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Consider the following market game: An incumbent firm, called firm 3, is already in an industry. Two potential entrants, called firms 1 and 2, can each enter the industry by paying the entry cost of 10. First, firm 1 decides whether to enter or not. Then, after observing firm 1’s choice, firm 2 decides whether or not to enter. Every firm, including firm 3, observes the choices of firm 1 and 2. After this all of the firms in the industry (including firm 3) compete in a Cournot Oligopoly, where they simultaneously and independently select quantities. The price is determined by the inverse demand curve p = 12 –Q, where Q is the total quantity produced in the industry. Assume the firms produce at no cost in this cournot game. Thus if firm i is in the industry and produces qi, then it earns a gross profit of (12-Q)qi in the cournot phase. (remember that firms 1 and 2 have to pay fixed cost 10 to enter.) Compute the equilibrium of this market game.
In a third world country, the central bank wants to reduce the inflation rate by 5%. The current money supply is $2.0 trillion and the goal is to have equilibrium in the money market (Ms=Md). What should be the new target interest rate to reduce the ..
Upjohn Company purchased new packaging equipment with an estimated useful life of five years. The cost of the equipment was $35,000 and the salvage value was estimated to be $5,000 at the end of year 5. Straight-line method. Double-declining-balance ..
Arizona and manufactures clay fire pits for patios. They are one of about two dozen firms around the world that manufacture and sell clay fire pits for retailers such as Home Depot, Lowe’s, Front Gate, and other upscale home product chains. If Redsto..
A certain college graduate, Sallie Evans, has $24,000 in student - loan debt at the end of her college career. The interest rate on this debt is 0.75% per month. If monthly payments on this loan are $432.61, how many months will it take for Sallie to..
Assume that safety in the workplace is costly to provide for a manufacturing firm. Draw an isoprofit curve map for the firm with the wage rate on the vertical axis and risk of injury on the horizontal axis. Explain why the graph looks as you have dra..
Farm workers in Oaks Farmville face a 1/198 probability of death at work and each of them receives a yearly wage of $61,000. Farm workers in Valley Farm face a 1/54 of death at work. Assume that both kinds of job require the same level of skills, eff..
How is the fact that more low-income families are sending daughters, rather than sons, so college likely to affect the female income gap in the future? Why do you think economists argue that the female wage gap will not entirely disappear unless wome..
Elucidate what is michelle's opportunity price of producing 200 potatoes in a year. what is michelle's cost of producing 50 chickens in a year.
Explain how much is the dollar overvalued/undervalued. What do you predict the U.S. real exchange rate with the United Kingdom will be in one year's time.
Using the information on exhibit 2 calculate the consumer price index in the current year.
According to the Keynesian view “Businesses will undertake all investment projects for which the expected rate of profit equals or exceeds the interest rate.” Explain what this means.
How does an increase in G affect the economy? Please show it using AD/AS frameowrk. How does an increase in income tax rate affect economy? Please show it using AD/AS frameowrk. Expansionary fiscal policy: what does it mean? How does it work?
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