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Suppose two identical firms competed in prices (Bertrand competition) in a market. Both firms face a constant marginal cost MC = 25. What is the equilibrium price charged by both firms? Suppose now that both firms implemented a price match guarantee. How would this effect the equilibrium price charged to this market? Explain your answer.
Which of the following statements about the monopolistically competitive market, in the long run, is true?
In the area of National Supremacy the Supreme Court:
Explain why global warming is not likely to be solved by the market mechanism alone. Utilize the terms externality and public goods in your explanation.
If a competing cinema reduced its prices by 10%, how would you expect this action to affect demand at Crown? How should the cinema determine an optimal ticket price?
Citizens can protect themselves in the case of robberies or harm by using these guns. Other states do not allow citizens to carry handguns
In a monopoly, the seller has all the market power. What does that imply about the demand and supply curve that the monopolist faces? In perfect competition P(Q)=AR=MR. Under what circumstances will a monopolist also have a demand curve that overlaps..
You won $25 million in a state lottery that promises to pay $1 million (tax free) in the next 25 years. a) Have you won $20 million? b) What is the present value of this stream of fixed payments (assume that the annual interest rate is 6%? (Note you ..
Daily demand for admission tickets can be written as P = 36 - 0.05Q so that MR = 36 - 0.1Q, where P is the price of a ticket and MR is the marginal revenue. Elucidate at what price will CPT sell admission tickets to maximize its profit.
Find mathematically and graphically the Equilibrium price and Quantity? If the price is 10 Riyal, what kind of surplus we will have and how much is it? If the equilibrium price increased by one Riyal, what will be the quantity demanded?
Suppose that inverse demand is given by p(Q) = a-bQ, where Q is total quantity supplied in the market. There are two firms in the market, each with a cost function of c(q) = cq. What is the profit function of each firm? Compare the output and price t..
Which firm would you expect to make the lowest profits, other things equal?
Suppose that consumers become pessimistic about the future health of the economy, and so cut back on their consumption spending. What will happen to aggregate demand and to output? What might the government have to do to keep output stable?
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