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1. (Requires calculus) In the model of a dominant company, assume that the fringe supply curve is given through Q = -1 + 0.2P, where P is market price and Q is output. Demand is given by Q = 11 - P.What will price and output be if there is no dominant firm? Now assume that there is a dominant firm, whose marginal cost is constant at $6. Derive the residual demand curve that it faces and calculate its profit-maximizing output and price.
10. 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 this game, and then find its Nash equilibrium.
Economists also businesses almost always compare costs and benefits in their decision making.
Elucidate the six costs associated with inflation and evaluate which if any of the costs are important for the average consumer.
Explain how to describe price elasticity of demand. What are the factors that affect price elasticity of demand.
Discuss the nature of social and labor issues that domestic manufacturers will likely face with their international suppliers. Why is it usefull to understand the cultural background of a foreign supplier.
decisions how indusrtry make important decision with so much economical unrest.
Illustrate what economic policy should be adopted by regions with persistent economic problems.
When and why were the inflation and unemployment rates negatively correlated? When and why were the inflation and unemployment rates positively correlated?
Assume the normal production process for beet sugar uses high-sulfur oil for fuel and releases 2 units of sulfur dioxide to the air for every ton of beet sugar produced.
Illustrate what policy actions have the Federal Reserve taken to confirm that direction.
Illustrate what are the benefits of free trade. Who are the winners and losers when the government imposes tariffs and quotas.
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P x = $5, P y = $10, X = 20, and M = 500?
Elucidate your own words why even long term heavy drinkers might be highly responsive to increases in the price of alcohol.
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