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Two ?rm’s produce soda: one with a constant MC=$1.00, and one with a constant MC=$0.50. Demand for soda is given by QD = 100 − .5P. For each of the following models of oligopoly competition below, Find the market price, market quantity, each individual ?rm’s quantity, each individual ?rm’s pro?t, and consumer surplus: (a) Cournot competition (b) Bertrand competition (c) Stackelberg competition with the ?rm who has MC=$1.00 as the ?rst mover
Predict what will happen to the price and quantity of tennis ball if the price of tennis racket falls and, at the same time, the government mandates that tennis ball manufacturers use more expensive plastics in tennis ball construction.
Suppose there is a single consumer with U = Sl, where S is steaks and l is leisure time. The Consumer is endowed with one unit of leisure time, and the production for steaks is S = l / c , where c >0 is a constant. Find the equilibrium consumption of..
Indicate whether each of the following statements is possibly true or certainly false. The cost-minimizing bundle for y = 50 is l = 10 and K = 40 if labor and capital cost the same, and is l = 12 and K = 37 when labor costs $20 and capital costs $15.
The market for pumpkins is a competitive market where the quantity of crates demanded is given by Qd = 18.2 – 0.2P and the quantity of crates supplied is given by Qs = (P/6) – 0.5. Provide the inverse demand and inverse supply functions for pumpkins...
Monopolies can sometimes find themselves in difficult financial situations that lead to losses. Suppose Mr. Burns Power Company has a monopoly for providing electricity in Springfield. What happens to the market when Mr. Burns raises the price he cha..
The market for a case of wine has been described by the following supply and demand functions: At the market equilibrium price, what would be the total monthly revenue? Calculate consumer surplus at the market equilibrium and indicate this surplus as..
what quantity would they choose? If the oligopolists do not act together but instead make production decisions individually.
What is the point elasticity of demand at equilibrium? -What is the marginal revenue at equilibrium?(use equation connecting MR and P) If marginal cost is constant $8 dollars, should we keep producing and selling? until which point we can keep produc..
Call P the unit price of each stamp and find out how many stamps and how many photocopies the firms purchase depending on the value of P.
A deposit of $3,000 is made in a savings account that pays 7.5 percent interest compounded annually. How much money will be available to the depositor at the end of 16 years?
The EZ Credit Company offers to loan a college student $5500 for school expenses. Repayment of the loan will be in monthly installments of $237.57 for 30 months. The total repayment of money is $7,127.10, which includes the original $5500, $1,248.45 ..
This local Government Department provides two services: A and B. These two goods require the use of two inputs: X and Y. More specifically, provision of a unit of A requires 4 units of resource X and 10 units of resource Y. Suppose that based upon yo..
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