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A homogeneous products duopoly faces a market demand function given by P = 300 - 3Q, where Q = Q1 + Q2. Both firms have a constant marginal cost MC = 100.
a) What is Firm 1's profit-maximizing quantity, given that Firm 2 produces an output of 50 units per year? What is Firm 1's profit-maximizing quantity when Firm 2 produces 20 units per year?
b) Derive the equation of each firm's reaction curve and then graph these curves.
c) What is the Cournot equilibrium quantity per firm and price in this market?
d) What would the equilibrium price in this market be if it were perfectly competitive?
e) What would the equilibrium price in this market be if the two firms colluded to set the monopoly price? f )
f ) What is the Bertrand equilibrium price in this market?
g) What are the Cournot equilibrium quantities and industry price when one firm has a marginal cost of 100 but the other firm has a marginal cost of 90?
Suppose Zia spends her time picking berries and apples. Her production set is described by the equation , where is the number of berries and y the number of apples.
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Illustrate the long run and short run on the same diagram.
What is the marginal revenue function that corresponds to this demand curve?
You are interviewing three people for one sales job. On the basis of your experience and insight, you believe Jane can sell 600 units a day, Joe can sell 450 units a day, and Joan can sell 400 units a day. The daily salary each person is asking is..
What is the relationship between velocity and the exchange rate?
There is always some uncertainty with respect to predictions based on such models. Why? What is the source of this uncertainty?
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