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Duopoly and Nash Equilibrium:
Two identical firms have MC = $3 and face a market demand function of: QD = 9 - P. there are no fixed costs.
a. Bertand: If the firms compete on the basis of (continuous) price, what is the Nash equilibrium if the game is played once? A finite number of times? Explain clearly.
b. If the Bertand game is indefinitely repeated, how can the firms sustain a cooperative Nash equilibrium? Calculate the temptation payoff and the value of δ*.
c. Stackelberg: If the firms compete on the basis of (continuous) quantity, what are the firms' reactive curve? Find the Nash equilibrium price and output and profit of the leader and the follower.
Production Possibilities Tables for Germany and Canada (note that we are assuming that opportunity costs remain constant along the production possibilities frontier), and that each country produces only these two products).
The price per unit remains $7.50 in both scenarios. Does the labour analyst's argument hold? Explain why or why not, and use data to prove your point. (Hint: calculate total costs in both circumstances).
What price and quantity will the monopolist produce at if marginal cost is a constant$4 ? Compute the dead weight loss from having the monopolist produce, rather than the perfect competitor
Explain what would happen to the slope or position of the AD curve in the following circumstances.
Suppose the emarginal cost of producing the good in before question is aconstant $ 10 per unit of output . What quantity of output will the firm produce.
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
Allan Sports sells snowmobiles in a Northern Suburb of the Twin Cities. For the third year in a row sales have been dismal.
Evaluate the range of marginal revenues
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
Vulnerability Analysis
Suppose you are running a photo copy center that makes illegal copies of the textbook. An illegal copy of the book sells for $10 and you only have one copy machine.
Evaluate: "The fact that some airplanes collide is evidence there is 'too little air traffic control'." (Be sure to explain what too little might mean.)
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