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Suppose you are the CEO of ClipIt, a paper clip producer. Your firm enjoys a patented technology that allows it to make paper clips faster and at a lower cost than your only rival, FastenIt. Clipit uses this advantage to be the first to choose its profit-maximizing output level in the market. The inverse demand function for paper clips is P=500-2Q, ClipIt's costs are Cc(Qc)=2Qc , and FastenIt's costs are Cf(Qf)=4Qf.
a.What is ClipIt's profit-maximizing output level? FastenIt's?b.What is the market's equilibrium price?c.How much profit does each firm earn?d.Ignoring antitrust considerations, would it be profitable for your firm to merge with FastenIt? If not, explain why not; if so, put together an offer that would permit you to profitably complete the merger.
Supposing a products is produced both in the US and abroad what would be the effects of the US import quota on the good? Discuss some of the attributes of the new economy.
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Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.
Discuss short and long run expenses. For the short run discuss the relationship in cost and production theory and the idea of diminishing returns.
The effective capacity and efficiency for next quarter at MMU Mfg. in Waco, Texas, for each of three departments are given below. Compute the expected production for next quarter for each department.
Evaluate the MU in the utility functions
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Your are the chief economic advisor to the King of Terra. The king has observed that while the price of energy has increased 20 percent over the past five years, consumers have actually increased their energy consumption by 10 percent over the sam..
Suppose a perfectly competitive firm is producing 300 units of output, P = $10, ATC of 300th unit is $8, marginal cost of 300th unit = $10, and AVC of the 300th unit = $6. Based upon this information, the firm is:
Assume that all firms in a perfectly competitive market structure are in long run equilibrium. The demand for the company product rise.
In your own words, describe the law of demand through the income and substitution effects, using a price increase as a point of departure for your discussion.
Estimate the linear demand equation
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