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Consider two maple syrup producers that engage in Cournot competition. Inverse demand for maple syrup is given by P(Q) = 16 − Q and the marginal cost of each producer is 4. The two producers compete with each other each period by choosing an amount of maple syrup to produce, q1 and q2, respectively.
(a) If the producers do not collude, what is the Cournot equilibrium amount of syrup produced by each firm every period and what are the lifetime profits of each producer?
(b) If the discount factor of each producer is δ = 0.2, will the firms be able to sustain collusion using the grim punishment strategy?
(c) How much would the producers together be willing to pay to lobby the government to implement a maple syrup quota system that limits each producer to producing 3 units of maple syrup a month?
(d) Do you expect jam producers to support, be indifferent to, or be against the maple syrup cartel? Explain your answer.
Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. Explain at what price of computers (in terms of shirts) the two countries might trade.
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A bank has a net income (after taxes) of $3.5 million; assets of $150 million; and bank capital of $12.5 million. What is the bank’s (i) return on equity; (ii) return on assets; and (iii) debt-to-equity ratio? Show your work.
Economists argue about the potential benefits and cost of diversification. For example while diversification can certainly help company to promote new products at the same time through the merger of two firms it can be more expansive to develop commu..
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