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Suppose n firms are submitting a bid to offer their firm’s services. Your cost of providing the service is c. All of the firms will submit sealed bids. The procurement officer will look at all of the bids and select the lowest bid but pay to the lowest bidder a price equal to the price bid by the second lowest bidder. Show that bidding c is a weakly dominant strategy.
Illustrate what happens to the equilibrium price and quantity in each market. Which product experiences a larger change in price.
Assume that the quarterly demand and supply functions for German made Bosch washer machines: Qd = 340 – 6P Qs = 100 + 2P. Where price is $125 dollars, what are the quantities demanded and supplied? Assume that Bosch wants to focus solely on price and..
It would not pay a firm to produce anything in the short run if price were:
Elucidate how much profit does an individual producer make in a month. Is this a long-run equilibrium.
At 6% interest, how much money is required in the trust fund to provide for the laboratory and equipment and its perpetual operation and equipment replacement?
Consider a competitive market. Starting from the long-run equilibrium, suddenly, fixed costs decrease, although variable costs remain unchanged. Discuss the short-run and long-run changes in market equilibrium. Include all figures and diagrams you nd..
Calculate the total differential of Q. For the next three questions the answer should be a number is the other good a complementary good or a substitute good also Explain why.
Suppose two countries, Home and Foreign, produce two goods, timber and televisions. Assume that land is specific to timber, capital is specific to televisions, and labor is free to move between the two industries. Determine whether each statement is ..
If Englad can produce either 15 units of corn or 30 sweaters in one unit of labor and Portugal can produce 10 units of corn and 5 sweater in one unit of labor as well, explain how would each nation benefit (numerically) from trade.
There are concerns about an increase in unemployment due to the slowdown in manufacturing. a) What effect would an increase in the unemployment rate have on the equilibrium wage?
If incomes rise for both low-income and high-income workers, but rise less for the high-income workers.
Discuss this statement fully: "Given that labor remains relatively immobile within Europe, the European Union's success in liberalizing its capital flows may have worked perversely to worsen the economic stability loss due to the process of monetary ..
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