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1. Suppose all firms in a monopolistically competitive industry were merged into one large firm. Would that new firm produce as many different brands? Would it produce only a single brand? Explain.
2. Consider two firms facing the demand curve P = 50 - 5Q, where Q = Ql + Q2" The firms" cost functions are Cl(Ql) = 20 + 10Ql and C2(Q2) = 10 + 12Q2"
a. Suppose both firms have entered the industry. What is the joint profit-maximizing level of output? How much will each firm produce? How would your answer change if the firms have not yet entered the industry?
b. What is each firm"s equilibrium output and profit if they behave no cooperatively? Use the Cournot model. Draw the firms" reaction curves and show the equilibrium. c. How much should Firm 1 be willing to pay to purchase Firm 2 if collusion is illegal but a takeover is not?
Which piece of information is more important in the utility maximization process: marginal utility per unit of the good or marginal utility per dollar? WHY?
What is the difference between elastic and inelastic demand. Please be precise. If a restaurant increases its price of coffee from $ 1.00 to $ 1.20 and quantity demanded falls from 100 cups to 80 cups. How can I compute the price elasticity of dema..
Functions of Money) "If an economy had only two goods (both nondurable), there would be no need for money because exchange would always be between those two goods." What important function of money does this statement disregard. Suppose the money ..
The money multiplier process gives us an idea of the maximum possible expansion in the economy's money supply. Can you think of a reason why the money supply might not expand to the maximum possible extent Think of some of the events that have occ..
Describe why some firms might suffer diseconomies of scale. Do you know any examples? Could GM be an example of diseconomies of scale?
A sales tax of $1 per unit of output is placed on a particular firm whose product sells for $5 in a competitive industry with many firms.
In order to expel a foreign diplomat, that individual must be declared____.Internationally, what is the name of the commercial code that governs many international commercial transactions concerning the purchase or sale of goods?
Individuals exchange commodities subject to the cash-in-advance constraint \(pz
What would happen to the equilibrium price and quantity of lattes if the cost to produce steamed milk, which is used to make lattes, increased, and scientitsts discovered that lattes cause heart attacks
"A shift outward in the demand curve always results in an increase in total spending (price times quantity) in a good. On the other hand, a shift outward in the supply curve may increase or decrease total spending."
What is the economic term for productive resources that provide a means for society to produce and distribute its goods.
News Analysis. Analyze a news from a global newspaper (Financial Times, Newsweek or a similar one), delivering a report that could be useful for your company to take a managerial decision.
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