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Suppose that two identical firms produce widgets and that they are the only firms in the market. Their costs are given by C1 = 60Q1 and C2 = 60Q2, where Q1 is the output of Firm 1 and Q2 the output of Firm 2. Price is determined by the following demand curve:P = 300 - Qwhere Q = Q1 + Q2.a. Find the Cournot-Nash equilibrium. Calculate the profit of each firm at this equilibrium.b. Suppose the two firms form a cartel to maximize joint profits. How many widgets will be produced? Calculate each firm's profit.c. Suppose Firm 1 were the only firm in the industry. How would market output and Firm 1's profit differ from that found in part (b) above?d. Returning to the duopoly of part (b), suppose Firm 1 abides by the agreement, but Firm 2 cheats by increasing production. How many widgets will Firm 2 produce? What will be each firm's profits?
Determine the Herfindahl index for an industry composed of three companies one with 70% of the market, and the other two with 20 and 10 percent of the market respectively one company with 50% share
In a country, output is produced with labor and physical capital. The production function in per-worker terms is y=k^1/2. The depreciation rate is 2%. The investment rate (&) is determined as follows: &=0.2 if y
Suppose there are n identical firms in a market. Each firm has fixed cost equal to 392, and variable cost given by VC = 2q^2, where q is the amount that an individual firm produces. This means that an individual firm's marginal cost is given by MC..
Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity, price) points of (100, $20) and (300, $10). (b) Calculate the cross-price elasticity of demand coefficient ..
the Marginal product of labor (measured in units of output) for a firm is:MPN = A(100 - N) Where A measures productivity and N is the number of labor hours used in production. The price of output is $2.00 per unit. if A = 1, what will demand for labo..
During his first year at school, Ximing buys eight new college textbooks at a cost of $50 each. Used books cost $30 each. When the bookstore announces a 20% price increase in new texts and a 10% increase in used texts for the next year, Ximings fa..
Graphically demonstrate the production possibilities frontier for nation of Stromboli, using information given in the following table.
The demand of product (X) is given Qx=14-3Px+4Py. Xsells for $5/unit and Y sells for $2.5/unit. 1 what is the cross price elasticity of demand between goods X & Y at these prices. 2 What is the own price elasticity of demand at these prices
For a particular good that is monopolized, the monopolist faces the following demand and cost conditions: P= 12 - 2 qd MR= 12-4qd MC= 2 q a) What price will the firm charge its customers b) Will the firm earn positive economic profits
Picabo borrows $1000. To repay the amount, she makes 12 equal monthly payments of $90.30. Determine the effective monthly interest rate, the nominal annual interest rate, and the effective annual interest rate
Your cat's summer kitty-cottage needs a new roof. You are considering the following two proposals and feel a 15-year analysis period is in line with your cat' remaining lives. (There is no salvage value for old roofs.) Construct a choice table..
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix..
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