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1. In the model of a dominant firm, assume that the fringe supply curve is given by Q= -1 + 0.2P, where P is market price and Q is output. Demand is given by Q = 11-P.
2. A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but both the winning and losing bidders must pay her their bids. So if Jones bids $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with -1. If both bid the same amount, the $100 is split evenly between them. Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2. Write out the payoff matrix for his game, and then find its Nash equilibrium.
What is the average fixed cost for the third unit of output and what is the average variable cost for the 5th unit of output?
Bertrand solution. How much each of the firms is producing and what is the resulting price and how much each of the firms is producing and what is the resulting price? What are the firms' profits?
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
Comment on the statement. Do you agree with the speaker? Explain. Use a graph to illustrate the answer indicating the firm's short-run cost structure
Suppose labor costs are 17.5% of revenue per vehicle for General Motors. In union negotiations throughout the late 1990s, GM attempted to cut its workforce to increase productivity.
What level of output should this firm produce in order to maximize profit or minimize losses - and how many firms in total will there be in this market?
Explain why the short-run aggregate supply curve is not vertical, but the long-run aggregate supply curve is vertical.
Provide an example of the price discrimination for good or service which you thought it to unfair. Do you still believe that the discrimination is unjustifiable.
what are the trade offs involved between current and future consumption/production? In the absence of government intervention, would we expect the consumers/producers to make optimal intertemporal decisions?
Think that the following data for a simultaneous move game. If you advertise and your rival advertises, you each earn $5 million in profits.
Dunkin Donuts raises the price of its French Vanilla coffee by 15%. The demand for Dunkin Donuts glazed doughnuts will change by what percentage and in what direction?
Can you articulate how macroeconomics and microeconomics come into play in the context of firm decision-making in a global business. Please provide an example.
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