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The inverse demand for a homogeneous-product Stackelberg duopoly is P = 16,000 -4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 3,000QL and CF (QF) = 6,000QF..
a. What is the follower's reaction function?
QF = - QL
b. Determine the equilibrium output level for both the leader and the follower.
c. Determine the equilibrium market price.
d. Determine the profits of the leader and the follower.
Interferences such as rent controls and farm value supports reduce efficiency of markets. In terms of the balance of Qd and Qs, explain why do they do this?
Mastering the economic way of consideting means learning to reason in terms of supply and demand. Here are additional questions on which you can practice.
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Consider the following data, which applies to Avataria and Twilightia in the years 1990 and 2010. In both countries the production function in per worker terms is: y = A(k)^1/2(h)^1/2. Country; Year; Output per worker, y; Physical capital per..
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