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Consider the short-run situation of a market with three identical firms producing homogeneous outputs. Each firm's total cost function is C(q) = (1/2)q2, where q 0 is a possible output. Market demand is given by Q(p) = 2-2P
a. Find the best response function for each firm.
b. Find the Cournot equilibrium in this market.
Consider the indirect utility function: v(p1; p2; m) = m /(p1 + p2) a. Derive the Marshallian demand functions. b. What is the expenditure function? c. What is the direct utility function?
Farma Inc. is working on the development of a new drug to combat Fingulesa. It has identified two strategies to pursue. Strategy one has a probability of success of 40% and strategy 2 has a probability of success of 60%.
The group recently spent $100,000 to plant the gardens. The members want to set up a perpetual fund to provide $100,000 for future replantings of the gardens every 10 years. If interest is 5%, how much money would be needed to forever pay the cost..
Seven years ago a vertical drill was purchased for $10,000. Drill had 12 years of expected life and zero estimated value at the end of that period. The current market value of the drill is $1,000. The new drill's total investment cost would be $12..
What are the equilibrium price and quantity e. What happens to equilibrium price and quantity if other things remain the same as in part d but income increases to $52,000 f. What happens to equilibrium price and quantity if other things remain the ..
Suppose the total benefit derived from a given decision, Q, is B(Q) = 25Q - Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q. What level of Q maximizes net benefits
An investment opportunity has the potential of generating yearly revenues with the associated probabilities for the next five years as shown below. The salvage value at the end of five years is 0. The potential revenue in any given year is indepen..
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the official unemploymen..
Each firm knows that the other firm will cooperate as long as they have not been cheated. Once cheated, each firm will not cooperate ever again. You are firm 1. Your discount rate is 0.3. Compare the present value of cooperating to the present val..
Suppose the consumer has $100 to spend on consumptionnow (c1) or consumption next year (c2). Any money not spent now can be deposited in a bank account, accumulating interest at an annual rate of 10%, and then withdrawn for spending next year. The..
Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout g..
Use the given equation and determine the demand equation as a function of Ps if the price of other pastas (Po) is $2,
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