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Consider an industry with 2 firms, each having marginal cost equal to zero. The inverse demand function facing this industry is P(Y) = 100 – Y where Y = y1 + y2
a) What is the competitive equilibrium level of industry output?
b) If each firm behaves as a Cournot competitor, what is firm 1’s optimal choice given firm 2’s output?
c) Calculate the Cournot equilibrium amount of output for each firm.
d) Calculate the cartel amount of output for the industry.
e) If firm 1 as follower and firm 2 behaves as leader, calculate the Stackelberg equilibrium output
Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of..
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A large induced-draft fan is needed for an upgraded industrial process. The motor to drive this fan is rated at 100 horsepower, and the motor will operate at full load for 8,760 hours per year. The motor’s efficiency is 92%. what is the present worth..
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The two ways of looking at GDP are the
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Let the inverse demand curve for tennis classes is: P = 90 - 1.5Q. If the equilibrium price is $15, calculate the optimal quantity and the consumer surplus. If price increase to $30, calculate the optimal quantity and the new consumer surplus.
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Create a claim using the proven technique below to get venture capital money for a new product idea. Use your own new product idea or pick an innovative product that is already on the market and act like it’s a new idea for which you are trying to ge..
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