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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 one another and can observe the prices posted on each other's marquees. Demand for gasoline in this market is Q = 50 - 10P, and both franchises obtain gasoline from their supplier at $1.25 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? Would your answer differ if Hull had service attendants available to fill consumers' tanks but Inverted V was only a self-service station? Explain.
Explain why general level of wages is high in United States and or industrially advanced countries.
Illustrate what are the major similarities also differences among the name-your-own-cost model also the electronic tendering system.
Explain how much shelter can she buy if she purchases 2 units of food.
Delineate which market participants you believe benefited from the final court decision and whose interests were harmed.
If Plonk and Brew operated in a Cournot oligopoly, explain how much output will each of them produce in equilibrium.
Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
Elucidate each of the following statements using supply- and- demand diagrams. a. " When a cold snap hits Florida, the price of orange juice rises in supermarkets through-out the country."
Explain what is happening to both marginal productivity of each additional worker and the marginal cost of each additional unit of output.
A major automotive company is considering an agreement with a small manufacturer whereby it would be required to make end-of-the-year royalty payments of $500 000 beginning in year 4 and ending in year 8 (five years in total).
Are monopolies and oligopolies (firms demonstrating power) always bad for society?
Derive, from first principles, the equilibrium level of income. Derive the Keynesian expenditure multiplier. If T = tY, derive the equilibrium level of income.
What is a subgame-perfect Nash equilibrium proposal of player 1, and what is the resulting outcome of the game?
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