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Suppose there are two airlines, each one runs one flight a day to Chicago. Delta runs one at 8AM and United runs one at 6PM. There are 100 people whose preferences are evenly distributed between 8AM and 6PM. Each consumer values the flight at $300, but dislikes leaving at a different time then their preferred time by $0.5 per minute. The marginal cost to add a consumer is $20. To make things easier, normalize 8AM to location 0 and 6PM at location 600 (600 minutes from 8AM). Assume that all consumers will want to buy a plane ticket.
(a) Find the demand function for each firm.(b) Write down the profit function for each firm.(c) Find the best response function for each firm.(d) Find equilibrium prices, number of passengers, and profits for each firm.
Elucidate whether the following statements are positive or normative economic statements, and explain why you categorized them in that way.
Assume there are two types of consumers: type A consumers have a demand Q = 10 ? P for widgets, and consumers of type B have a demand Q = 5 ? P. Assume that there are 10 consumers of each type. (a) Calculate the market demand.
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Based on your research, AT&T has spent over $15 million on related paperwork and compliance costs, Moreover, depending on the locale, telecom taxes can amount to as much as 25 percent of a consumer's phone bill. These high tax rates on telecom ser..
United States has absolute advantage over many countries in production of most goods and services. Yet, the country is running the record trade deficit year after year. The current trade deficit is about six percent of the country's GDP. Is it a ..
Write an essay evaluating the role of governments in assuring that developing countries obtain a fair and adequate share of the benefits of international trade.
Elucidate why this strategy may, in fact, be rational. Also, identify at least two other strategies that might permit Argyle to earn higher profits.
What does this imply about the current versus future expected exchange rate (for the Australian and Canadian dollars)? Explain.
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