Electoral competition model

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Reference no: EM136610

Q1. Think about the electoral competition model with three candidates. Extend the model to incorporate that candidates not only care about office but also about the policy that is implemented. You can suppose any single peaked preference which you want. Characterize the equilibria of the model. The characterization should be a function of the bliss point of the candidates.

Q2. The demand for good X is estimated to be Qxd = 5,000 - 5PX +3PY + 2M + AX, where PX is the price of X, PY is the price of good Y, M is income and AX is the amount of advertising on X. Suppose the present price of good X is $25, PY = $50, M = $30,000, and AX = 500 units. Elucidate demand for good X of its own-price elasticity?

Reference no: EM136610

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