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An industry consists of two ?rms. The demand function for the product of ?rm i is qi =24−5pi +2pj. The marginal cost of production for each ?rm is zero. (a) Find the price best-response function for ?rm i. (b) Assume the ?rms compete over prices once; ?nd the Nash equilibrium in prices. (c) Find the collusive prices. (d) Draw a diagram that illustrates parts (a) through (c). (e) What are collusive pro?ts? Bertrand pro?ts? (f) What is the optimal defection from the collusive agreement?
Explain in terms your parents would understand how mandating employer-paid insurance is likely to lead to a permanent loss of jobs for low-paid workers
A and B are painters and have the exact same cost structures except that A paints in a house he owns but that he could rent out for $4,000/year, while B paints in a house that he rents from Ithaca Realty for $4,000/year. Assume that the painting busi..
q.refer to the baseball 2010 data which reports information on the 30 major league baseball teams for the 2010 season.
If passengers can in effect sell their confirmed reservations when a seat shortage arises, why can't passengers sell their right to land at a crowded airport when a shortage of landing slots arises?
Suppose you are the administrator in charge of setting the toll for crossing a toll bridge across a river. The current toll is $1 per trip and at that toll 1000 trips per hour are taken across the bridge. If the price elasticity of demand for trips i..
Elucidate the role of differentiation in the market for pizza. Then apply the feedback critique to the role of differentiation in the industry.
Consider the utility function u(x,y)=xy. Graph the indifference curves for utility levels 1 and 2. (They are symmetric hyperbolas asymptotic to both axes.)
Use the Taylor rule to calculate the target for the federal funds rate for October 2012, using the following information: equilibrium real federal funds rate of 2%, target inflation rate of 2%, current inflation rate of 1.2%, and an output gap of 5.9..
How company is the low-cost provider of these boxes with fixed cost of $480,000 per year, plus variable cost of $30.00 for each box. Annual demand and marginal revenue functions for the company are.
Define adverse selection in a general way and then provide a more specific definition of adverse selection in an insurance market and explain how adverse selection manifests itself and becomes a problem in insurance markets.
Suppose there are two countries Home and Foreign. They have two factors of production, labor and capital. Using production possibility frontier for both countries show that at the same ratio of relative consumption of aircraft to cloth (Da/Dc) in two..
Why the short-run demand for gasoline is less elastic than the long-run demand, when the price of gasoline rises, people immediately cut back on unnecessary trips.
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