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The market demand for petrol is given by =339- where p is measured in cents per litreand Q is measured in millions of litres. There are two petrol retail outlets (X and Z), each hasa constant marginal cost and average cost of 147 cents per litre.
(a) If X & Z is a monopoly, calculate its profit maximizing output and market price. Illustrate your result using a suitably labelled diagram.
(b) Now assume that the market comprises a duopoly, firm X and firm Z. Find the Nash-Cournot equilibrium and illustrate your results using a suitably labelled diagram.
(c) Using the results in (a) and (b) above, and the market demand curve, illustrate the marketprice in the case of monopoly, duopoly, and perfect competition. Note: to derive thecompetitive solution assume identical firms i.e. AC = MC.
A bank has $120 million in total assets, which are composed of reserves, loans, and securities. its only liabilities are $120 million in transactions deposits. The bank exactly satisfies its reserve requirement, and its total reserves equal $6 millio..
Explain how market structure affects market performance and conduct. Identify three types of government regulation that help to improve market performance and conduct and explain how each regulation achieves its objectives and the economic justifi..
You have done some research and believe that the master's degree will add $6,000 per year to your salary for the next 10 years of your working life, starting at the end of this year. From then on, after the next 10 years, it makes no difference.
How does using interest rates as operating or intermediate targets lead to procyclical (reinforcing the cycle) monetary policy How could policymakers use interest rates in the policy process and avoid pro-cyclical policy
Analyze unemployment and inflation data. Analyze interest rate fluctuations throughout Mistime period and their effects on other aspects of the economy.
Illustrate what range of labor input is marginal product smaller than average product. What is happenning to average product as employment increases over this range.
Choosing to treat price as its main decision variable, it writes profit as: ?= R- C = [P(8.5-.05P)] - [100+(38)(8.5 - .05P)] = -423 +10.4P - .05P^2. Derive an expression for M?=d?/dP. Then set M? = 0 to find the firm's optimal price
Money is an interesting topic and there is much to learn that is not common knowledge regarding how we create money, especially money that is just printed!
Draw the demand curve for the bridge crossings. How many people would cross the bridge when there were no toll? What is the loss of consumer surplus associated with charge of toll of $4.00
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $160 billion for each 1 percent change in the Federal funds interest rate. Also, assume that the current Federal funds rate is at the 3 percent ..
Read the article "UK unveils levy on sugary drinks" and answer the following questions: a) What are the arguments for and against the imposition of such a tax on sugary drink?
Is income inequality as it exists in the United States at presentbeneficial to the market? Why or why not?
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