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Assume that two firms sell differentiated products and face the following demand curves: q1 = 15 − p1 + 0.5 p2 and q2= 15 − p2 + 0.5p1 (assume 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?
In October 2011, Apple introduced the iPhone 4S, which had new features, including camera and voice control, but sold at the same price as the previous iPhone model. How did the introduction of the iPhone 4S affect the Consumer Price Index? What fact..
Consumer surplus ….. when international trade is open as compared with a closed economy: Free international export and imports have a net benefit for: Which is steeper when it rises and steeper when it falls
Which of the following statements represent a use of money that is consistent with its definition?
Production When you have completed your study of this chapter, you will be able to 1 2 3 4 Explain how economists measure a firms cost of production and profit. Explain relationship between a firm output and labour employed in short run.
How would you determine the market structure of the video game industry (i.e., perfect competition, monopolistic competition, oligopoly or monopoly? Your discussion should focus on the key characteristics of market structure and how you might measure..
Suppose the daily demand function for pizza in Berkeley is Q = 1,525 – 5P. The variable cost of making Q pizzas per day is C(Q) = 3Q + 0.01Q2 , there is a $100 fixed cost (which is avoidable in the long run), and the marginal cost is MC = 3 + 0.02Q.
Explain how the velocity of money is likely to change when the following stabilization policies are undertaken. How will this change in velocity affect the impact of the stabilization policy?
Assume that the state government is interested in subsidizing the local production of steel. The current price of steel is $1600 per ton and the government wants to provide a subsidy of $100 per ton. Use a diagram to indicate the pre-subsidy situatio..
Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage.
Describe the factors that influence wage setting. Write down the equation that represents wage setting, describe the effect of each factor in the equation/function, and draw the corresponding diagram. Clearly state the assumptions behind your analysi..
Which assumption about consumer preferences is violated in this scenario. Randy likes basketball more than football; football more than baseball; and baseball more than basketball.
W hat will happen to the number of firms, the market supply, and the price of the good as we move from the short run to the long run?
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