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A market is characterized by a demand curve that can be expressed as P = 96 – (1/3) Q. Each of the two identical firms currently serving the market has a total cost function of the form C = 12 q. There are no fixed costs. If the 2 duopolists behave as independent, symmetric Cournot duopolists, what are the equilibrium price, quantity, and profits for each of the firms? Show work. If the 2 duopolists behave collusively, what are the equilibrium price, quantity, and profits for each of the firms? Show work. Now create a payoff matrix in which the two firms are deciding between producing the Cournot duopoly quantity that you found in part a and producing the collusive quantity that you also found in part a. In other words, each firm has 2 strategies: produce the Cournot quantity and produce the collusive quantity. The payoffs for two cells in the matrix are the profits you calculated in part a. Complete the other two cells in your payoff matrix; that is, find the profits for each of the firms when one of the firms produces the Cournot quantity and the other firm produces the collusive quantity. (You will need to calculate a new market price in order to find the profit payoffs for these two cells.) Show work. Find the Nash equilibrium for the game. Explain. Explain how your payoff matrix represents a prisoner’s dilemma.
How does price discrimination help cover fixed costs?
Explain how globalization in pharmaceuticals occurred with respect to both distribution of medicines in new markets as well as shifting of research and development as well as the manufacturing to lower cost markets.
Elucidate the consumers opportunity set in a diagram. Explain how does this change alter the market rate of substitution between goods x and y.
Critically evaluate measures used by governments and central banks to manage the economies of their countries. By critical evaluation use convincing arguments for or against measures used to re-duce, minimise or alleviate economic difficulties many c..
Which of the following shifts the short-run aggregate supply to the right?
Explain how you would determine the maximum amount you are willing to spend to fight the case, assuming that you will win if you fight
The election of a new Congress causes consumer confidence to soar as expectations of future economic growth are solid.
The economic principle that consumers are willing to consume more of a good when price is low is depicted by the:
Explain how shortages/surpluses are eliminated in a free market system. You can use graphs and specific examples in your analysis. Graphs don’t count towards the word limit. Explain the difference between scarcity and shortage.
A firm believes the sales volume (S) of its product depends on its unit selling price (P) and can be determined from the equation P = $100 - S. The cost (C) of producing the product is $1000 + l0S.
a. Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph. b. Show the range of labour where stages I, II and III of production occur. c. If workers can be hired for $40 per day and the avera..
How can the high unemployment hurt the growth of the GDP. Is the U.S. economy primarily driven by consumers or businesses? Why? Let's look at the "crowding out effect". Please explain and define the crowding out effect,
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