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Suppose there are 8 firms located equidistantly around a circle whose circumference is equal to 1. There are 400 consumers distributed uniformly around the circle. Each consumer gets utility U = 3.5 from buying a unit of the good from a firm which sells their ideal brand (a firm located at the consumer’s location). Also, the consumer’s utility decreases by 4 times the distance that the consumer is located from the firm. So a consumer who buys from firm i gets utility given by Ui = 3.5 – 4xi where xi is the distance from the consumer’s location to firm i’s location. The consumer’s surplus from purchasing a unit of the good from firm i is the difference between their utility from purchasing a unit of the good from firm i and the price that firm i charges. So CS = Ui – Pi. Also, the consumer has no alternatives, so the consumer will buy a unit of the good if maximum surplus gained from purchasing from any firm is greater than 0. a) (6 points) Consider a particular firm denoted Firm 2. Let Firm 1 be the firm located on one side of Firm 2, and let Firm 3 be the firm located on the other side of Firm 2. Suppose Firm 1 charges a price P1 = 2, and Firm 3 charges a price P3 = 2. Write a general expression for Firm 2’s demand.
Two processes can be used for producing a polymer that reduces friction loss in engines. Process T will have a ?rst cost of $750,000, an operating cost of $60,000 per year, and a salvage value of $80,000 after its 2-year life.
Consider the market for music downloads. The market demand curve is given by P=10-(1/6)Q. Where Q is the number of downloads sold per hour and P is the price per download. Apple is the dominant firm in this market with constant marginal costs MC=6.
The aluminum industry faces a private marginal cost curve PMC = 2Q and a market inverse-demand curve of PD = 60 – QD. However, production creates an externality with marginal damages of MD = Q. Find the market equilibrium without any government contr..
Grapple Market Share Corporation would like to know what information federal agencies have about Grapple’s operations, so that the firm will know what its competitors may be able to learn about it. Can Grapple require the agencies to disclose whateve..
The CEO of a publishing company says she is indifferent between the certainty of receiving $7,500 and a gamble where there is 0.5 chance of receiving $5,000 and a 0.5 chance of reveiving $10,000. Draw four points on the utility function of this publi..
Joe Cool went to a baseball game and got very hungry for a hotdog. While it is true that the ballpark sells soda and hotdogs separately, Joe Cool never has one without having one of the other. His indifference curve map between these two goods is mos..
Explain the 3 neoclassical macroeconomic goals. How do we know if we are meeting each of these goals? Additionally, provide a criticism of ONE of these goals.
abc company owns a crane with an original cost of 500,000$,with an estimate salvage value of 200000.its life is estimated to be 15years.using straight line method, Compute book value at the beginning of year 9.
Soundscape Enterprises manufactures Sonoblast, a device that produces a high-pitched reminder to telemarketers that they have once again disturbed you just when you were sitting 1⁄2 down to dinner. Give the formulas for the short-run production funct..
Can you provide any examples of Illustrate what kind of equality could be made to offset these increased society costs
q. suppose people in our overlapping generations model have the opportunity either to hold at money with complete
Consider the market for electricity. Suppose demand (in megawatt hours) is given by Q = 50 − P and that the marginal private cost of generating electricity is $10 per megawatt hour (P is in the same units). Suppose further that smoke is generated in ..
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