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Suppose that market demand for golf balls is described by Q = 90 − 3P, where Q is measured in kilos of balls. There are two firms that supply the market. Each firm has a constant unit cost of 10.
a. Suppose the firms compete in quantities. How much does each firm sell in a Cournot equilibrium? What is the market price and what are the firms’ profits?
b. Suppose the firms compete in price. How much does each firm sell in a Bertrand equilibrium? What is market price and what are the firms’ profits?
Opponents of NAFTA point out that pollution is largely a free good in Mexico also that being free to pollute gives industries in Mexico an economic advantage over those in the U.S. also Canada.
During the summer, there are several hot dog stands spread around downtown Boston. They sell very similar products, have little leverage over their market's price, earn little long-run profit, and are not protected from entry and exit by laws and reg..
A 10% increase in the slice of pizza causes a 10% drop in quantity of both pizza and beer. Describe elasticities and the nature of the two products
Suppose Jilbo can make 18 flower pots or 2 coffee mugs per day. Her cousin Jimbo can make 10 flower pots or 6 coffee mugs per day. What is the opportunity cost for Jimbo of producing 1 flower pot? or 10 flower pots? Who has the comparative advantage ..
Allysha just borrowed 46,300 dollars. She plans to repay this loan by making a special payment of 5,800 dollars in 5 years and by making regular annual payments of 7,900 dollars per year until the loan is paid off. If the interest rate on the loan is..
Suppose there is a single consumer with U = Sl, where S is steaks and l is leisure time. The Consumer is endowed with one unit of leisure time, and the production for steaks is S = l / c , where c >0 is a constant. Find the equilibrium consumption of..
A department store has offered you a credit card that charges interest at 1.05% per month, compounded monthly. What is the nominal annual interest rate (APR) for this credit card? What is the effective annual interest rate?
In the eclectic economy of Ecentricitia, their currency is the Ecentric dollar (ED). 0.05 of each ED earned by Ecentricites goes to taxes. 0.09 of each ED earned is spent on imports. After taxes, they save 0.15 of each ED. What is the Government spen..
Consider an oligopolistic market with two firms. Each of them produces using a cost function then what is the value of that maximizes total consumer well-being?
Interview a business person to learn how purchases are made in his or her organization. Ask this person to describe a straight rebuy, a modified rebuy, and a new-task-buying situation that took place recently or of which he or she is aware (you may n..
The interest rate affects the investment patterns in the economy. A friend of yours suggests a get-rich-quick scheme: Borrow from the nation with the lower nominal interest rate, invest in the nation with the higher nominal interest rate, and profit ..
Calculate the Value of SDR given that SDR is equal to: $66, .42 €, 12.5¥, and .111£. And today's exchange rates are as follows: What is the value of an SDR in dollar terms?
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