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Suppose two firms (Firm 1 and Firm 2) are competing against each other in a (duopoly) market. Suppose further that the demand is given by the equation P= 700-30(q1+q2), where P is the price of the good, q1 is the quantity sold by firm 1, and q2 is the quantity sold by firm 2. Assume that the total cost of production for firm 1 is 100q1, and 100q2 for firm 2 (meaning that the additional costs to serve one customer is $100 for each firm).
a) Assuming each firm moves simultaneously, find the Nas-Cournot Equilibrium level of output for each firm. Show all of your work.
b) Assuming each firm moves sequentially, find the Nas-Stackelberg Equilibrium level of output for each firm. Show all of your work.
What is the Law of Diminishing Returns. Discuss a company's two short run options: 1. stay open or 2. shut down.
A residential rental property is acquired during the first month of the taxable year, at a total cost (including transaction costs) of $1,200,000.
The natural environment poses a problem for economic theory. Even if we accept, for the sake of argument, that the free market serves employer and employee, buyer and seller, equally, the environment may be harmed by market transactions.
Problem associated with third video: demand with perfect complements. Graph her budget set with dozens of hamburgers in the x axis and dozens of buns in the y axis.What is the slope of the budget line? Give an interpretation for this number. Tiring o..
The largest loan that the bank can make on the basis of the new deposit. If the bank chooses to hold reserves of $3,000 on the new deposit, what are the excess reserves on the deposit.
Select a USA from the Index also bring in additional source material to Explicate its ranking also Explain how it has changed over the last 5-10 years.
Zero salvage value with the SL method. This machine will produce metal parts that will generate revenues of $180,000 (time zero dollars) per year. It is a policy of the company that the annual revenues will be increased each year to keep pace with th..
Why do consumers want to save more in the weak economy? What influences our consumption? Should governments be made by law to balance their budgets, or should they be permitted to run deficits sometimes? Should you go into debt sometimes? Explain?
Rolston Music Company is considering the sale of a new sound board used in recording studios. The new board would sell for $26,300, and the company expects to sell 1,480 per year. The company currently sells 1,980 units of its existing model per year..
Suppose a firm's demand curve is given by P = 120 - 0.5Q. Find the (value of) price elasticity of demand (point elasticity) for the demand curve when the price is $100. Is demand elastic or inelastic? Please list steps and explain why demand is elast..
In a third world country, the central bank wants to reduce the inflation rate by 5%. The current money supply is $2.0 trillion and the goal is to have equilibrium in the money market (Ms=Md). What should be the new target interest rate to reduce the ..
Describe the determinants of varying levels of income. What factors determine a wages of a person
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