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The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers. Hull and Inverted V are located across the street from each other and can observe the prices posted on each other’s marquees. Demand for gasoline in this market is Q = 110 -5P, and both franchises obtain gasoline from their supplier at $3.50 per gallon. On the day that both franchises opened for business, each owner was observed changing the price of gasoline advertised on its marquee more than 10 times; the owner of Hull lowered its price to slightly undercut Inverted V’s price, and the owner of Inverted V lowered its advertised price to beat Hull’s price. Since then, prices appear to have stabilized. Under current conditions, how many gallons of gasoline are sold in the market, and at what price? Instruction: Round your answer to the nearest two decimal places. Gallons sold: Price: $ How would prices differ if Hull had service attendants available to fill consumers’ tanks but Inverted V was only a self-service station? Price will go up. Price will not change. Price will go down.
The operating cost of a broiler is $20,000 per year for years 1 and 2 and then it increases by 6% per year through year 10. What is the equivalent uniform cost of the broiler (years 1-10) at an interest rate of 9% per year
Which of the following is an ultimate objective of the Federal Reserve?
Which of the following statements best reflects the macroeconomic advice of the great economist John Maynard Keynes?
Draw the production possibility frontiers for the 2 countries. Draw the world relative supply curve for manufactures.
Using the fundamental equations from the general monetary approach, describe how each of the following will affect the home and foreign price level, real money balances, and the exchange rate, EH/F in the long run. Also, state whether the home curren..
Discuss the provisions of the Securities Act of 1934 with particular emphasis on the concept of insider trading.
In the long run, the greater burden of a specific tax will usually be absorbed by. A monopolist with multiple plants should allocate total production among plants so that. A price-discriminating monopolist should divide sales among markets so that
The reason that the local telephone company is able to engage in price discrimination between business and residential customers in providing local phone service is that
At the beginning of the year, an audio engineer quit his job and gave up a salary of $ 175,000 per year in order to start his own business, Sound Devices, Inc. The new company builds, installs, and maintains custom audio equipment for businesses that..
Occupational licensing can accomplish which of the following?
Describe the current European union its expanded membership and its problem and prospects for year 2015 what keeps so many disparate countries together"? is there a European identity? will they continue to expand? What issues will dominate the coming..
Kim Harris owns and operates a small retail store, selling the outdoor clothing of an American manufacturer to a predominately college-student market. Lately, a large department store outside of town has started selling similar but lower-priced cloth..
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