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The following function describes the demand condition for a company that makes caps featuring names of college and professional teams in a variety of sports.
Q = 2,000 - 100 P
where Q is cap sales and P is price.
a) How many caps could be sold at $12 each?
b) What should the price be in order for the company to sell 1,000 caps?
c) At what price would cap sales equal zero?
Jim and Matt allocate their consumption between two goods: hats and bats. The price of hats is $4 each and the price of bats is $8 each. For Jim, the marginal utility of the last hat consumed was 8 and the marginal utility of the last bat was 24.
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Consider a Stackelberg duopoly game of quantity competition. Firm #1 is the "Leader" and firm #2 is the "Follower." Market demand is given by the inverse demand function p=100-4Q.where Q=q1+q2 is the total output of the two firms.
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