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The inverse market demand in a homogeneous-product Cournot duopoly is P = 100 – 2(Q1 + Q2) and costs are C1(Q1) = 12Q1 and C2(Q2) = 20Q2.
a. Determine the reaction function for each firm.
b. Calculate each firm’s equilibrium output.
c. Calculate the equilibrium market price.
d. Calculate the profit each firm earns in equilibrium.
Suppose the Clean springs water company has a monopoly on bottled water sales in California. If the price of tap water increases, what is the change in Clean springs' profit maximizing levels of output, price, and profit
Proponents argue that tolls have long ago paid for the cost of building the road; now they just provide cash for tax bureaucracy. A number of economists are opposing the repeal of tolls on the grounds that they serve to internalize externalities.
In working out your responses to the Discussion Question, you should choose examples from your own experience or find appropriate cases on the Web that you can discuss. Credit will be given for references you make to relevant examples from real compa..
If we are able to increase our domestic energy production, and that allows us to import less oil from foreign countries, briefly explain what will happen to the GDP.
Find the equilibrium price and quantity traded and illustrate the equilibrium on a diagram (assuming there are no taxes or subsidies, and the notation is the same as that in question 2).
When price exceeds marginal cost, a profit-maximizing firm will decrease production.The marginal cost curve intersects the average total cost curve at the break-even point
What would be the long run price and quantity for this firm in a competitive market? 2. In the long run how many firms are in the industry?
a. What are your views regarding economic forecasting? In particular, share any experiences you may have had with business forecasts for company budgets. b. Discuss some of the important criticisms of the forecasting.
Shelly, whose grandmother gave her a family recipe for making pies, loved to cook, and she decided to staft a business she called Mrs. Acres Homemade Pies. The company produces specialty pies and sells them in local supermarkets and select family ..
They argue that in most situations, we couldn't avoid nudging even if we wanted to, because whatever pol- icy we choose will contain some set of unconscious nudges and incentives that will influence people.
What role should government play in controlling increases in the cost of care and the cost of health coverage What different choices do state and federal policymakers have in containing costs
Perform a Google search to find what externalities these proponents claim. Do you believe that these externalities claimed are truly externalities and justify government subsidies of home ownership.
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