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The inverse demand for a homogeneous-product Stackelberg duopoly is P = 12,000 -5Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 3,000QL and CF (QF) = 6,000QF..
a. What is the follower’s reaction function?
QF =_______ - _______QL
b. Determine the equilibrium output level for both the leader and the follower.
Leader output:
Follower output:
c. Determine the equilibrium market price. $________
d. Determine the profits of the leader and the follower.
Leader profits: $
Follower profits: $
The law of diminishing returns applies to which of the subsequent segments of the marginal product of labour curve.
Two firms compete in quantities, selling identical goods, facing the demand function P(Q) = 130−q1− q2 where qi is the output level of firm i. Assume that firm 1 is more efficient than firm 2, MC1(q) = 10 and MC2(q) = 20. Find the NE quantities of th..
Your sales are $63,000.00 and your stock is reduced by $27,000.00 worth of markdowns. Your receipts are $75,000.00. What is your ending inventory?
For Canada, the expenditure effect generated by the U.S. tax cut and the spillover effects of increased defence spending will push the Canadian economy further into an economic recovery.” a) How will the U.S. tax cut and the increased U.S. defence sp..
Consider a simultaneous-move auction in which 2 players simultaneously select bids, which must be in nonnegative integer multiples of one cent.
1) Why is it possible to change real economic factors in the short run simply by printing and distributing more money? 2) Explain why a stable 5% inflation rate can be preferable to one that averages 4% but varies between 1-7% regularly.
It is noted in the text that the infant industry argument is more frequently used in developing nations than in developed nations. Why might this be the case? Does this necessarily have to be the case?
What are the various causes/types of unemployment? What does it mean to be unemployed, i.e. what are the social, economic and political effects of unemployment? Should the government’s number one goal be low unemployment and how do unemployment and i..
Please search for some information about the Dodd-Frank Act and share with us. Please evaluate this act by answering the following questions: Do you think this Act can successfully avoid financial crisis in future? Why or why not?
Suppose a country produces two final goods, Pizzas (Ps) and Tacos (Ts). In Year 1 it produced 10 Ps at a price of $5 each and 50 Ts at a price of $1 each. In Year 2 it produced 15 Ps at a price of $6 and 50 Ts at a price of $2. If Year 1 is the base ..
Draw a supply and demand diagram for the Corn market showing this equilibrium. Draw a diagram for a typical firm in its initial long run equilibrium, showing its Marginal Cost, Average Total Cost, and Long Run Average Cost curves. Are any profits bei..
What are some of the characteristics that we can attach to marketing trends in 2016 and beyond? Are we becoming more frugal consumers or less trusting as we define our buying behavior?
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