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Problem 1: In the model of a dominant firm, assume that the fringe. Supply curve is given by Q = -1 + 0.2P, where P is marked price and Q is output. Demand is given by Q = 11 - P.
What will price and output be if there is no dominant firm? Now assume that there is a dominant firm, whose marginal cost is constant at $6. Derive the residual demand curve that it faces and calculate that it faces and calculate its profit maximizing output and price.
Problem 2: A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but both the winning and losing bidders must pay her their bids. So if Jones bids $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with $1. If both bid the same amount, the $100 split evenly between them. Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2. Write out the payoff matrix for this game, and then find its Nash Equilibrium.
Country A and country B produce the same consumption goods and capital goods and currently have identical production possibilities curves. They also have the same resources at present, and they have access to the same technology. Currently, countr..
name a good or service that you have purchased in recent months from a monopolist. How did the monopoly come to exist Do you think you would have benefitted from increased competition in the market for this good or service
part-11.theory of the firmaif in an efficient brewing industry firms operating at lowest possible average cost produce
Discuss the long run implications of monopolistic competition with respect to (a) utilization of plant, (b) allocation of resources, and (c) advertising and product differentiation. Compare this to the situation of perfect competition.
Consider an economy composed of identical individuals who live for two periods. These individuals have preferences over consumption in period 1 and 2 given by U = (c1)0.5 × (c2)0.5. They receive an income of 100 in period 1 (young) and 20 in perio..
Do you think that NAFTA has forced the US economy to reallocate its resources to more capital intensive goods? If so, what would be the long term impact on economic growth?
1. complete the following
According to the general utility formulas, the marginal utility of a good divided by the price of that good is
Suppose XYZ can sell up to 40 units of output per hour at a price of $.60 per unit but cannot even get a penny for units produced in excess of 40 units per hour. How much output should XYZ produce each hour in order to maximize profits?
questionplace your answers in the table provided at the end of the questiona farmer expects to have three activities on
Firms like Papa John's, Domino's, and Pizza Hut sell pizza and other products which are differentiated in nature. While numerous pizza chains exist in most locations, the differentiated nature of such firms products permits them to charge prices a..
A perfectly competitive firm faces a market price of $10 for its output X. It owns two plants, A and B, whose total costs are TCA = 10 + 2X + .25X2 (to the second power) TCB = 15 + .4X + .1X2 (to the second power).
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