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Let the inverse demand curve be p(q) = a − bq. Suppose there are two firms, with constant marginal cost equal to C.
Let the two firms be located at 0 and 1 on the unit interval. There are n consumers located uniformly along the interval, each with a reservation value of V . They incur transportation costs of t per unit of distance traveled from their location to the a store.
(a) What are the equilibrium strategies of the two firms under the assumption the entire market is served.
(b) What is the equilibrium outcome?
(c) In the space of (p1, p2), draw the best-response curves of the two firms. Are prices strategic complements or strategic substitutes?
Suppose that aggregate planned expenditure increases by $0.75 trillion for each $1 trillion increase in real GDP. If investment increases by $1 trillion, calculate the change in the quantity of real GDP demanded if the price level is constant at 105.
The government of Byngia has introduced a new tax on airline travel. Byngia has two types of travelers, business travelers and leisure travelers. Business travelers in Byngia have an elasticity of -1.2, while Byngian leisure travelers have an elastic..
Suppose the own price elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 2, and the cross-price elasticity of demand between it and good Y is -4. Determine how much the consumption of this good will chang..
Elucidate fully why the monopolist will never choose to operate where the demand curve is inelastic.
What are the potential consequences of a country having a large overall debt? If you were in the position to implement a solution for the country's long-term debt, what would it be and why?
Public health information can be broadcast at a cost of $100. Public health information is a pure public good, in that many people can use the information simultaneously and preventing people from using the information is very difficult. how many bro..
A tour company charges $100 round trip to travel from Los Angeles to Las Vegas on a luxury motor coach. At that price they sell 500 tickets. We know that the price elasticity for motor coach travel is -1.8%. Estimate the linear demand curve for this ..
Consider an economy in which people live two-period lives in overlapping generations but are endowed only in the first period of life. Capital has a minimum size, k*, which is greater than the endowment of any single individual but less than the tota..
Describe the economic status of South Korea. What types of economic activities are most prominent there? What factors have led to your region's growth or lack thereof?
q1. total industry sales are 105million. the top four firms account for sales of 10 million 9million 8 million and 5
The characteristics of market structure make quality competition more likely than price competition? Which type of competition is more desirable from your viewpoint? Discuss.
Analyze the dynamics of supply and demand to anticipate market equilibrium. Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies
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