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1. In the model of a dominant firm, assume that the fringe supply curve is given by Q= -1 + 0.2P, where P is market price and Q is output. Demand is given by Q = 11-P.
2. A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but both the winning and losing bidders must pay her their bids. So if Jones bids $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with -1. If both bid the same amount, the $100 is split evenly between them. Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2. Write out the payoff matrix for his game, and then find its Nash equilibrium.
For a normal good, explain the difference between the income effect and the substitution effect using an appropriate diagram
Few states in the U.S. permit citizens to openly carry handguns. People can save themselves in the case of robberies or harm by using these guns.
your companys executive vice president circulates a memo to the firms top management in which he argues for a reduction
An energy management system that can save 7,500 per year for four years, expenses are 2,000 per year, installed at a cost of 20,000. At the end of 4 years it is expected to be sold for 1,250. using the end of year convention, the rate of retur..
If "excess profits" are taxed away, where will oil companies get the money to fund new exploration and development of oil properties? Does it matter if these price increases are demand or supply induced?
Ross owns 918 shares of Flag Fabric Corporation There are thirteen directors to be elected. 31,000 shares of common stock are outstanding.
Why does google care weather people think it is large or small? Do highway billboards actually provide competition for Google. Briefly explain. Please state wheather the actual demand were a)to the right or to the left the where the company thou..
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
The art of economics consists in looking notmerely at the immediate but at the longer effects of any act o rpolicy; it consists in tracing the consequences of that policy notmerely for one group but for all groups.
The government provides national dental insurance benefits for all U.S. citizens that cover 100% of the cost of all dental services. There are two effects of this policy. First, there will be an increase in the number of consumers of dental servic..
question 1 using the same amount of resources the united states and canada can both produce lumberjack shirts and
In an effort to stop the migration of many of the automobile manufacturing facilities from Detroit area, Detroit's city council is considering passing a statute that would give investment tax credits to auto manufacturers.
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