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1. (Requires calculus) In the model of a dominant company, assume that the fringe supply curve is given through Q = -1 + 0.2P, where P is market price and Q is output. Demand is given by Q = 11 - P.What will price and output be if there is no dominant firm? Now assume that there is a dominant firm, whose marginal cost is constant at $6. Derive the residual demand curve that it faces and calculate its profit-maximizing output and price.
10. 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 this game, and then find its Nash equilibrium.
Illustrate what market did Microsoft have a monopoly in the late 1990s. What technological advances threatened that monopoly.
Give some arguments for and against the critisim of the federal income tax exemption of interest on state-local debt as being an inefficient subsidy.
The losers from this devaluation basically considering its limited turn-in period for the old money.
Estimation of sales from multiple regression models - figuring out the own price elasticity of demand and cross price elasticity of demand - the relevant business decision to increase the total revenue.
ECP 2023, Spring 2014: With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.
Clarify the factors that led to the change in supply or demand within the article and describe what occurred to change the demand.
Explain how have US economic or fiscal policies affected employment rates
Elucidate why the price elasticity of demand differ along a demand curve, even if the demand curve is linear.
Suppose Japan agreed to a voluntary export restriction which reduced US imports of Japanese steel by 10 percent. What would be the likely short-run effects of that VER on the U.S..
Explain why is it that increased productivity leads people to take out more loans - which then leads to more growth.
Illustrate what would happen to the demand for iPhones if consumer income rises by 10%. Be specific. Are iPhones a normal or an inferior good.
Over the past recent months it has been selling its widgets for $100 each and unit sales have averaged 5,000 units per month.
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