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Consider a duopoly facing an (inverse) market demand of p = 300 − 3Q. Firms produce a homogenous good at a constant marginal cost MC = 100.
a) Find the best response (or reaction function) of each firm. Illustrate the two curves on a graph.
b) Find the Cournot Equilibrium quantity per firm and point it on your graph.
c) Compute the equilibrium market output. Is that economically efficient? Explain.
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Every Saturday morning he requires his sales staff to send him a report. This report Comprises, among other thing, the number of professors visited during the earlier week.
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There are only two consumers: Bill and Ted, and two goods: apples and bananas. Bill and Ted like apples and oranges. Bill is always willing to subsitute 1 apple for 3 bananas. Construct an appopriately sized Edgeworth box for them. s the initial allo..
Suppose the demand for paper is given by Qd = 360 – 4p and the industry marginal cost of production is given by Qs = 6p. In addition, the firm’s production imposes an externality with an associated marginal damage (MD) = 2. Please include a graph wit..
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Ordinary least- squares method or the two- satge least squares method for estimating industry demand for rutabagas.
You deposit $10000 into an account paying 8% interest compounded quarterly. You want to make withdrawals of $1300 each year for the next 15 years. If you were to make two equal deposits, one in year 5, the other in year 10, how much would they need t..
Suppose there is a $200 billion recessionary gap. If there are no taxes or imports to restore the economy back to potential GDP how much should government expenditure be changed if the marginal propensity to consume is 0.75? Does government expenditu..
Is the concept of a just price a positive or a normative concept? Why?
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