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Consider the Coke and Pepsi example discussed in the chapter.
a) Explain why each firm's reaction function slopes upward. That is, why does Coke's profit-maximizing price go up the higher is Pepsi's price? Why does Pepsi's profit-maximizing price go up the higher Coke's price is?
b) Explain why Pepsi's profit-maximizing price seems to be relatively insensitive to Coke's price. That is, why is Pepsi's reaction function so flat?
What would Interbrew have to do to succeed with Stella in the major urban market closest to where you live? Will these requirement vary much between major cities? Why? Why not?
A company is now licensed to manufacture a patented tool on which the patent has only 7 more years to run. The company makes 7500 copies of the tool each year and pays the inventor $100 per year plus $0.05 per tool produced.
coordinate axes on a piece of graph paper. Label horizontal axixs from 0-50 units and vertical axis from $0- $20 per unit. Draw a demand curve that intersects the vertical axis at $10 and the horizontal axis at 40 units.
Suppose a supply increase causes the equilibrium to shift from the one above so that the equilibrium quantity changes from that in the diagram to an equilibrium quantity of 200. What is the elasticity of demand along the above demand curve
In your responses to your classmates on the Middle Ground discussion, let your classmate know which argument appears to be stronger: the original claim or the new middle ground claim.
a. Determine the profit maximizing level of output. b. Compute the profit maximizing price. c. Calculate the upper and lower limits within which marginal cost may vary without affecting the profit maximizing output
Suppose a country has no public debt in year 1 but experiences a budget deficiet of $40 billion in year 2 , a budget deficiet of $ 20 Billion in year 3 a surplus of $10 billion in year 3 and a budget deficiet of $2 billion in year 4.
An economy consists of two regions, the North and the South. The short-run elasticity of labor demand in each region is -0.5. Labor supply is perfectly inelastic within both regions. The labor market is initially in an economywide equilibrium
Suppose there are two firms in a market who each simultaneously choose a quantity. Firm 1's quantity is q1, and firm 2's quantity is q2. Therefore the market quantity is Q = q1 + q2. The market demand curve is given by P = 60 - 4Q.
The golden rule capital per worker k^GR is the level of capital per worker that maximizes consumption per worker at the steady state. Write the expression of the steady state consumption per worker c* as a function of k and derive the golden rule ..
Use the diagram with the helping line to draw a level of aggregate expenditure that would lead to an economy at an equilibrium with a real GDP of $9 trillion. Illustrate the effect of a decrease in autonomous net taxes of $200 billion when the mar..
Construct a model in the spirit of kinked demand for the setting of an N firm oligopoly.
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