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Consider an oligopoly in which firms choose quantities. The inverse market demand curve is given by P = 280 - 2(X + Y ), where X is the quantity of Firm 1, and Y is the quantity of Firm 2. Each firm has a marginal cost equal to 40.
a) What is the Cournot equilibrium outputs for each firm? What is the market price at the Cournot equilibrium? What is the profit of each firm?
b) What is the Stackelberg equilibrium, when Firm 1 acts as the leader? What is the market price at the Stackelberg equilibrium? What is the profit of each firm?
Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off. Which person has comparative ..
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The New York Taxi Cab Company has just purchased a new fleet of models for the year 2000. Each brand-new cab cost $20,000. From past experience, the company estimates after-tax cash returns for each cab as: An = $65,800 - 30,250(1 + 0.15)^(n-1)
Swapna David is a customer assistant consultant for Acme Information Systems, who provides assistance for computer users. The mean number of calls per hour is 40 from across the United States and calls are independent.
Mensa's total cost of production, TC, is given by the equation TC = 5,000 + 5*q*q, where q is Mensa's output. Based on this equation, Mensa's marginal cost is 10q. If the output price is $100, what is Mensa's short-run profit maximizing output
In terms of length and magnitude, which two recessions have been the most severe?
Assume that the GNP is Php 10 billion, and the government budget deficit is Php 200 million. The consumption expenditures is Php 3.8 billion and the trade deficit is Php 100million. a) How large is the savings (S)
If the annual GDP growth rate is 8 percent in Papaya, by how much will the money supply need to change in 2011?
For the isocost line, clearly identify the vertical and horizontal intercepts. For the isoquant, clearly identify 5 combinations of Labor and Capital that will produce Q = 20 (including the bundle that minimizes the firm's cost of production). M..
A minor league baseball team is trying to predict ticket sales for the upcoming season and is considering changing ticket prices. a. The elasticity of ticket sales with respect to the size of the local population is estimated to be about 0.7.
Would the train's negligence be found cause-in-fact of the accident? Explain why or why not.
Calculate the short run supply curve for a representative firm as a function of price
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