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You are the manager of a firm that competes against four other firms by bidding for government contracts. While you believe your product is better than the competition, the government purchasing agent views the products as identical and purchases from the firm offering the best price. Total government demand is Q = 1700 -8P and all five firms produce at a constant marginal cost of $90. For security reasons, the government has imposed restrictions that permit a maximum of five firms to compete in this market; thus entry by new firms is prohibited. A member of Congress is concerned because no restrictions have been placed on the price that the government pays for this product. In response, she has proposed legislation that would award each existing firm 20 percent of a contract for 740 units at a contracted price of $120 per unit.
If this legislation is passed, by how much should you expect your profits to change?
If you expect profits to fall, enter a negative (-) number.
Assume that you are the manager of a company that experiences a 50% increase in market demand for its product during the summer months (June through August). One option for meeting this increased demand is to require existing company employees to wor..
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why soft selling can serve as a successful signal of the quality or usefulness of the new accounting system.
Dave's uses a continuous review system to manage meal inventories. Suppose Mountain Mouse offers the following volume discounts to its? customers:
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What are the optimal penal codes if there are two firms, competition is Bertrand, marginal costs are equal, and capacity is unlimited? Explain why a firm might prefer a meet-or-release MCC to a no-release MCC.
The price level starts at 1.0 and rises by the end of the year to 1.15. What has happened to the value of the dollar over that same period of time? What are the consequences of that price level change? Will an increase or decrease in the money supply..
What does Autor mean by "polarization of job opportunities?" Illustrate what is the primary cause of this polarization.
The reduction in aggregate demand caused by deflation:
What do you think is the best approach to deal with the looming Social Security insolvency issue? What are its pros and cons?
How is marginal revenue product for labor found and is there a simpler and easier method to find it other than the formula given on page 230? What factors can cause changes in the demand for labor for a firm? What factors determine the elasticity of ..
The monopolist from the previous problem now faces a specific tax of 20, τ = 20. What are the optimal quantity and price given the tax? Calculate the welfare loss from the tax.
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