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Suppose that in the Cournot market of worked-out problem 19.1 (page 712), the demand doubles at each price. What are the new equilibrium quantities and market price? How do profits change when the demand doubles?
Problem 19.1
Suppose Joe, Louie, and Rebecca compete in the Bertrand ready-mix concrete market described in Section 19.2. Show that in any Nash equilibrium, all sales must occur at a price of $40 (equal to marginal cost). Extend your argument to show that this statement will be true as long as two or more firms are competing in the market.
Is the theoretically predicted relationship of the real exchange rate and net exports visible in the figures?
Are there any separating equilibria? Pooling equilibria? If so, what are they? Upon what do your answers depend? Explain using graphs.
the machining time per piece if 0.164 h and the machine loading time is 0.038h. with an operator rate of 12.80h and a
United Kingdom Supermarkets In October 2000 the competition Commission reported on the supplyof groceries from supermarkets in the United Kingdom. It containedthe following information.
If a random variable X is distributed chi square with n degrees of freedom then the expected value of X is n. Show that this is true.
The price of electricity for an average household has increased by 50 percent.
Suppose a country can produce a maximum of 10,000 jumbo airliners or 2,000 aircraft carriers. a. What is the opportunity cost of an aircraft carrier b. If another country offers to trade six planes for one aircraft carrier, should the offer be accept..
Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is $0.75 and the price of peanuts is $1.50. LO4 c. What is the slope of the budget line
Draw an aggregate demand and supply diagram for Japan.
Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent
Given MPC (marginal propensity to consume) = 0.80, if the government implements an expansionary fiscal policy as (a) cutting taxes by $1 trillion, then by how much would total spending increase over an infinite period.
The current market wage rate is $10, the rental rate of land is $1,000 per unit, and the rental rate of capital is $500. Production managers at a firm find that under their current allocation of factors of production, the marginal revenue product ..
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