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Stackleberg Model : is another attempt at understanding the strategic decision making of oligopolistic firms. It derives its name from Heinrich Freiherr von Stackelberg whose brainchild was this model. It is also referred to as the leader - follower model as a leader firm is assumed to move first, followed by other firms in the industry. Like in the Cournot model, firms have to decide on the level of output they wish to produce but they no longer take the decision simultaneously.
Bertrand Model : focuses on price competition among firms. This model has similar assumptions as the Cournot model but the implications are vastly different. Bertrand model predicts that the existence of 2 firms in an industry can push prices down to marginal cost level, i.e., duopoly can result in perfect competition in the market.
Market research has revealed the following information about the market for chocolate bars: The demand schedule can be represented by the equation QD= 1,600-300P, where QD is the q
why risk averse consumers pay premium for insurance to convert an uncertain outcome to a certain one?
Depreciation T ax Shield The decrease in corporate income taxes suitable to the deductibility of depreciation from the firm's taxable earnings. Although depreciat
what is the assumption of the model ?
When measuring price levels in the economy (such as when calculating the CPI index), why is a weighted average used? Because we require giving greater emphasis to prices at whi
Let Consider the following insurance market. There are two states of the world, B and G , and two types of consumers, H and L, who have probabilities p H =0.5 and p L
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Explain welfare grants and subsidies
In equilibrium, what are the letters and the total dollar amounts that correspond to the area for the... i. Original Consumer Surplus? ii. Original Producer Surplus? iii.
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