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Assume two firms, A and B, serve a market with demand D(p) = 11 - p. Also assume that (i) firms compete for market share (quantity competition) and (ii) firm A has cost function CA(Q) = Q and firm B has cost function CB(Q) = Q. Describe this environment as a game. (i.e. Specify the players, the strategies available to players, and the payoffs they receive as a function of their strategies).
Bavarian Crystal Works designs and produces lead crystal wine decanters for export to international markets-What is the optimal level of production of wine decanters?
The average weekly earnings of bus drivers in a city are $950 with a standard deviation of $45. Assume that we select a random sample of 81 bus drivers.
Solve for the price and quantity that the monopolist would choose to maximize its profit under the more advanced technology. And also calculate the resulting profit.
What is the opportunity cost of going to a doctor to be examined for skin cancer? Would eliminating research reduce or increase the cost of U.S. health care?
Find the optimal level of inputs L* and K* that minimize the cost of producing Q0. What is the cost of production associated to L* and K*?
Determine the profit-maximizing quantity for a monopolist. You can ask the firm's to draw the firm's revenue and cost curves
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
From the information in the following table, calculate the income elasticity of demand for this good if income increases from $10,000 to $20,000, and if income increases from $40,000 to $50,000.
Illustrate graphically the impact in the short run and the long run of a Federal Reserve decision to increase open-market purchases.
Explain how the Central Bank can set the nominal interest rate in the money market. In addition, explain how it can use expansionary monetary policy to boost GDP if the economy is in a recession.
List the four assumptions for the Monopolistic competition model. Now explain how the market will adjust in the long run and draw a corresponding graph for the representative firm in the long run. (Explain your answer.)
Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.
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