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(Cournot's game with many firms) Consider Cournot's game in the case of an arbitrary number n of firms; retain the assumptions that the inverse demand function p(Q) = a - Q if Q ≤ a and 0 if Q > a. The cost function of each firm i is ci(qi) = (c/2)*qi^2 with c < a. Find the best response function of each firm and set up the conditions for(q*1, . . . , q∗n) to be a Nash equilibrium, assuming that there is a Nash equilibrium in which all firms' outputs are positive. Solve these equations to find the Nash equilibrium. (First show that in an equilibrium all firms produce the same output, then solve for that output. If you cannot show that all firms produce the same output, simply assume that they do.) Find the price at which output is sold in a Nash equilibrium and show that this price decreases as n increases as the number of firms increases without bound.
The MC of a firm under perfect competition
Boyce contracts to build a house for Anne. Pursuant to the contract, Boyce and his surety, Travelers, execute a payment bond to Anne by which they promise Anne that all of Boyce’s debts for labor and materials on the house will be paid.
How does Ticketmaster's "dynamic pricing" affect ticket sales, total revenue and profit? Does Ticketmaster provide a valuable service, or is it a necessary evil to purchasers of event tickets?
according to the law of demand if price increases quantity demanded of a good or service will decrease or vice versa.
What would be the impact of a minimum wage set above the equilibrium wage on the labor market? Will it create a surplus or shortage of labor? Which sector of the labor market is affected most by this minimum wage?
Suppose that in the hypothetical country of Vanadia, picture frames are distributed based on government policy. This system of distributing goods gives the residents of Vanadia an incentive to spend timea) earning money b) lobbying government officia..
Given the choice, a risk-averse person would be more willing to toss a coin twice and receive $1 each time tails comes up than to a coin once and receive $2 if tails come up.
briefly contrast the neo-classical theory of growth with cumulative causation theory by describing what each would
Are your proposals worth the trade-off? Justify your proposals and respond to the proposals from your classmates.
Assume the market for natural gas can be explained by, Where P is the price of natural gas per million BTU, Q(D) is the quantity demanded and Q(S) is the quantity supplied of million BTUs of natural gas a day.
Two drivers—Tom and Jerry—each drive up to a gas station. Before looking at the price, each places an order. Tom says, “I’d like 10 gallons of gas.” Jerry says, “I’d like $10 worth of gas.” What is each driver’s price elasticity of demand?
suppose there are two states that do not trade iowa and nebraska. each state produces the same two goods corn and
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