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Question 1Consider the Bertrand model of price competition with two firms.Denote firm 1's (resp. firm 2's)marginal cost by c1(resp. c2),and assume c1< c2. Assume that the demand function x is given by x(p)= a-p,with a > c2 so that x(c2) > 0 . Find all Nash equilibria of this model.
Question 2Consider a two-firm Cournot model. Let ci (i=1,2) denote firm i's cost per unit of output produced, and assume that c1 > c2 . Assume also that the inverse demand function is P(q)=a-bq, with a> c1 .(A) Derive the Nash equilibrium of this model. Under which conditions does it involve only one firm producing? Which one will this be?(B) When the equilibrium involves both firms producing, how do equilibrium outputs and profits vary when firm 1's cost changes?
Discuss the effect of each of the following on the quantity demanded or the demand for new motor homes.
Fiscal policy also decrease the dollar like monetary policy.
For this assignment you will write a 500- to 700-word memo evaluating two conflicting consultant reports. Your report should.
One of the major political developments of the past several decades is the growing size and economic/monetary integration of the European Union. Elucidate what effect do you think this will have on international trade between countries.
Describe implications for pricing of batteries, brakes and oil changes on the sale of tires.
Describe the effect of such clauses on both the government, and other customers, noting, inter alia, the effect on the selling firmâ.
Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."
Prove that a risk-averse von Neumann-Morgenstern perticular will over-insure, fully-insure, or under-insure according as the insurance is available
A rise in corporate income taxes increases the investment in physical capital for any given interest rate.
A monopolist faces the demand curvep =11 - Q , where Q is measured in thousands of units. What is the monopolist profit maximizing price and quantity? What is the profit?
Calculate the appreciation or depreciation of the US dollar relative to the Japanese yen.
The BLS estimates that in 2002, the number of working-age adults was 211.9 million, labour force was 141.8 million, and the total number of employed was 135.1 million. Calculate the following:
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