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Question: Suppose that a typical firm in a monopolistically competitive industry faces a demand curve given by: q = 60 - (1/2)p, where q is quantity sold per week.
The firm's marginal cost curve is given by: MC = 60.
1. How much will the firm produce in the short run?
2. What price will it charge?
In addition to providing the quantitative answers for the question, please also describe the approach you used to arrive at your conclusions.
What would be the eventual equilibrium output for each of two competitors under the Cournot-Stackelberg Reaction Model if the Market demand is Q=20-P? (Assume that MC = 0).
Why do we use this notion in economics? How does it come into play in economic decision making? Please explain and elaborate.
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a soft-drink bottler collected the following monthly data on its sales of 12-ounce cans at different prices.month 1 2 3
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An insurance marker consists of high-risk patients, who average $40,000 in spending per year, and low-risk patients, who average $1,000 per year. Overall, low-risk patients represent 90 percent of the population. What would average spending be for a ..
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
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