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In a market with annual demand Q = 100 -P there are two firms, A and B, who make identical products. Marginal costs are constant and equal 10. There are no capacity constraints.
a. What is the single period cournot equilibrium? What level of output (or equiva- lently, which collusive price) maximizes joint profits?
b. Suppose A and B form a collusive agreement in which both agree to produce the collusive level of output in period t as long as the collusive level of output was produced in period t -1. If a given firm cheats in period t -1, the other Örm will produce the cournot level of output for T periods. What is the mininum T that will ensure cheating does not occur?
The football coach at Midwestern university was given a 5 year employment contract that paid $225,000 the first year, and increased 8% uniform rate in each subsequent year. At the end of the first year the alumni demanded that he be fired.
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The cost of shipping steel to the nearest buyer would be $20 per ton. In the meantime, a business next door just went bankrupt and the bank is offering a special deal where you can buy another 100 tons of steel for $180 per ton. Assume that the in..
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competitive brand of cornfl akes, in dollars per 10- ounce box P M = price of milk, in dollars per quart A = advertising expenditures of CFC cornfl akes, in hundreds of thousands of dollars per year This year, P X = $ 2, I = $ 4, P Y = $ 2.50, P M..
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