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A market is characterized by a demand curve that can be expressed as P = 96 – (1/3) Q. Each of the two identical firms currently serving the market has a total cost function of the form C = 12 q. There are no fixed costs. If the 2 duopolists behave as independent, symmetric Cournot duopolists, what are the equilibrium price, quantity, and profits for each of the firms? Show work. If the 2 duopolists behave collusively, what are the equilibrium price, quantity, and profits for each of the firms? Show work. Now create a payoff matrix in which the two firms are deciding between producing the Cournot duopoly quantity that you found in part a and producing the collusive quantity that you also found in part a. In other words, each firm has 2 strategies: produce the Cournot quantity and produce the collusive quantity. The payoffs for two cells in the matrix are the profits you calculated in part a. Complete the other two cells in your payoff matrix; that is, find the profits for each of the firms when one of the firms produces the Cournot quantity and the other firm produces the collusive quantity. (You will need to calculate a new market price in order to find the profit payoffs for these two cells.) Show work. Find the Nash equilibrium for the game. Explain. Explain how your payoff matrix represents a prisoner’s dilemma.
Coming amid continued turmoil in the financial and credit markets, the report sent stocks lower, with the Dow Jones Industrial Average falling 146.70 points Friday to close at 11,893.69.
Please distinguish between the Keynesian and Classical views about the correction of problems that arise from business cycle. Please define spending multiplier. What is its significance in fiscal policy discussion? What is loanable fund market about?..
Suppose that two countries are exactly alike in every respect except that population grows at a faster rate in country A than in country B. a. Which country will have the higher level of output per worker in the steady state? Please explain. b. Will ..
In Japan during the first half of 2000, the Bank of Japan kept interest rates at a near zero level in an attempt to stimulate demand. In addition, the government passed a substantial increase in government expenditure and cut taxes. Slowly, Japanese ..
You are purchasing an automobile priced at $29,000 by borrowing at 12% interest compounded monthly. The loan will be repaid in monthly instalments for seven years. What is the constant dollar value (value at the time of financing) of the 36th payment..
If your rival advertises and you do not, you will make $1 million and your rival will make $3 million. Does rival have a dominant strategy. What is Nash equilibrium for one-shot game.
If there are 200 rooms also the operating costs $20,000 plus a cleaning fee of $5 per room per day, compute the profit during the one-week period.
Two incinerators are being considered by a waste management company. Design A has an initial cost of $2,750,000, has annual operating and maintenance costs of $1,000,000, and requires overhauls every 5 years at a cost of $825,000.
Write the report in narrative form. Do not simply list the questions and answers. Identify the entrepreneur, the name of the business, and the location. Your report should be double-spaced, with 1" margins on all sides.
Now suppose that at the end of the year, Apple has sold 20.3 million iPhones. What was Apple's planned investment? What was apples actual investment?
In which of the following cases would a monopoly increase its per-period total profits by raising price and reducing output:
You are responsible for detecting the source of errors when the computer system fails. From your analysis you know that the source of error is the disk drive, computer memory, or the operating system. You know that 50% of the errors are disk drive er..
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