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Two fi?rms compete in a duopoly market. Each fi?rm chooses a quantity and the price in the market is determined from the following inverse demand function
P = 240 -0.5Q where Q = q1 + q2. Each ?firm has constant marginal costs with c1 = c2 = $60.
(a) If fi?rms choose output simultaneously, ?find the Best Response Function for fi?rm 2.
(b) If the fi?rms choose output sequentially, with Firm 1 setting output before Firm 2 (Firm 2 is able to observe the choice of Firm 1 before making its own choice),describe a strategy for Firm 1 and describe a strategy for Firm 2.
(c) Find the Subgame Perfect Nash Equilibrium (the Stackelberg Equilibrium) to the sequential game.
Analyze how prescription drugs affect the demand and supply of other products and services in this country.
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David black, representing the management of the automobile manufacturers disagreed with McDonald's assessment. Black cited studies that indicated price elasticity's ranging from 0.5 to 1.5.
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The purpose of this assignment is to become familiar with the terms import and export, and then describe advantages or disadvantages of buying imports versus buying domestic products in relation to the fashion industry.
Should the United States pass a minimum wage that assures all workers earn a wage above the level of poverty.
for each bundle that the consumer chooses, show the indifference curve that goes through that bundle. Make sure to label your graph carefully and accurately.
Explain the relationship among the bowed out shape of the production possibilities frontier and the increasing opportunity cost of a good as more of it is produced.
Illustrate what is the gain in consumer's surplus for ABC fan that can get these sweaters at Target instead of at the ABC.
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