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The market for taxi services in a Midwestern town is monopolized by firm 1. Currently, any taxi services firm must purchase a $40 thousand "Medallion" from the city in order to offer its services. A potential entrant (firm 2) is considering entering the market. Since entry would adversely affect firm 1's profits, firm 1 is planning to call to request that the city changes the medallion fee by $F thousand. In the following extensive game, "C and NC" represent firm 1's strategies "call to change fee and don't call to change fee"; "E and NE" represent firm 2's strategies "enter and not enter". (all payoffs are in thousands of dollars and include the current medallion fee of $40 thousand). Determine the change in the medallion fee that maximizes firm 1's profits.
What type of market structure is OPEC? What are some important issues that OPEC must confront in their efforts to control the price of oil?
Illustrate what happens to the natural rate of unemployment and potential GDP if cyclical unemployment.
Illustrate what were the characteristics of Great Britain's economic relationship with India in the 17th and 18th centuries, How would you explain their success in their competition with the Dutch.
Describe the dimensions of quality from micro- and macro-perspectives. What are the different formats or models and applications of quality? Discuss the top three in your opinion.
Elucidate whether current economic conditions are more consistent with the Keynesian or classical economic theories.
Why would the simple Keynesian consumption function predict that this strategy would work and the nominal interest rate cannot fall below zero. What might the Fed do to try to achieve the optimal real interest rate you calculate in Part b?
Illustrate what would happen if CPI decided to raise prices unilaterally in this toothpaste market.
the comparison of the percentage of change in the one variable divided by the percentage change in the other variable. An analytical technique utilized to show best case scenarios of demand and supply curves.
The corresponding average total cost is $3.50 and total fixed costs equal $1,250. Based on this information, should this firm continue to operate in the short run? Please explain why your answer is yes or no.
the Cobb-Douglas production function given in equation 4-1 applies to a developing country. Instead of thinking of immigration from a developing to a developed country, suppose a developed country invests large amounts of capital (foreign direct i..
A profit maximizing firm produces three products X, Y and Z. The firm has no costs. There are three customers 1, 2 and 3. What will be the price of each product if the firm decides to sell them separately?
Assume an individual purchases 500 units of good and spends 10,000 dollars.
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