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In Gelate, Pennsylvania, the market for compact discs has evolved as follows. There are two firms that each use a marquee to post the price they charge for compact discs. Each firm buys CDs from the same supplier at a cost of $5.00 per disc. The inverse market demand in their area is given by, where Q is the total output produced by the two firms.
a. Solve for the Bertrand equilibrium price and market output.
b. Would your answer differ if the products were not perfect substitutes? Explain.
Suppose that American households change their tastes such that they want to save more at every level of income.
What is the inflation rate in Home? In Foreign? What is the rate of change in the nominal exchange rate? Which currency is expected to appreciate? At what rate? Explain.
The FCC has hired you as a consultant to design an auction to sell wireless spectrum rights. The FCC indicates that its goal of using auctions to sell these spectrum rights is to generate revenue.
Agree or disagree and describe: In monopolistically competitive market, firms that innovate successfully can increase their economic profits and lock in higher market shares over long run.
Your company is considering expanding overseas. It is particulary interested in developing markets, and narrowed its choice down to two countries, A and B.
What is the equilibrium level of income? Compute disposable income, consumption and aggregate demand.
A tariff is simply a tax on imports. Use our model of the excise tax (with diagram) to describe why domestic firms request that tariffs be imposed.
Overview of the project's objectives and scope
Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..
Michael can buy either pizzas or submarine sandwiches. If the prices of pizza and submarine sandwiches double and Michael's money income triples, we can conclude that Michael's budget constraint will
Pam, having recently graduated from college, is looking to work for 2 years before she enters graduate school. She has received 2 job offers with the following salary structures:
There are many factors might change AD and AS, and equilibrium. Please evaluate the effect of following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
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