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There are two firms in a market for commercial dry suits. The market demand curve is P = 4,500 – 2.5Q. Firm 1 has a total cost curve of C = 1,000 q with zero fixed costs, while Firm 2 has a total cost curve of C = 1,500 q with zero fixed costs. They have decided not to collude with each other in order to avoid a Sherman-1 antitrust violation.
a) If the 2 duopolists behave as independent, asymmetric Cournot duopolists, what are the equilibrium price, quantity, and profits for each of the firms? Show work.
b) Graph the residual demand curve for firm 1 if firm 2 produces q2 = 250. Identify the vertical and horizontal intercepts numerically, and label the axes. The graph does not have to be to scale (no graph paper needed). Show work.
c) Graph the reaction function for firm 1. Identify the vertical and horizontal intercepts numerically, and label the axes (with q1 on the horizontal axis and q2 on the vertical axis). The graph does not have to be to scale (no graph paper needed). Show work.
Show the impact of the following events on the market for fleece sweatshirts—graph each case separately. Be sure to label the initial and subsequent prices, quantities, curves, equilibriums, etc… i.e. corresponding supply, demand, price and quantity.
Many industrialized countries such as the United States attempt to seriously restrict immigration of production workers, but are more open to immigrants who are highly-skilled. Why might this be the case? Why is this a problem for developing countrie..
What is fiscal policy? What kind of fiscal policy is needed to reduce unemployment problem? What is monetary policy? What kind of monetary policy is needed to fight inflation problem?
If the company has minimum rate of return standard as 10%, which of the following projects would you recommend to the company? A) Investment in year 0, $40,000, returns $10,000 in year 1, $11,000 in year 2, 12,000 in year 3, and $13,000 in year 4. Op..
Suppose that the current exchange rate is 200 yen per dollar, the U.S. interest rate is 6%, the Japanese interest rate is 4%, and there is no risk premium. What do you expect the exchange rate to be a year from now?
Say 20 people each have demand Q = 20 – P for street lights and 5 people have the demand Q = 18 – 2P for street lights. The cost of providing a street light is 10. If it is impossible to provide a fractional number of street lights, how many street l..
Based on costs and revenues above, which should you do. Elucidate and show any relevant calculations.
A monopolistic firm faces the following demand curve. What price should this monopoly charge to maximize its profit? What would be its equilibrium profit? What price should it charge if it were to maximize its revenue? What is the break-even quantity..
Explain how you imagine the invention of cheap electric cars would affect the demand for gasoline? Why? Which determinant of demand or supply would be affected? Show graphically with before and after curves on the same axes.
Let's assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables.
Fractional relationships between variables are not permitted in the standard form of a linear program.A cycle is an up and down movement in demand that repeats itself in less than 1 year.
Consider the market for bonds in the secondary market. Predict what would happen to the price of the bonds and the interest rate for each of the following scenarios: Savers consider that stocks are riskier than bonds. Both the demand and supply of bo..
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