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Under Stackleberg competition between two firms, if both firms have the same marginal cost:
the first mover earns a larger profit than the second mover.
The price is higher than under Cournot competition.
both firms produce the same quantity.
the total quantity produced is less than under Cournot competition.
Explain the role of the following factors in the upswing in the financial cycle that preceded the global financial crisis:
Given a daily traffic rate of 6000 cars, a toll of $26.00 per car, and a price elasticity of -1.4. What would be the effect of a 50% decrease in price on the traffic rate and daily revenue?
Assume that labor demand for low-skilled workers in the United States is: w = 24 – 0.1E where E is the number of workers (in millions) and w is the hourly wage. Assume there are currently 120 million domestic U.S. low-skilled workers who supply labor..
Dr. Dolittle decides to sell his current home and move to a larger home. He estimates that he can sell his current home for $100,000 and can buy a larger home for $175,000. He plans to use the entire $100,000 sale proceeds as a down payment on the ne..
In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.
Illustrate what is the minimum product price at which the firm will operate in the short-run. Elucidate how many workers should the firm employ to maximize profits.
Aristotle argues that whatever is the good in itself, it must be something sought which meets three criteria, namely that it must be. Among the rights discussed in class (& the handout), private property rights where justified on the grounds that the..
Explain why the operations of Copper Kettle Catering conducive to the application of lean concepts and practices.
The currency of Iceland is called the Krona. in July, 2007 the exchange rate was roughly 60 krona to a dollar. In July 2011, the exchange rate was roughly 120 krona to a dollar. a) Over this period, would you expect exports from the US to Iceland to ..
Suppose an economy’s production function is Y = K1/2 x [AN]1/2 and that the savings rate, s, is equal to 21%, the depreciation rate, d, is equal to 8 %, the number of workers grows at 1.7% and the rate of technological progress is 6% per year, then f..
Addressing inflation using Fiscal and Monetary Policy tools. Scenario -The US economy is currently experiencing high rates of inflation. You have Fiscal and Monetary policy tools available to address this problem: To attack the problem of inflation y..
What is the amount A in actual dollars equivalent to A’ = $1,000 in constant dollars? Please provide step by step detail
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