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Suppose the following: (i) two countries each with demand for a homogeneous good given by P(Q) = 40 − Q. (ii) in Country A there is one firm with a marginal cost of production of cA. (iii) in Country B there are two firms, each with a marginal cost of production of cB. (iv) competition in relevant markets is Cournot. (a) Find for each country expressions for the equilibrium price and firm profits and quantity under the assumption that no trade between the two countries occurs. (b) Now assume a state of free trade exists between the two countries. Derive expressions for each firm’s quantity supplied and Country A’s imports. [Hint: Show that the global demand curve is P(Q) = 40 − Q/2.] For what values of cA is Country A an importer? If cB = 10 and cA = 8, is the trade pattern globally efficient? For cA = 2 and cB = 10? (c) Assume that cB = 10 and cA = 8. Which country would benefit by imposing a $2 per unit tariff on imports? By how much would total surplus increase? Who gains and who loses—and by how much?
A price-taking firm’s short-run supply curve is. For a firm facing a downward-sloping demand curve, marginal revenue will be less than price. In making output decisions, a firm should produce the output level for which marginal revenue equals margina..
Illustrate what sets the 1st generation marginal lists apart from their second generation marginal list
Explain how you would tell the employee and your remaining subordinates.
A monopolist has two sets of consumers. The demand for one set can be described by Q1 = 5 ? p. For the other set, the demand is Q2 = 10 ? p. The monopolist faces constant marginal cost of 2. Derive the monopolist’s total demand if the two markets are..
Classical economists believe that savings is crucial for economic growth because:
Priority Mail has been one of the most profitable products for the U.S. Postal Service, growing six times faster than first-class deliveries over the period from 1995 to 1999 and accounting for almost 8 percent of the Postal Service’s mail revenue. Y..
Real estate magnate Donald Trump once proposed a one-time tax of 14.25 percent on the net wealth of every American with more than $10 million. Would this be an efficient way to raise tax revenue? Why or why not?
Your firm is considering a potential investment project, and your finance group has prepared the following estimates: and NPV of $10 million if the economy is strong (30% probablility), and NPV of $4 million if the economy is normal (50% probablility..
An environmental testing company needs to purchase $40,000 worth of equipment 2 years from now. At an interest rate of 20% per year compounded quarterly, the present worth of the equipment is closest to:
The short-run Phillips curve illustrates ________ relationship between the unemployment rate and the inflation rate.
For each of the following decisions determine whether the manager is in a short-run or long-run situation.
Explain how the joint venture can take advantage of the Polish cultural differences to build a stronger organization.
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