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Consider a beach that is one mile long and populated by 2,000 people (uniformly distributed). A particular location on this beach is identified by the number x , where 0 \leq x \leq 1 . There are two concession facilities that sell ice cream, Store 1 located at the east end at x = 0, and Store 2 located at the west end at x = 1. Consumers are willing to pay as much as $10 for an ice cream at their location on the beach, but incur a disutility to go to get it at either location. Specifically the travel cost is $4 per mile. The two stores are independently owned and compete with each other by choosing the price they charge to the consumers that show up at their facility. The two stores have a constant unit production cost of ice cream of $2.
Suppose that Store 1 finds a new supplier of ice cream and its constant unit cost of ice cream drops from $2 to $1. Compute the best response function of each seller and explain how they are affected by the change in one of the unit costs.
What are the economic concept? What is market? What is a competitive market? What is supply and demand?
Should the CEO at Plain Truth cancel the audit and rely on a brief year-end summary from each sales account manager? Why?
Restaurants have observed that large parties (eight or more) leave a lower average tip than smaller parties. Identify the effect, which also makes it more difficult to reach global environmental agreements, responsible for this phenomenon.
An economy has 110,000,000 people employed 8,000,000 unemployed, and 4,000,000 discourage workers. The conventional measure of the unemployment rate is what percent?
Suppose government purchases amount is $3.5 trillion, transfer payments amount is $0.5 trillion, net interest payments are $0.25 trillion and tax revenue is valued at $2 trillion. Calculate the amount of the government deficit; Calculate the primary ..
Explain how much shelter can she buy if she purchases 2 units of food.
Demand-Supply Analysis and the American Revolution a. Before the American Revolution, the British government required that all imports to the colonies from outside the British Empire were first shipped to England (part of the Navigation Acts). A Bost..
Illustrate what the assignment should include. The bureau of labor statistics reported that in the second quarter of 2008 the working age population.
assume that every driver faces a 1 probability of an automobile accident every year. an accident will on average cost
Is the long-run demand for a factor more, or less, elastic than its short-run demand? Explain why, and illustrate graphically.
If you were the angel investor, what is your certainty equivalent for these two projects? Are you risk-averse, risk-neutral, or risk-lover?
Explain additional ads show the same response, is the bank running an optimal mix of ads.
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