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Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $120. The inverse market demand for this product is P= 600 - 3Q.
a. Determine the equilibrium level of output in the market.
b. Determine the equilibrium market price.
c. Determine the profits of each firm.
Rail Tours sells packaged tours on rail lines, including gourmet meals and a reserved bed. The most popular tours are in the autumn when colors are at their peak. The overnight package for Saturday and Sunday morning are especially heavily booked.
Explain how might we interpret this statement in terms of cost curves and revenue curves.
Does anyone have practice questions for the concepts of costs and production for AP microeconomics?
Economic policy recommendations for monetary policy, fiscal policy and growth policy - justify your chosen policies in an understandable manner, with the use of economic theory.
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Elucidate what you can do, if the best technology was used to produce the components of the system to achieve the .99 reliability.
Answer all the following questions. Provide specific examples to support your answers. What was the basic charge against Microsoft by the government?
Even though saving and investment in additional capital is a source of labor productivity growth, without the expansion of human capital and technological change, it would not bring sustained economic growth.
What is the standard monetary policy response to a recession? What are the government's three policy options to fight inflation using fiscal policy? What impact would this have on the federal budget?
Suppose that the company is a price taker and the market price is $10. How many units will each plant produce?
a) what is the supply function of the fringe b) what is the residual demand function for the dominand firm? c) what is the profit maximising price of dominans firm d) compare monopoly profits to the profit of the dominans firm. Which market struct..
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