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Analyze a two-period model for the market of computers in which two firms operate. Firm 1 only produces in period 1 and is endowed with an old technology providing a quality level vO to consumers. Firm 2 is a potential entrant in period 2 and it is able to produce an old technology, vO, and a new technology, vN . However, the production of new technology requires an innovation cost of I > 0. Note that old and new technology can be nondurable (only last one period) or durable (it lasts for two periods). Hence, the cost of producing nondurable technology, cND = 0, is considerably lower than the cost of durable technology, CD = 3. There is only one consumer in period 1 who seeks to buy a computer for the two periods of her life. In period 2, one additional consumer enters the market and seeks to buy a computer. Both consumers have the same gain from the quality of the technology embedded into the product they buy in period t. That is, V N = 7 and V O = 5 for new and old technology, respectively. The structure of the two-period, two-firm game is as follows: In period 1 firm 1 sells the old technology product and therefore has to decide which price to charge (p1) and whether to produce a durable (D) or a nondurable (ND) product. In the second period, firm 2 obviously chooses to produce a nondurable good (since the world ends at the end of period 2) and hence has to decide whether to invest in adopting the newer technology and price (p2).
As a consequence of a 1976 court case that Ralph Nader won against an airline that had "bumped" him, the federal government adopted a rule requiring airlines to compensate people who were denied boarding despite holding a confirmed reservation. As a ..
If a rise in incomes is the same proportion for both low-income and high-income workers.
Does this critical path make sense. Do your predecessors make sense. How accurate are your durations? What could be done to improve accuracy of your durations.
For the next five questions, consider a monopolist. Suppose the monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production I is constant and equal to $20, and there are no fixed costs. What is the monopolist's profit maxim..
Illustrate what factor stores have in common behind their decline. Elucidate how would you conclude which were important also which were not.
q.based on the production function parameter estimates reporteda. which industry or industries appears to exhibit
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When the price of good X is 100, the quantity demanded is 100. Calculate the relevant elasticities for the following changes: When the price of X changes to 50, the quantity demanded rises to 250. When the price of Y changes from 5 to 10, the quantit..
In the short run, a perfectly competitive firm suffering a loss, Monopolistic competition is best described as
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