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1. Why is the Cournot equilibrium stable? (i.e., Why don"t firms have any incentive to change their output levels once in equilibrium?) Even if they can"t collude, why don"t firms set their outputs at the joint profit maximizing levels (i.e., the levels they would have chosen had they colluded)?
2. In the Stackelberg model, the firm that sets output first has an advantage. Explain why. 6. What do the Cournot and Bertrand models have in common? What is different about the two models?
3. Explain the meaning of a Nash equilibrium when firms are competing with respect to price. Why is the equilibrium stable? Why don"t the firms raise prices to the level that maximizes joint profits?
Our assignment is to write an FOMC statement similiar towhat we believe the real FOMC statement, released by thegovernemnt, will be like. What topics will it cover and what thingswill the government change
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Country A and country B produce the same consumption goods and capital goods and currently have identical production possibilities curves. They also have the same resources at present, and they have access to the same technology. Currently, countr..
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Give two conditions that are important to the efficient market theory. List one implication of the efficient market theory.
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