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Suppose that two firms compete in quantities (Cournot) in a market in which demand is described by P = 260 - 2Q. Each firm incurs no fixed costs but has a constant marginal cost of 20.
a. What is the one-period Nash equilibrium market price? What is the output and profit of each firm in the equilibrium?
b. What is the output of each rm if they collude to produce the monopoly output? What prot does each firm earn with such collusion?
A major advantage of production function is that it can be easily transformed into a linear function, and thus can be analyzed with the linear regression method.
Based on the data in table 14.1, did the dollar depreciate or appreciate against the pound, the Canadian dollar, the france, the yen, and the mark between 1970 and 1980 Between 1980 and 1990 Between 1990 and 2000? Between 2000 and 2011
The monopolist of a good faces two groups of consumers. Each consumer in Group A has an inverse demand function given by P = 10 - Q. Each consumer in Group B has an inverse demand function given by P = 12 - Q. There are 100 consumers in each group..
Plot the level and first difference of lnrgdpaus and briefly comment on the graphs and obtain the sample correlograms of the level and first difference of lnrgdpaus for 20 lags. What do they suggest to you?
Over the next three years, a firm is expected to earn economic profits of $120,000 in the first year, $140,000 in the second year, and $100,000 in the third year. After the end of the third year, the firm will go out of business.
In the second quarter of 2006, household income was $13,134 billion, consumption was $9,162 billion, investment was $3,340 billion, and net exports were -$777 billion. What was the level of government spending in the second quarter of 2006
Assume that a national restaurant firm called BBQ builds 20 new restaurants at a cost of $1 million per restaurant. It outfits each restaurant with an additional $300,000 of equipment and furnishings
a manufacturer of small hydraulic turbine has the annual cost data given below. calculate the manufacturing cost and the selling price for turbine. raw material and components cost 2150000 direct labor 950000 direct expense 60000 plant manager and st..
Suppose that fixed costs increase by $50 but the prevailing market price remains unchanged. Using algebra determine the effects of this change in cost on the profit maximizing output and the optimal profit. Do you see any change from your answer t..
A monopolist has two types of customers.There are 100 of type A, who will each pay up to $10 for a single unit of the good, and 50 of type B, who will each pay up to $8 Neither is willing to purchase additional units at any price. If it must charg..
Consider the following exchange economy with two consumers and two goods. Consumer 1 has utility function u(x,y) = x1/2 y1/2 and initial endowments (ex,ey)=(1,0). Consumer 2 has utility function u(x,y) = x2 y and initial endowments (ex,ey)=(0,1).
Determine unemployment in the cattle Industry. Explain a current status of unemployment in the Cattle Industry.
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