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Assume that two companies (C and D) are duopolists that produce identical products. Demand for the products is given by the following linear demand function: P=600-QC-QD QC and QD are the quantities sold by the respective firms and P is the selling price. Total cost functions for the two companies are: TCC=25,000+100QC TCD=20,000+125 QD Assume that the firms act independently as in the Cournot model (i.e., each firm assumes that the other firm's output will not change). a. Determine the equilibrium output and selling price for each firm. b. Determine the total profits for each firm at the equilibrium output found in Part (a).
The per-unit cost of an item is its average total cost (= total cost/quantity). Suppose that a new cell phone application costs $150,000 to develop and only $0.5 per unit to deliver to each cell phone customer. What will be the per-unit cost of th..
suppose that a gambler plays a $1 game 7 times. in each game, his probability of winning is 20 percent. if he wins, he gets $4 prize. he gets nothing if he loses. to profit on the games, he must win at least twice. what is his probability of winni..
The MSU firm has the production function: q = f(L,K) = 4 L^(1/2) K^(1/2) The market has many firms identical to the MSU firm. The price of capital is r = 4 and the price of labor is w = 1 A. On the graph below: Draw the isoquant for q = 24, and th..
Explain a possible cause for the change in Ns 4. Estimate the elasticity of demand for B&B professionals in the macroeconomy (calculation and explanation) 5. Graph the two equilibrium conditions 2 X-intercept for Ns; Y-intercept and X-intercept for N..
Suppose the demand for a product is given by P = 40 - 4Q. Also, the supply is given by P = 10 + Q. If a $10 per-unit excise tax is lecied on the buyers of a good, then after the tax buyers will pay how much for each unit of the good.
A chemical company is considering two processes for making cationic polymer. Process A will have a first cost of $100,000 and an annual operating cost of $60,000. Process B will have a first cost of $165,000. If both processes will be adequate for..
a. What is the real value of output (Q) Now assume that the Fed increases the money supply by 10 percent and velocity remains unchanged. b. If the price level remains constant, by how much will real output increase.
Suppose Mary earns $13 an hour installing transistorized digital chips in electronic calculators. If you were unemployed, would you offer to work for $8 an hour to get the job Why might a profit-maximizing employer turn down your generous offer
Walt Disney World Theme Parks offer tourists a wide variety of ticket options. The one thing these ticket options have in common is that they entail a fixed entrance fees and permit consumers to take as several rides as they wish at no additional cha..
Macromedia is a relatively new company that offers computer training seminars on a variety of topics. In the seminars each student works at a personal computer, practicing the activity that the instructor is presenting. To introduce themselves to ..
At 47 units of labor, a firm finds that average product of labor equals 39.6 and marginal product of labor equals 32.9. We can conclude that the average product curve at 47 units of labor is: A. vertical. B. horizontal.
Tony owns a fancy Italian restaurant, Tony's Trattoria. He uses only the finest ingredients and hires the best chefs in the country. Suppose Tony's total cost function is given by the following relationship: TC =100 +10Q +Q^2 , where Q is the numb..
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