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Suppose there are only two automobile companies, Ford and Chevrolet. Ford believes that Chevrolet will match any price sets, but Chevrolet too is interested in maximizing profit. Use the following price and profit data to answer the following questions. Ford's Selling Price Chevrolet's Selling Price Ford's Profits(mills) Chevrolet's Profits(mills) $ 4,000 $ 4,000 $ 8 $ 8 4,000 8,000 12 6 4,000 12,000 14 2 8,000 4,000 6 12 8,000 8,000 10 10 8,000 12,000 12 6 12,000 4,000 2 14 12,000 8,000 6 12 12,000 12,000 7 7 a. What price will Ford charge? b. What price will Chevrolet charge once Ford has set its price? c. What is Ford's profit after Chevrolet's response? d. If the two firms collaborated to maximize joint profits, what price would they set? e. Given your answer to part (d), how could undetected cheating on price cause the cheating firm's profit to rise?
Assume that Qd = 80-2P and Qs = 2P-20. If the government imposes a price ceiling at $15 in this market, what is the loss in producer surplus?
karen runs a print shop that makes posters for large companies. it is a very competitive business. the market price is
New York, had a serious ice storm. Electric power was out in houses for many days. The demand for power generators rise dramatically, Yet the local businessmen did not increase their prices.
Based on your knowledge of strategy formation, how do the economic concepts in this course affect strategic planning?
dayton metal corporation dmc a medium-sized manufacturer of fabricated metal parts is considering whether to enter the
answer based upon your knowledge of economics and class notes on differenes in wages and discrimination make and wage
Many countries in the European Union use the same currency: Euro. Should the US, Canada and Mexico similarly use the same currency? What are the pros and cons of using the same currency if all three countries use it? Will the US benefit from such as ..
How many workers should DD employ to maximize profit?
Through what channels does monetary policy affect the economy? That is, what are the monetary policy transmission mechanisms? List first them, then clearly describe two of these channels.
Why does the short-run marginal cost curve eventually increase for the typical firm? Describe what locative efficiency is and how it is achieved in pure competition?
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%.
Calculate the price elasticities of demand and indicate whether your result shows that demand is price inelastic, price elastic, or unitary elastic - determine exactly how many cookies Paco will eat every day, it is possible to determine the maxim..
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