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Q1. Bertrand Price Competition, the two firms have the same demand curve P=100-4Q, Marginal cost of Firm 1 is 5 and for firm 2 is 10. What will be the resulting price in the market? What is each firm's profit?
Q2. Explain the importance of credibility when evaluating a firm's potential moves. For example, if firm two is the "responder" in a Stackelberg game, it may threaten to flood the market if firm one (the "leader") does not set a low quantity (say, ½ of the monopoly quantity). Should firm one consider this threat to be credible? How might the answer change if firms are playing this "game" repeatedly over many periods? What are some strategies that firm two can use to gain credibility?
For each level of output except zero output, calculate the average variable cost, average total cost and average fixed cost.
If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable.
The water is identical in the two sizes and John gets no utility from the containers themselves, only from the water.
The difference between the cost to produce the CDs and the price you paid for them spending $30 on two new CDs spending $30 on dinner and a movie with your friends.
Compare the rationale of the Reagan administration for the 1981 tax reductions with the rationale behind the Kennedy-Johnson tax cut of 1964
A flat tax plan allows individuals to deduct a standard allowance of $10,000 from their wages. Assume that the flat tax rate is 12%. Calculate the amount of income tax and the average tax rate if you were earning.
Ordinary least- squares method or the two- satge least squares method for estimating industry demand for rutabagas.
If the foreign country enters the market first, determine the equilibrium price and quantity. Will both countries produce. Show both average cost curves and the equilibrium.
Representatives were to logroll (trade votes) to get their preferred policy to pass, what would be the result. What are the total benefits from each project.
Does Ike feel emotionally neutral since the dollar value of the gain in his stock portfolio exactly offsets the amount of extra taxes he has to pay
In what industry will a given percentage increase in production workers result in the largest percentage increase in output.
Using the calculations from part a, and the methods described in class, calculate a 99% confidence interval for the population mean forecast, where the population 3 would consist of all economists.
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