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The market for lemonade in a town consists of two lemonade stands (i.e., firms), 1 and 2. An agricultural economist estimates the following market demand for lemonade in this town: Q = 250 - P, where Q is the market quantity and P is the market price. Total costs of the two firms are indicated below: TC1 = 50Q1 (such that marginal cost is constant at 50) TC2 = 50Q2 (such that marginal cost is constant at 50) Acting as Cournot competitors, find and graph the reaction functions of each firm (indicating appropriate horizontal- and vertical-axis intercepts). Determine the Cournot equilibrium output of each producer, as well as each firm’s profit.
Show graphically, and with a few well-chosen sentences how a Major League Baseball team can help both itself and consumers by vertically integrating its local broadcasting network. You may assume that both the team and the broadcasting network start ..
If public opinion surveys show that the majority of Americans regard inflation as a more serious threat than unemployment: Does this imply that the majority of Americans would rather be unemployed in a period of stable prices than employed in a time ..
Provide an intuitive explanation of the Principal-Agent problem and discuss any mechanisms used to mitigate the problem. You should use the business owner-manager problem as an illustration.
q1. find the equilibrium price and quantity after the shift of the supply curve.q2. a machine used to cereal boxes
Assume a firm employs 10 workers and pays each $15 per hour. Also assume that the marginal product of an 11th worker would be 5 additional units of output per hour and that the price the firm receives for its good is $4 per unit. In the short run, a...
"Other things equal, which reduces competition in an industry? "
In the 2010 article Giving Credit Where It Is Due by A. Banerjee and E. Duflo, the authors present a number of facts and interpretations on the workings of informal credit markets in less developed countries. What are the sources of inefficiency in c..
Suppose there are two star players in the NBA, Shaquille O’Neal and Kobe Bryant. Shaq can score 35 points per game or assist 12 times. Kobe can score 30 points per game or assist 15 times. Assuming they specialize in one or the other, who has the com..
How do segmentation of global financial markets, government incentives to attract direct foreign investment (DFI) and variation in national tax rates allow multinational corporations to lower their cost of capital compared to single country corporati..
Evaluate the federal fiscal policy and monetary policy in terms of the Austrian approach to macroeconomics and the Structuralist Keynesians. While preparing your answer, pay particular attention to their impacts on the national economy and income dis..
Suppose the cross-price elasticity of demand for pork with respect to the price of chicken is equal to +0.4. What does this tell you about the relation between pork and chicken? What will happen to consumption of pork if the price of chicken falls by..
Karl Marx’s thinking is a product of the l9th century. There have been great economic, political, and technological changes since then. How are his theories to be evaluated today? Are they perhaps obsolete and outdated?
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