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Suppose that there are only two firms (Firm A and Firm B) in the market for decorative lampshades. Let the inverse demand function and the total cost function be given by: P = 50 –Q and TC = 2Q
Assume that Firm A and Firm B sell identical lampshades. The firms compete with each other bychoosing the price at which they sell their products. Firms set their prices simultaneously.
(a) How many lampshades would be produced by the entire industry? What price would be charged foreach lampshade?
(b) What is the profit earned by each firm in the industry?
A tool and die worker is paid $26.50 per hour. The work year consists of 52 40-hour weeks with overtime schedules for 26 Saturdays. The company allows 8 paid holidays and 10 days of vacation. Four days of sick leave are budgeted and have historically..
All of the following statements about banks in Zimbabwe in 2009 are true except-Political instability increased the risk of bank failures.
Suppose that real domestic output in an economy is 300 units, the quantity of inputs is 50 and the unit price of the input is $9. The level of productivity and the per-unit cost of production are, respectively:
Consider a Bertrand model with two firms facing the market demand Q(p)= 100 - p . Both firms have a constant marginal cost of 20. The firms compete over prices, but each firm has a production capacity of 25 units. If Firm 1 believes that Firm 2 will..
The table below shows a monopolist’s demand curve and the cost information for the production of its good. What will their profits equal? Quantity: 10,20,30,40 Price per unit: 100,80,60,40,20 Total Cost: 100,400,800,1400,2400
q1. george if purchases 4 sodas at 2 each he can buy 4 pretzels at 5 each. this will leave george with 0 dollars and 1
Most commercial fish species in nearly every ocean and sea are being rapidly depleted in what marine biologists and other specialists warn is evolving into one of the worst ecological disasters of modern times. According to the United Nations, the wo..
How easy (difficult) is it to change wiring from twisted pair to fiber optic? Can we use the same network cards in the PCs, or do we need to change them?
When looking at firms, you will find that the level of competition is very important. How do you think that firms will change decisions that they have to make based on the barriers for these firms?
"Which government is right for you?" Perhaps a better way of saying it is this: would you like a caretaker type of government who looks out for you or would you like a hands-off type of government that basically let's you make your own decisions? For..
What is your monthly interest rate and what is your annual effective interest rate? If you have an outstanding balance of $1,800 on that card what would be the balance if you skipped 4 months payments (ignore credit card fees and penalties)
How does the law of demand relate to the price and demand for gasoline in the United States? Does this law accurately reflect reality? Use current research, personal experiences, and economic concepts to state your response.
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