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Assume that two firms sell differentiated products and face the following demand curves: = 15 − + 0.5 and = 15 − + 0.5 (Assume that the marginal cost is zero)
1. Derive the best response function for each firm. Do these indicate that prices are strategic substitutes or strategic complements?
2. What is the equilibrium set of prices in this market? What profits are earned at those prices?
Wilson Company sells 130 units daily. Each time Wilson orders more units, the supplier takes four days to deliver the inventory. What is Wilson's reorder point (in number of units)?
Explain how to get the producer surplus. What about the area that lies beneath the x-axis.
What will be the final level of production for the market (after a Cournot equilibrium is reached)? How much is produced by each firm?
Consider the following information for a simultaneous move game: If you advertise and your rival advertises, you each will earn $5 million in profits. If neither of you advertises, you will each earn $10 million in profits.
Most labor economists believe that the supply of labor is..
Elucidate the dynamics through which an increase in the stock of money affects real output and the price level in the short run.
In what ways does the concept of the prisoner's dilemma contribute to our understanding of environmental problems? Regarding global warming, deforestation, and ocean dumping, what are the sources of the problems (political, economic, and social)? Who..
A tax authority must decide on a social insurance scheme. It knows that half the population will unemployed this year with only $400 in income from odd jobs. The other half will earn $40000 each. The tax authority taxes everyone with income at a flat..
A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable cost of $17.50 per unit for the first 50 units and then $37.50 per unit for all successive units. What is the average varia..
Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of 3 units of good X and 8 units of good Y. Consumer B is given an initial endowment of 3 units of good X and 4 units of good Y. Suppose the..
Larry works for Shannon as a salesperson. Shannon gave Larry a credit card with Larry’s name on it so that Larry could charge necessary business expenses to Shannon’s business account. Larry charged $1,000 in personal expenses, wholly unrelated to La..
Draw a market with a negative production externality. What kind of instrument (policy) do you use? What's its magnitude? What does the policy lead agents on both sides of the market to do?
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