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There are two firms in an industry, engaged in Cournot competition. The firms compete repeatedlyin successive time periods. Occasionally, one of the firms is required to produce a certain amount(due to production constraints). This amount is known to both firms before the other firm has thechance to choose its output. At other times, the firms are unconstrained, and announce theirproduction levels simultaneously. You can assume that both firms behave rationally at all times.Consider the following data when one firm's output is known ahead of the other's choice:Firm 1 is required to produce 10 units. Following this, Firm 2 produced 5 units.Firm 1 is required to produce 12 units. Following this, Firm 2 produced 4 units.Firm 2 is required to produce 8 units. Following this, Firm 1 produced 10 units.Firm 2 is required to produce 16 units. Following this, Firm 1 produced 8 units.(a) What will be the Nash equilibrium in a simultaneous move Cournot game? Assume that firms haveno constraints on production.(b) Depict this Nash equilibrium in a figure, along with the firms' reaction functions. Label the figureclearly.
Suppose the world price of crude oil is $15. What would be the equilibrium price and quantity under free trade? Find the price of oil, the total quantity traded, and the domestic quantity supplied. Assume you can treat foreign supply of oil as inf..
A monopoly is considering selling several units of a homogeneous product as a single packge. A typical consumer's demand for the product is Qd= 110-0.5P, and the marginal cost of product is 140. A. Determine the optimal number of units ot put in a..
Explicit statement of the model(s)/equation(s) being estimated - statement of whether the results refute or support the hypotheses - statement of whether the results are statistically significant
Consider the density Fx(x)= exp{-x} if x>_0, and 0 otherwise; Find: f(y) if Y = 2X+1, Find f(y) if Y = X^2, Find f(y) if Y = X, Find f(y) if Y = lnX
Assuming the oversimplified multiplier is correct, Supposing the GDP is currently $25,000 and themarginal propensity to consume is .50. If autonomous investment increases by $5,000, what will GDP be in the new equilibrium
The poverty rate would be substantially lower if the market value of in-kind transfers were added family income. The largest in-kind transfer is Medicaid, the government health program for the poor. Let's say the program costs $7,000 per recipient..
Which policy would a supply-sider prefer, an across-the-board tax reduction in income tax rates or a package of tax-relief measures that would give every household a $200 tax rebate and allow them to deduct the interest they pay on credit card pur..
The oil price shock of 1980 sent gasoline prices sharply higher. Coal prices moved in sympathy with oil prices, with the result that coal companies earned pure economic profits. Since coal is a homogeneous good and the market is competitive.
The tensile strength of spot welds produced by a robot welder is normally distributed, with a mean of 10,000 psi and a standard deviation of 800 psi. For a simple random sample of n=4 welds,
There are two firms in an industry, each owning one plant. Firm 1 has supply function P = 10 + 0.01Q1 (which is the marginal cost of its plant), and Firm 2 has supply function 0.005Q2 + 0.00001Q22
Suppose Money Supply is growing at a rate of 7% per year and RGDP is growing at a rate of 3% per year. What is the inflation rate assuming the velocity of money is constant?What will be the inflation rate is the velocity of money is increasing 2% pe..
i have a bag that contains 24 marbles. 9 are red 15 are green. if i take one marble out at random what is the
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