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Two identical firms have access to a spring. Their marginal cost of bottling water from the spring is a constant 10¢ per bottle. The market demand for bottled spring water is P = 250 − 20Q, where P is the price (in cents per bottle) and Q is the quantity demanded (in hundreds of bottles). (a) Suppose the two firms form a successful cartel (i.e., they will act as a monopoly and share the resulting profits). How much bottled water will the firms produce, and what price will they charge? (b) Suppose the firms behave as in the Bertrand model of oligopoly. How much bottled water will the firms produce, and what price will they charge? (c) Suppose the firms behave as in the Cournot model of oligopoly. How much bottled water will the firms produce, and what price will they charge? (d) Comment on your findings – what does each model in parts (a), (b), and (c) imply and is it consistent with what we observe?
The income elasticity of rice in India is estimated to be -0.247. What does the model of supply and demand predict if incomes in India rise?
q.assume that the price elasticity of demand for cigarettes is .46 in the short run and 1.89 in the long run the income
Assume that the long-run aggregate supply curve is vertical at Y = 3,000 while the short-run aggregate supply curve is horizontal at P = 1.0 (P = 1.0 is the SRAS Curve, in other words). The aggregate demand curve is Y = 3(M/P) and M = 1,000. If the e..
Why do governments raise taxes on cigarettes and alcohol to raise government revenues? What changes do you make to your demand for gasoline when the prices start to climb up? Would you want to own a business that sells price-elastic products or price..
Under the Japanese health system, prices of health care services
When a country is forced to buy and sell currency on the international foreign exchange market to maintain its currency's value, what type of exchange rate does it use?
Homemakers are not included in the employment or labor force totals compiled by the Bureau of Labor Statistics household survey. They are included in the working-age population totals. Suppose that homemakers were counted as employed and included in ..
Illustrate what are some criteria which Rollerblade should use to select countries to enter also. Illustrate what three or four countries meet these criteria best also are the most likely consolidates.
Which is a tax on profits generated from mining of iron ore and coal.
Discuss economic and ethical aspects of safety regulations. THE discussion on the chapter 3 “Flying the Friendly Skies” in the economics of public issues 18 edition .With examples of when there may be a conflict between an ethical and an economic/mar..
how the change in money supply affects investment demand and as a consequence, aggregate demand. What role dose the spending multiplier play in this process?
Assume that velocity of money is 5, nominal GDP is $1,350,000 and cost level is 3. Estimate all possible unknowns in XYZ's economy, if its federal reserve buys $9,000.00 in government bonds.
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