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You are the manager of a firm that competes against four other firms by bidding for government contracts. While you believe your product is better than the competition, the government purchasing agent views the products as identical and purchases from the firm offering the best price. Total government demand is Q = 1100 -5P and all five firms produce at a constant marginal cost of $80. For security reasons, the government has imposed restrictions that permit a maximum of five firms to compete in this market; thus entry by new firms is prohibited. A member of Congress is concerned because no restrictions have been placed on the price that the government pays for this product. In response, she has proposed legislation that would award each existing firm 20 percent of a contract for 600 units at a contracted price of $100 per unit. If this legislation is passed, by how much should you expect your profits to change?
Instruction: If you expect profits to fall, enter a negative number.
Consider a static (one-period), closed economy with one representative consumer, one representative firm, and a government. The level of capital K and government expenditures G in the economy are both fixed exogenously. Formally define a competitive ..
With the aid of diagrams demonstrate that any effectve price controls in a market will reduce the actual quantity bought and sold in that market.
Find the values which maximize or minimize for the following function and determine where you have a maximum to minimum. Graph the function and discuss the context of concavity.
In the short run, what is the profit-maximizing price of e-books relating to do-it-yourself topics? At the profit-maximizing quantity, what is the average total cost of producing e-books?
Before the airline industry was deregulated, the Airline Pilots Association (ALPA) was generally regarded as one of the most successful unions in raising wages of its members; the International Ladies Garment Workers Union (ILGWU), on the other hand,..
Which of the following is one of the differences between the Articles of Confederation and the new Constitution created during the Constitutional Convention in 1787?
You buy a used Tesla Model S for $30,000. It is depreciated over 6 years using the straight line method. The salvage value will be $8000. According to the straight line method, what is the book value at the end of year three?
When medical care is reimbursed through employer provided insurance whose welfare is ultimately affected when cost of medical care rises: the owners of the firm that pays the premiums, the government whose revenues are reduced because insurance benef..
In the five years ending 2011, Switzerland enjoyed a fiscal surplus that averaged 1.3% of GDP, a trade surplus that averaged 2.6% of GDP, and a government debt to GDP ratio that averaged 40%. Use the appropriate graphs for a small open economy to ill..
Illustrate what are the no-trade monopoly equilibrium price and quantity of apples produced at home now.
tasks1. clearly state which e-commerce business model you have chosen. for each chosen website report the business name
Illustrate what is the supply of dollars in the market for foreign-currency exchange. Write down your answer since you will need it to answer the next question.
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