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Question:I need help with these solutions for this homework question. Studying for a midterm and want to know the steps and solutions as a document for these answers. If i could get it in the next 5 hours i will tip an extra 10. Thank you so much!
Sample Question 1
Suppose market demand is P = 150 - Q, cost of production of each firm is C(qi) = 30qi . Assume there are two firms,1 and 2, engaging in a Cournot competition. Consider a price-fixing (or collusion) agreement between them to achieve monopoly price (hence the price-fixing).
1) Draw the normal form of the game where either firm can choose to Cooperate or Defect.
2) Is collusion an equilibrium?
3) What is the equilibrium?
Write down a utility function that represents Britney's preferences over dresses also hats.
Suppose the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.3, and a typical gasoline retailer enjoys sales of $2,350,000 annually. What is the price elasticity of demand for a representative gasoline reta..
Show the changes in the demand for tourism as income of a tourist grows when tourism is perceived to be, (a)normal good, (b)superior good, and(c) inferior good. Analyse the demand for tourism overtime using intertemporal analysis.
If demand shifts left and supply shifts right, then we know that. A demand curve for beans will shift right if. Demand will be more elastic if
Suppose there are two goods being produced in the economy: robots and wheat. Robots are a capital intensive good and wheat is a labor intensive good. Suppose that there are two countries: France and Brazil. France is capital abundant and Brazil is la..
Describe whether Indian Consumer goods industry is growing at the cost of future profitability.
A film processing laboratory uses 37.5 liters of developer per week and is open for business 50 weeks in a year. Administrative and other costs of ordering a consignment of developer are $15 and it costs $10 to keep one liter of developer in stock fo..
Assume that the demand for short-order cooks at diners in a small town is ED=400 – 16 w , where E is the number of short-order cooks and w is the hourly wage rate. The market clearing wage is $8, but the town's City Council imposes a "living wage" of..
Almost all programs need data to operate, and the data must be stored somewhere. Data structures serve the purpose of storing data in a program in an organized way.
A concrete and building materials company is trying to bring the company funded portion of its employee retirement fund into compliance with HB-301.
What is the quantity of games that will be broadcast at the competitive equilibrium? How much will the Premier League receive for each broadcast game at the competitive equilibrium? What is consumer surplus at the competitive equilibrium? What is pro..
Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero, Determine the profit maximizing ticket price for the theater.
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