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1. Suppose that demand is given by P=130-Q and marginal cost equals 10. Firms are Bertrand competitors with unconstrained capacity and play a supergame.
a) For what values of the discount factor can grim punishment strategies support an equal division of the monopoly output?
b) Which type of competition, Bertrand or Cournot is more likely to sustain the collusive agreement? Why?
2. Suppose that demand is given by P= A-Q and marginal costs are constant and equals to c where A> c. Assume that there are two firms that are Cournot competitors and they play a supergame. Find the critical value of the discount factor required to sustain a collusive agreement specifying an equal sharing of monopoly profits through grim punishment strategies.
Suppose a consumer's utility function is given by U(X,Y) = X*Y. Also, the consumer has $288 to spend, and the price of X, PX=16, and the price of Y, PY = 1. How much X and Y should the consumer purchase in order to maximize her utility? How much tota..
Please describe the actions of the economic actors in the economic circular flow diagram and the physical and monetary transactions that occur in each market of circular flow diagram. What is the circular flow diagram describing? Please explain the t..
Find out the market equilibrium price and quantity. Compute the profit of a firm at the point of equilibrium. Is this longrun equilibrium.
Sam owns outright (no mortgage payments) two plots of land of equal size in Southern California. One plot is in Victorville (the High Desert) and the other is in the coastal community of Newport Beach. Given that Sam’s calculations were correct on t..
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Widgets are sold by a constant-cost industry where each firm has fixed costs of $60 and each firm has the following marginal cost curve: In long run equilibrium, what is the price of a widget? The city would like the price of widgets to change. Plan..
Why managers are interested in the concept of price elasticity of demand? Illustrate with examples Why are managers interested in the concept of consumer surplus? Illustrate with examples.
You want to study the effect of education on earnings (yit = earnings). You have panel data on annual earnings for many workers. You think earnings will depend on age, education, and union status and you run that regression.
JP Vineyards has sales of $847,000, a gross profit margin of 0.380, and inventory of $180,000. What is the company's inventory turnover ratio?
A market basket is made up of three goods, 10X, 12Y, and 18Z. The prices in the base year are $1.20, $2.10, and $3.25, respectively. The prices in the current year are $1.44, $2.23, and $3.88. What is the approximate consumer price index in the curre..
The allocation of promotional dollars between ‘pull’ (consumer promotions + media advertising) and ‘push’ varies drastically for many advertisers across countries. What are the factors behind these variations?
Considering the scenario example of the Average Total Costs wherein the example company had three machines and determined the amount of labor
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