Equilibrium price and each ?rm equilibrium quantity-price

Assignment Help Business Economics
Reference no: EM131167486

Consider the following market with 3 ?rms where 1 ?rm has a substantial market share (theleader), and the other 2 ?rms are the minor competitors (followers). All ?rms, however, share thesame technology with the costs MC = 5. The demand is P = 120 − 3Q.

(a) Determine the equilibrium price and each ?rm’s equilibrium quantity and price.

(b) How will you answer to part (a) change if all ?rms have the same market power.

Reference no: EM131167486

Questions Cloud

Define the transitive closure of a relation : Can the transitive closure of a relation be obtained by including all pairs (a, c) such that (a, b) and (b, belong to the relation?
What are the equivalence classes of an equivalence relation : What are the equivalence classes of the equivalence relation in Question 11(b)?
Discuss the impact ethics plays in policing : Discuss/debate with your classmates the ideologies associated with utilitarianism and deontological ethics concerning human behavior and the ethical or unethical decisions and/or actions of those working in law enforcement.
Unemployment patterns of adults and teenagers : Discuss the differences in the unemployment patterns of adults and teenagers. What does this imply about the types of jobs (on average) that the groups are seeking?
Equilibrium price and each ?rm equilibrium quantity-price : Consider the following market with 3 ?rms where 1 ?rm has a substantial market share (theleader), and the other 2 ?rms are the minor competitors (followers). All ?rms, however, share thesame technology with the costs MC = 5. The demand is P = 120 − 3..
What are the pros and cons of these two arguments : What are the pros and cons of these two arguments? What, in your opinion, are good long-run goals for reducing inflation and unemployment?
Describe an algorithm for producing a totally ordered set : Describe an algorithm for producing a totally ordered set compatible with a given partially ordered set.
The proportion of female customers : Find a 95% confidence interval for the difference between the following two proportions:- the proportion of female customers who order during the evening.
Describe each of the four types of unemployment : Briefly list and describe each of the four types of unemployment. Which type of unemployment may be detrimental the formation of agglomeration economies and why?

Reviews

Write a Review

 

Business Economics Questions & Answers

  By how much has national income y change

disposable personal income decreases by $50 billion and trade deficit is reduced by $15 billion. By how much has national income (Y) change.

  New business in exchange for ownership interest

Persons or organizations that agree to provide some funds for a new business in exchange for ownership interest or stock are called

  The market price of tilapia

If the market price of tilapia is $1.60 per pound but the government will not allow tilapia farmers to charge more than $1.20 per pound of tilapia, which of the following will happen?

  Identify the effect of attending a charter school

Name one potential problem that could lead to biased results if you were to identify the effect of attending a charter school by comparing the scores of students from the charter schools with the scores of students from public schools.

  Dollar is overvalued-peso is undervalued in exchange market

The U.S. dollar is overvalued and the peso is undervalued in the foreign exchange market

  Collects unemployment and labor force participation data

The U.S. Bureau of Labor Statistics (BLS) collects unemployment and labor force participation data for a variety of groups of Americans (by age, gender, race, level of education, location, etc.). This data is available http://www.bls.gov. (You can fi..

  Actuarial table indicates-anticipated years in retirement

You want to retire in 35 years. The Actuarial table indicates that your anticipated years in retirement will be 20 years. If you anticipate the return on your investments will be 5% and you wish to get $100,000 per year in retirement, how much money ..

  What are the monthly fixed costs-quasi-fixed cost

On the first day of the New Year to get her business started, the owner/photographer of Exquisite Portraits Inc. paid $200 for business cards, $1000 for a listing in Yellow Pages, and $250 for an annual business license. What are the monthly fixed co..

  A relationship with a minimum

A relationship with a minimum ________.

  Draw the opportunity set of a consumer with an income

Draw the opportunity set of a consumer with an income of $1200 who faces prices of Px = 10 and Py = 5. What is the market rate of substitution between the two goods?

  How many of the variable input should the firm utilize

Elucidate how many of the variable input should the firm utilize to maximize profits? Please verify. Note which in order to do this you want to utilize costs.

  Illustrate what is the resulting mad value

The respective forecasts were 120 for all four years. Illustrate what is the resulting MAD value that can be computed from this data.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd