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The industry demand curve for a particular market is: Q = 1,800 - 200P. The industry exhibits constant long run average cost at all levels of output, regardless of the market structure. Long run average cost is a constant $1.50 per unit of output. Calculate market output, price (if applicable), consumer surplus, and producer surplus (profit) for each of the scenarios below. Compare the economic efficiency of each possibility. Perfect Competition b. Pure Monopoly
(Cournot's duopoly game with linear inverse demand and a quadratic cost function) Find the Nash equilibrium of Cournot's game when there are two firms, the inverse demand function is given by P(Q) = a - 2* Q and the cost function of each firm is
A competitive firm has the production function q =f(L,K) =rad(L)+2rad(K) , for which MPl =1/2rad(L) and MPk = 1/rad(K). Find the firm's conditional factor demands for L and K at the factor prices w = 4 and r = 2. What is the firm's (total) cost curve..
Suppose that in a particular country, GDP per capita was $ 10,000 in 1960 and $ 40,000 in 2008. Using the rule of 72 (not a calculator), approximate the annual growth rate of GDP per capita.
Sometimes stores have sales that limit the quantity you can purchase at the sale price. If you buy more than the limit, you pay the full price. Assume that your local grocery store is having a sale on yogurt where the first 5 are on sale for $1.00 pe..
What would happen to the position of the demand curve for dental services if patients had to wait even longer for an appointment with a dentist.
Draw a graph (hand-drawn is acceptable) that illustrates the demand and supply of a perfectly competitive industry. Indicate the following in your graph: the equilibrium price; the equilibrium quantity; the producer surplus if the industry is a monop..
Suppose your marketing department does a survey of potential users and finds that these users place the following values on the two versions of your software: If the numbers of home and commercial users are equal, and you cannot distinguish between c..
Consider the horizontal quality model on the unit interval from 0 to 1. There are N consumers located uniformly along the interval. If the firms sell to the whole market, derive the function governing demand to each firm as a function of the two pric..
Assume that the skateboard industry is monopolistically competitive. Assume that skateboard manufacturers are earning short-run economic profits. At the profit maximizing price you identified in part a, would the typical firm’s demand curve be price ..
Explain how do you suppose the tickets were rationed. Sketch supply and demand curves for the tickets to each of the two games.
Suppose that a small town has seven burger shops whose respective shares of the local hamburger market are (as percentages of all hamburgers sold): 25%, 24%, 20%, 12%, 9%, 6%, and 4%. What is the Herfindahl index for the hamburger industry in this to..
A patient has a choice of spending $ 33,000 on a procedure in Hospital XXX or $24,000 on the same procedure in Hospital YYY. She is observed checking into Hospital YYY. Does this mean the consumer prefers Hospital YYY?
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