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Oligopolistic Competition with Homogeneous Goods
Two firms produce all cars: Ford and GM. The demand function of cars is D(p)=7-p, where p are the prices. The two firms have a marginal cost of 2, and a fix cost of 0.
Firms compete in prices.
a. Calculate the reaction functions. Draw them in a single graph.
b. Calculate the Nash equilibrium quantities and the profits of each firm
c. Which marginal cost value would push GM out of the market?
Briefly explain whether it is possible for firms in a perfectly competitive market to earn zero economic profit even if they have incurred a sunk cost upon entry into the market. Given an example of such a cost.
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And obviously, consumers of different levels of wealth and well-being populate different parts of the country.
You are interested in evaluating the role of playing chess among children on their school performance. What is your primary explanatory variable (X)? How would you measure X? What is your equation?
A firm produces plastic toys and plastic medical devices. What happens to the supply of toys if the market price of medical devices increas. If demand for a product increases and supply of the product decreases at the same time,
Your company operates in a perfectly competitive market. You have been told that advertising can help you increase your sales in the short run.
What is the slope of the "least-squares" best-fit regression line?
Suppose the GDP is $40 billion below its potential level. It is expected that next-period GDP will be $20 billion below potential and that two periods from now it will be back at its potential level. You are told that the multiplier for government sp..
Should benefit and cost estimates be adjusted for the greater influences and impacts of inflation, government regulatory changes, and changing local
Workers in the country of Andalia can produce either 10 tons of cheese or 20 tons of yogurt using a certain quantity of resources. With this same quantity of resources, workers in the country of Barragon can produce either 6 tons of cheese or 18 tons..
Should you ask your boss if you can use the money to buy two tickets? Why? in flying or lying in business class
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