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Consider 2 firms, each has MC = 0. The 2 firms compete in quantity in the market with inverse demand P = 150-10Q where Q is the economy’s total output. If the two firms each starts at 0 production level and has to decide whether it should increase production,
a. What is the final outcome of the market? What are q1, q2, Q, P in equilibrium?
b. What happens to q1, q2, Q, P when firm 1 makes the decision first, then firm 2 observes firm 1’s q1 and decides accordingly?
Under the terms of the current contractual agreement, Burger Queen (BQ) is entitled to 20 percent of the revenue earned by each of its franchises. BQ’s best-selling item is the Slopper (it slops out of the bun). BQ supplies the ingredients for the Sl..
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Researchers have found a hybrid of corn that is cheaper to grow. This technological breakthrough
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The Stolper-Samuelson Theorem predicts: (a) the level of productivity in export industries (b) which factors are abundant (c) the factor income distribution effects of trade (d) which goods will be exported
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Suppose a firm faces the following demand for its output q: q = 100 – 10p, where p represents the price it receives per unit sold. Assume this firm marginal cost is MC = 4. What is the absolute value of the price elasticity of demand at this firm’s p..
The market for a standard-sized cardboard container consists of two firms: CompositeBox and Fiberboard. As the manager of CompositeBox, you enjoy a patented technology that permits your company to produce boxes faster and at a lower cost than Fiberbo..
Why is preference-based discrimination by employers easier to overcome than preference-based discrimination by employees? If arbitrage becomes extensive, a price-discriminating monopolist selling its patented drug in two markets will. Discrimination ..
Let us suppose that the consumer is choosing between beer and milk. The consumer will always prefer beer to milk. However, if the consumer has two choose between two consumption bundles having equal amounts of beer and different amounts of milk, then..
The real value of money _____ as the price level falls
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