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Assume that 3-firms which produce a homogeneous output will compete by choosing prices and the market price P is the minimum of the 3-prices that are chosen. The market demand is determined by the equation p=12-Q. The first firm has a marginal cost of 2, the second has a marginal cost of 4 and the third has a marginal cost of 6. As usual, in case one firm charges strictly less than the others, all customers choose that firm. However the customers favor the first firm over the second and third; and the second one over the third, and will always shop from the more favorable firm if there is a tie in prices. Assume that the firms can only choose integer prices, i.e., prices like 1/2 or 2 1/2 are not allowed. Write down the profit expression as function of chosen prices and derive the best response. Find the equilibrium prices and profits.
As the Federal Reserve utilize its special powers to buy and sell government bonds, how does buying and selling government bonds affect the supply of money in the economy.
Using the IS/LM/BP model, demonstrate the effect of each of the following changes. Assume that the economy is a small country with perfect capital mobility and a flexible exchange rate.
Illustrate what do you think would be the effect of increases/decreases in the dollar's exchange value on the firm's profitability.
Illustrate what policy options are available to the government to counter the effect of a sharp fall in real estate values on the economy.
Elucidate the three Federal Reserve tools used to undertake a tight monetary policy.
Briefly discuss the methods traders use in attempting to evade the difficulties they face in markets that involve "Lemons".
In the months of preceding the expiration date, bargaining teams for the UAW and General Dynamics met to negotiate a new contract.
Is Guatemala debt makes if the government runs a balanced budget in both a and b.
The solution mentions the OPEC Oil Cartel, the company's stated goals, the member-countries, and when it was founded. Their role in keeping oil prices high, and the difficulties they faced in keeping the cartel united.
Illustrate what is the practice by a monopolist of charging each buyer the highest price.
Elucidate how would the different forces come together to create a convergence between the interests of stockholders and managers.
Explain, illustrating with graphs as necessary-be sure that the shape of your supply and demand curves make economic sense.
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