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Problem 1: In the model of a dominant firm, assume that the fringe. Supply curve is given by Q = -1 + 0.2P, where P is marked price and Q is output. Demand is given by Q = 11 - P.
What will price and output be if there is no dominant firm? Now assume that there is a dominant firm, whose marginal cost is constant at $6. Derive the residual demand curve that it faces and calculate that it faces and calculate its profit maximizing output and price.
Problem 2: A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but both the winning and losing bidders must pay her their bids. So if Jones bids $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with $1. If both bid the same amount, the $100 split evenly between them. Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2. Write out the payoff matrix for this game, and then find its Nash Equilibrium.
Determine which of the following nations would you expect to have intertemporal production possibilities biased toward current consumption goods,
The Taxpayer Relief Act developed Roth IRA which permits you to make after tax retirement contributions of up to $2000 yearly and contributions are not tax deductible
Draw a graph of the market for chewing gum. What are the equilibrium price and quantity? Mark the equilibrium price and quantity in the graph.
Employing the new factory would ultimately reduce average total cost and the present value of the gain from employing the new factory must be less or equal to $50 million.
Using budget lines and indifference curves, prove to your colleague that he is wrong - decompose the change in price into two components: pure substitution effect, and income effect.
A company is manufacturing output in a competitive market, where demand is P = 24 - 2Q. Describe the nature of the market failure and derive Pareto optimal level of output.
Assume a country has a life expectancy of 51.5, an adult literarcy rate of 62.6 percent, a combined gross enrollement ratio of 45 percent, and GDP per capita PPP of $853.
To take advantage of high prices for snow shovels during a very snowy winter, Alexander Shovels, Inc., decides to increase output and the success of Red Bull leads more firms to begin producing energy drinks.
Does the quantity of trash increase or decrease the willingness to pay for an additional trip?
Discuss how is it possible to change society, for Marx, through using relationship between economy on the one hand and the political environment on the other.
Construct a table showing the average variable, average total, and marginal costs of paper cup production. Show your work or embed an Excel spreadsheet into your file showing the formulas you used.
Comment on the acceptability of the model's ability to pick up the systematic variation in your Fit period actual data and develop a one year forecast
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