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Firms A and B are duopolist producers of widgets. The marginal cost of producing a widget is $10. The market demand for widgets is QD=35-(.5)P, where Q measures thousands of widgets per year. Competition in the widget market is described by the Cournot model. Please show work and explain how you got each answer. Answer fully
a) What are the firms Nash equalibrium outputs?
b) What is the resulting price?
c) What do they each earn as a profit?
d) How does the price compare to marginal cost?
e) How do the price and the two firms joint profit compare to the monolopy price and profit?
What will happen to Jill's consumption in first period when interest rate increases. Is Jill better off or worse off than before interest rate increase.
The daily demand for a product is 17 units with a standard deviation of 2.6 units. The review period is 30 days with a lead time of 14 days. Management has a set policy of satisfying 95% of demand from items in stock. At the beginning of the review p..
Equal Protection Clause The state of Alabama enacted a statute that imposed a tax on premiums earned by insurance companies. The statute imposed a 1 percent tax on domestic insurance companies (i.e., insurance companies that were incorporated in Alab..
Two common drawbacks of Pigouvian subsidy mentioned in the literature are related to monetisation and measurement of social cost (Baumol) and reciprocity of social cost (Coase). What alternatives to Pigouvian taxes are proposed in the literature? Hav..
Why do many new businesses need outside funding? (give two reasons) Explain the difference between equity and debt as sources of funding for startups. Which type of funding (equity or debt) did Chobani prefer and why?
Machine A costs $20,000, lasts 3 years and has a salvage value S of $3,000. Machine B costs $12,000, lasts 2 years and has a salvage value of $2,000. The machines can be purchased at the same price with the same salvage value in the future, and are n..
Explain in your own words the discrepancy between consumers' and producers' view of tourism as a product. What is meant by the" opportunity costs" of tourism? Show how these may be linked to seasonal patterns of tourism.
In 2010 few firms were investing in new projects or expanding. Yet, interest rates were extremely low. Why, with this very low cost of capital would firms not be investing in new projects?
In the economy of Etsy output is 6,011 goods per year, the amount of money is $498 and each dollar is spent an average of 5 times per year. According to the Quantity Equation of Money, what is the average price level? Step by Step
What is the average time period for the introduction of a new drug into market? One act passed by the federal government aimed at reducing the monopoly power of patented drugs was. Which drug is likely to be the most profitable for its producer (in t..
Suppose that legalizing the use of marjuana would decrease its price by 93%. If the price elasticity of demand for marjuana is -2.00, what would be the percentage increase in the quantity of marijuana demanded from legalizing marijuana? _______ perce..
You put money into an account. One year later you see that you have 5 percent more dollars and that your money will buy 6 percent more goods.
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