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Suppose a second firm enters the market, producing the same product. The total quantity supplied in the market is now the sum of the two producers, a Cournot Duopoly – that is:
Q = (Q1 + Q2)
Beginning with the Inverse Demand curve determined in question 1(a) above – re-write the Inverse demand curve taking into account the two firms.
Determine the equations for each firm’s Total Revenue, TR and for each firm’s Marginal Revenue, MR.
Determine the Reaction Curve for each of Firm 1 and Firm 2 given that the Marginal Cost, MC for each firm is equal to zero (0).
Determine the Cournot Duopoly Equilibrium quantity for each firm and the Equilibrium Price.
Suppose that the Marginal Cost for each firm is NOT zero (0) but rather MC = $5.00. Determine the NEW Cournot Duopoly Equilibrium quantity for each firm and the Equilibrium Price.
Suppose the economy's production function is Y = A(300N – N^2). The marginal product of labor is MPN = A(300 - 2N). Suppose that A = 10. The supply of labor is NS = 0.05w + 0.005G. If G is 26,000, what are the real wage, employment, and output?
In The Wealth of Nations, Adam Smith wrote, "Every individual endeavors to employ his capital so that its produce may be of greatest value. He generally neither intends to promote the public interest, nor knows how much he is promoting it.
What are the major categories of “investment” expenditure in the GDP accounts? What are “transfer” expenditures of governments? Why aren’t they included as part of “government spending” in calculating GDP? Why aren’t “intermediate” goods purchases by..
Suppose you purchase a 30-year, zero-coupon bond with a yield to maturity of 6%. You hold the bond for five years before selling it. If the bond's yield to maturity is 6% when you sell it, what is the internal rate of return on your investment?
Illustrate what would be the price also output. Illustrate what would be the firm's profit or loss.
Where p is the input price, and a, b, α, β > 0. Find the profit-maximizing price and quantity of the input the monopsonist will choose, and compare the analysis to that of the profit-maximizing monopoly
Some companies that outsourcing call centers during the 1990s have returned these centers to north America over the past decade. who has gained and who has lost as a result of the return of the call centers to this continent? Explain.
Describe the economic growth scenario for U.S in the aftermath of the Great Recession. Explain. Explain this: how is economic growth affected by prevailing employment or unemployment levels in the economy?
Using rational theory explain how rational individuals optimize their decision making? And, why sometimes rational individuals make irrational economic decisions?
describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, inelastic, or unitary elastic.
Using a market or industry as an example, explain how the Prisoners' Dilemma game helps explain observed (real-world) behavior among oligopolistic firms.
Suppose that autonomous consumption increases but that, unlike the situation in the simple Keynesian model of this chapter, some of this autonomous consumption increase is spent on imports (say an amount equal to MPM times the autonomous consumption ..
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