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Take the Hotelling's location model (the linear city) discussed in class for the case in which all firms are required to charge the same fixed price. Further assume that firms choose their location sequentially (i.e. firm 1 moves first, followed by firm 2 etc.).
For simplicity make the following two assumptions:
1. Firm n knows the location of all n-1 firms that have already choose their location.
2. Firms can fully anticipate the number of firms that will (eventually) participate in the market.
(a) Describe the initial location of two firms and explain why these locations constitute an equilibrium location.
[Note: an 'equilibrium location' is the situation in which no firm wishes to relocate given the choice of all other firms.]
(b) Describe the initial location of three firms and explain why these locations constitute an equilibrium location.
(c) In the case of three firms, what happens to the intensity of direct-to-consumer spending and detailing for the first firm to enter the market as a function of entry? (i.e. how does firm 1 alters their DTCA and detailing expenditure when firm 2 enter and then when firm 3 enters the market?)
The abstract is a one-paragraph [200-300 words] summary of what will be presented in the paper. The content that is required for the abstract includes [1-2 sentences each component
company foh
ways or techniques for labour control policy
Geometric mean of index number of laspeyres and paasches = 229.5468 , while sum of their index number=480 find out laspeyre''s and paasche''s indices.
A. A computer rejuvenation facility receives systems from the fleet at 24 systems/day (assume this is a Poisson process). It takes the triage function 30 minutes (assumed exponen
Clearance pattern The proportion of the entire amount disbursed that is debited alongside the state''s bank account every day after the disbursements,
I am Hussain and I have done master in Statistics. Currently I am doing Mphil Statistics from Pakistan. I want to get online Statistics Tutor job. So contact with me as soon as pos
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why death rates are standardlized
1. MMC's CEO, Dr. Warren A. Beatty (Not the actor) believes that the demand trend for MMC is essentially linear. Thus, he wishes to determine if linear regression would be an effec
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