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Consider the following Bertrand game involving two firms producing differentiated products.
Firms have no costs of production. Firm 1's demand is
q1 = 1 - p1 + bp2
where b > 0. A symmetric equation holds for firm 2's demand.
a. Find the equilibrium of the simultaneous price game.
b. Compute the firm's outputs and profits.
c. Represent the equilibrium on a best-response function diagram. Show how an increase in b would change the equilibrium
Suppose a dose-response function has been esti- mated to be R = -0.2 + 1.6D, where D is emis- sions of sulfur dioxide in parts per million (ppm), and R is the response measured as percent of agri- cultural crop decline.
Note that there are two issues in this case. (1) Should there be any recovery and why? (2) If there is to be a recovery, what amount should be recovered?)
A project has a first cost of $10,000, net annual benefits of $2000, and a salvage value after 10 years of $3000. The project will be replaced identically.
Find the proportion of individuals in this population who survive to the end of each 10-year interval. Also find the approximate life expectancies in this population at birth, and at age 60.
Orange juice and apple juice are known to be perfect substitutes. Draw the appropriate price-consumption curve (for a variable price of orange juice) and income-consumption curve.
What are the key features of the consumption function? What causes consumption to rise or fall? Does the level of consumption deserve concern today?
Explain the role of incentives in the market and discuss the government’s use of incentives.
Look at Exercise. Compute the opportunity costs of producing sweaters and wine in both France and Tunisia. Who has the lowest opportunity cost of producing.
Because of America's large budget deficits, the government is borrowing much from foreign countries. There are experts who believe, it is not economically wise for foreigners to hold so much of U.S assets. However, there are those who think the si..
Explain the authors opinion of economic cooperation between the u.s. and canada and information from the article that support explanation.
You will develop a democratic policy and describe/illustrate it in detail; then you will create a presentation of your policy proposal as if you were the candidate delivering it or you were a political advertisement.
Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $20 and 25,000 buckets were produced.
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