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1. Joe and Rebecca are small-town ready-mix concrete duopolists. The market demand function is Qd = 10,000 – 100P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $25 per cubic yard. Suppose that Joe and Rebecca compete in quantities and competition in this market is described by Cournot model. What are Joe and Rebecca’s Nash equilibrium outputs? What is the resulting price? What do they each earn as profit? How does the price compare to the marginal cost?
2. Consider question 1 again but assume that Joe’s and Rebecca’s firms compete in prices rather than in quantities. Consumers perceive the ready-mix concrete produced by the two firms as identical products. Find the Nash equilibrium prices when the two firms set their prices simultaneously.
Consider the market for two goods that are substitutes, such as pens and pencils. if a technological breakthrough reduced the cost of producing pens. A/ what would happen the supply of pen? B/ what would happen on the price of pens and the quantity e..
How was African American military service in WWII similar to their service in earlier American wars? How did the "V for Victory" campaign highlight their differences? What role did African American nurses and pilots play in African American activism ..
Describe the difference between nominal, effective and real interest and calculate what is owed after 5 years for the following example. 10% interest on $100 over the course of 5 years. Where relevant, the compounding period is 1 year. Inflation is 5..
The federal minimum wage was last increased from $6.55 to $7.25 per hour. Suppose that the elasticity of labor supply of teenagers is 0.12. Using this estimate, by what percent would you expect teenagers’ quantity of labor supplied to change in respo..
Public policy toward monopolies Suppose that the government is concerned that an electric utility company is taking advantage of consumers with unfair pricing policies. The government views electricity as a public good that is likely to be produced i..
what would be best advice to a person who wants to lean more about political issues. Watch only television news and commentary shows daily.
Does the free-market (i.e. unregulated) use of common resources tend to be more or less than the socially optimal level?
Compare and contrast the public-interest and special-interest theories of economic regulation. What is the capture theory of regulation?
A huge increase in resource costs causes the price to rise to $9 also Block's only manages to sell 460 bottles of perfume.
Donald is a stamp collector. The only things other than stamps that Donald consumes are Harold's doughnuts. It turns out that Donald's preferences are quasilinear, represented by the utility function U(d, s) = lnd + s, where d is the number of doughn..
Present the basic structure of the Fed including:
Domestic produces often base their claim for import protection on the fact that workers in country X are paid substandard t wages.
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