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Two firms compete in a market to sell a homogeneous product with inverse market demand function as follows:
P = 400 - 2Q
Each firm produces at a constant marginal cost of $50 and has no fixed costs.Use this information to answer the following questions:
a. Assume the market is characterized by a Cournot oligopoly.i. Determine the reaction function of each firm.ii. Determine the equilibrium output level for each firm.iii. Determine the equilibrium market price.
b. Assume the market is characterized by a collusive behavior (that is, the two firms decided to collude and behave as a monopoly).i. Determine the market output.ii. Determine the market price.
If a random variable X is distributed chi square with n degrees of freedom then the expected value of X is n. Show that this is true.
Now.suppose the monopolist has a total cost curve given by TC+16+4Q2(fixed costs are at original level but variable costs changed). Find the monopolist's profit-maximizing quantity and price.How much economic profit does the monopolist earn d)Inte..
company is currently considering the following possible projects (which are NOT mutually exclusive). You have a budget limitation of $400,000. What is the minimum internal rate of return that a NEW project (in addition to these) would need to ea..
one of five risk-neutral bidders participating in an independent private values auction. Each bidder perceives that all other bidders' valuations for the item are evenly distributed between $50,000 and $80,000.
Andrea, however, claims they do have a contract and wants to enforce said contract for the price of the car. What standard would the court use to determine whether there is a contract between the parties for the sale of the car.
Find the Herfindahl index for an industry composed of (a)three firms-one with 70 percent of the market, and the other two with 20 and 10 percent of the market, respectively; (b) one firm with a 50 percent share of the market and 10 other equalsize..
A small company expects to produce 8,000 items in the upcoming year. The current material cost is $5.25 each. 14 minutes of direct labor are required per unit. Workers are paid $7.50 per hour. 2,133 direct labor hours are forecasted for the produc..
Suppose that an economy has the Phillips curve p = p-1 - 0.5(u - un), and that the natural rate of unemployment is given by an average of the past two years' unemployment: un = 0.5(u-1 + u-2).
What is the optimal price of the textbook from the author's point of view and by how much would the demand for the textbook change if advertising were increased by 2%?
In the late 1990s a growing number of economists argued that world policymakers were focusing too much on fighting inflation. The economists also argued that the technical level of potential output had risen. Show their argument using the AS/AD mo..
Plant A is much more highly automated than plant B, which in turn is more highly automated than plant C. For each type of plant, average variable cost is constant so long as output is less than capacity, which is the maximum output of the plant.
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income) I = 500 (investment spending) G = 1,500 (government spending)
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