDP is $500 billion i..
Show the competitive position of 5 or more different firms within this industry
Suppose a life insurance company sells a $250,000 one-year term life insurance policy to a 50-year-old male for $1,900. According to the National Vital Statistics Report, Vol. 47, No. 28, the probability the male survives the year is 0.99433. Comp..
Identify specific examples of prominent computer hardware and software technological advances in the industry. What is the effect of new technology on firms in the industry in the short run What is the effect of new technology on firms in the industr..
Refer to the above data. If the product price is $95, at its optimal output will the firm realize an economic profit, break even, or incur an economic loss?
List the various causes of inflation and determine if they are an injection or a leakage. Justify why you selected injection or leakage.
Then, provide a specific company example of economics of scale or economics of scope and how it affects production and cost or how technology affects the inputs and costs. Conduct research and use specific examples.
under current law most social security recipients do not pay federal or state income taxes on their social security
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