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Can someone please help me and answer the following problem detailed?
A two-firm cartel producing industrial diamonds faces the following demand function:
Q = 120 - 10P or Q = 12 - 0.1P
The MC and the ATC functions of each firm are, respectively,
MC1 = 4 + 0.2Q1 and ATC1 = 4 + 0.1Q1
MC2 = 2 + 0.2Q2 and ATC2 = 2 + 0.1Q2
Draw a figure showing the best level of output and price for the cartel, and the output of each firm to minimize the total costs of production for the cartel, and calculate the profits per unit and in total for each firm.
GRAND RAPIDS, Mich. - Kellogg Company on Monday said its earning growth 17.3% in the 2nd quarter on strong firm wide sales growth, beating Wall's Street's expectations.
where L is labor, K is capital, and N is land. In this economy the factors of production are in fixed supply with L = 100, K = 100, and N = 100.
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Using the theory of oligopoly and the concept of prisoners dilemma, explain why the cigarette companies did not cut on advertising on their own to increase their profits before the law went into effect?
Consider an air basin with only two consumer, Huck and Matilda. Suppose Huck's demand for air quality is given by q_h=1-p where p is Huck's marginal willingness to pay for air quality. Similarly, Matilda's demand is given by q_m=2-2p. Air quality ..
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