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Suppose that Kent Property Management (K) and Prince Commercial Management (P) are competing for the management contracts to manage the buildings built by Stark and Rogers. Because they have the ability to manage all the commercial space, they are playing a Bertrand pricing game. Customers view each of the management companies as interchangeable: a square foot of real estate is the same, regardless of which company manages it (they are homogenous services).
Assume the following information applies:
-Demand: P = 24 - 2Q, or Q = 12 - 1/2P
-K's marginal costs: MCK = 6 (TCK = 6QK)
-P's marginal costs: MCP = 4 (TCP = 4QP)
If the United States and Russia were the only two countries engage in trade, what adjustments would you predict, assuming exchange rates are freely determined by the laws of supply and demand?
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A store that sells health foods, has 16 different types of flour. Four of the flours are white and the rest are brown. Assume sampling with replacement.
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