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Write in a 600 word academic essay.
a. Consider the iron ore production industry, and assume that there are just two producers, FM and BHP. Initially assume that both firms are identical in terms of their production costs. If the two firms can cooperate, what should they do in order to maximise industry profits? How does your answer change if: (i) price discrimination is feasible; or (ii) the two firms have different costs of production? If you are working as a consultant for the ACCC, how would you view cooperation between the two iron ore producers?
b. Now assume that each firm is free to set its production level, but each firm can communicate (via the business press) what they plan to do first. Using an economic model, show that it might be difficult to sustain a cooperative (high-profit) outcome. Given this, how credible do you view any statement on capacity by Twiggy? What do you anticipate would be the impact of the entry of another producer (who we can call RT)?
c. Thinking more broadly than iron ore, how can two oligopolists try to avoid being caught in a competitive outcome? Are any of these relevant for the iron ore industry?
Compute a 99% confidence interval rather than a 90% confidence interval. The increase in confidence indicates that we have a better interval.
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Five ice cream vendors take up positions along a beach of length one. You may take it as given that there is a Nash equilibrium with two vendors at some point x, one vendor at 1/2, and two vendors at point 1 x. Find x, and justify your answer.
Determine which of these statements are normative and which are positive and explain why you place them in the normative or positive category.
Firms 1 and 2 compete in a Cournot duopoly. If firm 2 adopts a strategy that raises firm 1's marginal cost:
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Critically evaluate the following statement: Playing the stock market is like gambling. Such speculative investing has no social value, other than the pleasure people get from this form of gambling.
What are Donaldson's five guidelines to ethical leadership. Also discuss the challenges of facing some questionable practices and different ethical principles in doing international business. Please give examples
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