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Consider a homogenous good market with the following market demand curve:
Q=100-p
Two firms produce output at constant marginal cost = 10. Derive the Nash equilibrium outcome in terms of prices, outputs and the profits of the two firms under the following alternative situations in a)-d)
a) Firms engage in Bertrand price competition with no capacity constraints.
b) Firms engage in Bertrand price competition and each firm has a maximum production capacity = 15. c) How would your answer in part (b) change if the capacity of each firm is 90?
d) Firms engage in Cournot quantity competition (i.e., determine their capacity assuming that the price is such that market demand equals industry capacity).
e) Compare the industry output in cases (a) and (d) to the socially optimal and the monopoly output levels.
One policy originating in this period sought to break up tribes by removing children from their families and enrolling them in Government-run boarding schools far from home.
Even though the use of checks lower transaction costs when compared to the use of paper currency, it is unlikely that the use of paper or metallic currency will disappear entirely. Why?
A major defense supplier expects to generate additional revenue from its recently won government contract. The company expects the revenue will be $110 million in the first year and the revenue increasing by $2.5 million each year for the next 4 year..
Illustrate what is the equilibrium to this game.
You work for a Stock Brokerage Company (S). As part of its sales incentive program, S awards points to its salespeople for sales they make. These points can then be cashed in for vacation trips. S owns 20% of a certain fund group (M), and S's ownersh..
When the competition is intense and the environment is changing rapidly, it is especially important to
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this leads to an increase in demand for apple sauce from 100 to 140 jars, what is the cross price elasticity of apple sauce and pork chops at a pork chop price of $6?
Suppose the government of Washington is considering the addition of a new tax on rms. You have been called in to provide expert analysis on how such a tax would eect employment of labor. A tax on every hour an employee works (e.g., \X" cents per hour..
More than 85% of McDonald's restaurants around the world are owned by independent franchisees.
Why should this policy be undertaken under conditions where economy is at some GDP level less than full employment level? You may use a long run aggregate supply curve to bolster your argument here.
The annual opperating cost of the new operating machine is $7,000. The company uses a 20% MARR. Calculate the annual equivalent total cost for each machine. Would you replace the old machine at this time?
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