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Suppose that there are two firms (Firm A and Firm B) in the market for frozen rounded articulate condiments (FRAC). Also assume that the market demand for FRAC is given by P= 15-Q where Q is the total quantity in the market from the two firms. LAstly, assume both firms have zero fixed cost and that Firm A has a constant marginal cost of $1 per unit that firm b has constant marginal cost of $3 per unit.
A. Find the cournot equilibrium quantities for each firm. Also find the market price of the good.
B. Now assume that firm a chooses its quantity first then firm b chooses. Find the stackelberg equilibrium quantities and profits for each firm.
The U.S. government has a legal monopoly on the printing of U.S. currency. For the sake of this question, suppose the government decides to relinquish its monopoly—the Department of Justice will “break up” the federal government’s monopoly on U.S. cu..
Describe how, if at all, each of the following developments affects the AD and/or IA curves: Suppose that there is a technological disaster that makes workers less productive than before. Assume that initially output is at its natural rate. Suppose ..
In this exercise, you will use Excel to calculate Mr. Ecks’ economic net worth and his amount of constant consumption and savings using the information that is provided below. Using information from the previous exercises, add Mr. Ecks’ gross human c..
Suppose the firms divide the market into two areas of equal size and assign each firm one of the areas. Each firm agrees to sell only in its assigned areas. Will the arrangement generate a successful cartel?
When a war breaks out in the Middle East, the price of gasoline rises, and the price of used Cadillac falls.
What do each of the following areas tell us about the recent health of the economy? Corporate profits, Labor force and the unemployment rate, and C. The consumer price index and its components
At the equilibrium point in the above graph, which of the following is false?
Land and nonrenewable resources are always going to be topics with many contradictory viewpoints. How to use these fixed resources and when to use them are controversial issues that will create a hot debate for some time to come. What economic factor..
With the aid of diagrams explain how externalities (both external costs and external benefits) can generate market failure.
The following graph represents the world market for oil. The Organization of Petroleum Exporting Countries (OPEC) produces a large portion of the world's oil. Suppose OPEC representatives get together and agree to limit the global production of oil. ..
Determine whether each of the following, other factors held constant, would lead to an increase, a decrease, or no change in the level of real GDP demanded:
Information Security is an important and growing field in eCommerce. Cyber criminals continue figure out new ways to steal, deface and antagonize businesses. Businesses arm themselves with professional security people and programs to protect their cu..
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