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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.
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always wiling to exchange three black shirts for one red shirt. What type of preferences is Carl exhibiting? Draw several indifference curves to illustrate C..
The coffee shop near the local college normally sells 10 ounces of roasted coffee beans for $10. But the shop sometimes puts the beans on sale. During some sales, it offers "33 percent more for free." Other weeks, it takes "33 percent off" the normal..
Consider a copy shop with annualized fixed costs of $1000 and variable cost of $0.03 per page. The shop presently has orders for 100,000 copies at a price of $0.05 per page. What is the shop’s average cost (AC) without taking the new order? Is it les..
The probability that any given unit will operate for at least (1) 39 months, (2) 48 months, (3) 60 months. (Enter your answer to 4 decimal places using probabilities shown in the above table.)
Suppose a typical consumer's inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q. The marginal cost for gathering and bottling the water is $3 per gallon. Find the op..
Suppose the Federal Reserve raises its federal-funds-rate target from 0.38% to 1.00%. Explain, both verbally and with a graph of the market for bank reserves (federal funds), how the Fed would conduct open-market sales in order to raise the federal f..
What would happen to the Production Possibility Frontier over time? How would invention and technological improvement modify your answer?
Explain why the different definitions are important also explain the different procedures of the money supply.
Northwest Iron and Steel is considering getting involved in electronic commerce. A modest e-commerce package is available for 20,000$. if the company wants to recover the cost in 2 years, what is the equivalent amount of a new income that must be rea..
The income elasticity of demand measures, for a given price, the ________________ in quantity demanded divided by the ____________________ income from which it resulted. If a decrease in the price of one good causes a decrease in demand for another g..
Now suppose that whoever took out the loan in (b) writes a cheque for this amount and the person receiving the cheque deposits it in a branch of the Westpac bank. Show the effect of these transactions on the balance sheets of the Commonwealth Bank..
Assume that demand for good X is a function of its price (PX), the price of good Y (PY), and Income (M) as follows: QX = {(M + PY)/(2PX)} - 1 Given the following values for these variables: PX = 2; PY = 5; M = 51 (a) Calculate the (own) price elastic..
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