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Consider Exercise 2 again. Assume that the firms form a cartel to act as a monopolist and maximize total industry profits (sum of Firm A and Firm B profits).
a. Determine the optimum output and selling price for each firm.
b. Determine Firm A, Firm B, and total industry profits at the optimal solution found in Part (a). c. Show that the marginal costs of the two firms are equal at the optimal solution found in Part (a)
What are some exchange rate regimes? How does the exchange rate determine a business' competitiveness in the world economy?
A math test of 100 questions was given to a random sample of 20 freshman. Suppose that for the population of freshman the distribution of number of correct answers would be normal with a variance of 250. a) what is the probability that the sample v..
What is the likely effect of this innovation on the cross-elasticity of demand for saltwater pearls given a change in the price of freshwater pearls?
College enrollments increased at the same time that average tuition rose dramatically. Does this contradict the law of downward-sloping demand? Explain briefly.
New Zealand rewrote the charter of its central bank in the early 1990s to make low inflation its only goal. Why would New Zealand want to do this?
Which alternative would you choose and why? What additional information would help you make the best decision?
Full-employment level of real output is $250 and the initially the price level is 100. Use the short-run aggregate supply schedules above to answer the questions that follow a)What will be the level of real output in the short run if the price leve..
What is the price elasticity of demand for bananas?
The bolt-making industry currently consists of 20 producers, all of whom operate with the identical short-run total cost curve STC(Q) = 16 + Q2 , where Q is the annual output of a firm.
There are three goods in the consumer basket. The fixed quantities are these goods, which the consumer buys, are as follows: Food=60 units, Movies=40 units, and Clothing=90 units. Over a four-year period, the prices of these goods, PF, PM
What are the implications for the mix of high- and low-quality apples in apple-growing areas and other regions? Where will most of the high-quality apples be sold?
b. Which country has a comparative advantage in production of caps In wheat c. If the US and Russia were the only two countries engaging in trade, what adjustments would you predict, assuming exchange rates are freely determined by the laws of sup..
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