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An industry has two firms, each of which produces output at a constant unit cost of $10 per unit. The demand function for the industry is) = 1,000,000/p. Give the best-response function for each firm. What is the Cournot equilibrium price for this industry?
In signalling games, it seems that the Cho Kreps refinement (intuitive criterion) is the go to refinement for eliminating bad sequential equilibrium. Divine equilibrium and perfect sequential equilibrium are also interesting refinements though. Are t..
Suppose the government reduces taxes by $20billion, that there is no crowding out and the marginal propensity to consume is 3/4. what is the initial effect of the tax reduction on aggregate demand? what additional effect follow this initial effect? w..
A movement upward and to the left along a demand curve is called a(n)
Illustrate what is the marginal income product of hiring one low-skilled worker to clear woodland for one month.
Can an individual be both pro-union and pro-employer, or does being pro-union mean one has to be anti-employer? Can an individual be anti-union and still legitimately claim to support pro-employee interests?
Show how the transaction would have been recorded in the German balance of payments accounts. What was the net effect on the German balance of payments.
What are transnational corporations and how are they different from other business firms Why have the MNCs become more important in international political economy during the past three decades What kind of economic and political impacts do they have..
If an industry is a Cournot duopoly, what are the firm’s reaction functions? If an industry is a Cournot duopoly, what is the equilibrium price and output? What are the profits for each firm? Illustrate the firm’s pricing and output decision in a gra..
Prior to opening of trade shoes cost $50 per pair in U.S. and $10 per pair in China. If the price of shoes in U.S. were to fall to $20, U.S. demand of shoes would increase to 60 million pairs and supply would fall to 54 million pairs. What is the int..
wages decrease by 15%. by what % do the new wages increase or decrease. 3. divide 3420 into two parts such that one part is 28% more.
The government of Byngia has introduced a new tax on airline travel. Byngia has two types of travelers, business travelers and leisure travelers. Business travelers in Byngia have an elasticity of -1.2, while Byngian leisure travelers have an elastic..
Economists estimate that the supply function for the widget market is given by the following expression: q = 0.2 · π − 40 a. Calculate the demand and price at the market equilibrium if the demand is as defined in Problem 2.2. b. For this equilibrium,..
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