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Two identical firms face linear demand. Market demand is given by P=30-Q. Suppose both firms face zero marginal costs.
1. Solve for Cournot equilibrium prices and outputs.
2. Solve for Stakelberg equilibrium prices and outputs.
3. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
Suppose you decide to withdraw $100 in currency from your checking account. What is the effect on M1? Ignore any actions the bank might take as a result of the withdrawal.
An open economy has the following pattern of income and domestic expenditure: For each of the three years, evaluate the balance of trade facing the economy.
The Canadian economy is in long-run equilibrium. Assume the following events occur one at a time. Show the effect of each event on Aggregate Demand and Short-run Aggregate Supply in Canada by shifting only one curve.
Show how expansionary fiscal and monetary policies work. Under what conditions would these policies work more, or less, effectively?
Leisure-Time boats is a manufacturer of mid-to-high end boats with 12 sales territories throughout the U.S. Sales are generated by salespeople in each territory who develop relationships with boating distributors and related retailers.
The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?
Compute the coefficient of price elasticity for the price ranges given in the schedule and complete the first column of the table. What do you notice about the algebraic sign of the values you have just computed? Why is this so?
Which of the followings tends to occur during recessions Cyclical unemployment tends to fall The stock markets tends to surge (experience a rapid rise in prices) Interest rates tend to fall Gross Domestic Product rises Consumer ..
Using indifference curve analysis, explain and show graphically the effects of higher gasoline prices on:
What is the business cycle and how is it linked to a secular trend? Describe each of the four phases of the business cycle and indicate how they a linked to the concepts of a "boom", a "recession" and an "expansion".
Michael can buy either pizzas or submarine sandwiches. If the prices of pizza and submarine sandwiches double and Michael's money income triples, we can conclude that Michael's budget constraint will
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
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