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Assume that the market demand in an industry is: P(Q) = 1 – Q, and that the cost functions of the firms are Ci(qi) = 0.5 qi + F, for all the firms i = 1, 2,…n, where m < 1, and F is the cost of entry into the industry. Consider the free entry sequential game in which the firms decide whether to enter into the market in the first stage, and in the second stage they decide output simultaneously.
-Find the best response function of (n) firm in the second stage of the game.
-Find the Nash equilibrium of the second stage.
-Find the number of firms and the output level of every firm that result from the perfect Nash equilibrium.
Goods and services sold in black markets, such as illegal0 drugs, are generally not included in GDP. Does this lead to misleading comparison between countries? Should these activities be included as a positive or negative in GDP?
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Which of the following statements about indifference curves is true
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Using the sameproduct example above, analyzing how the risk tolerance factors play in supplying the good or service and how this should influence management's decisions.
In the country of Drazah Larom (moral hazard spelled backward), health insurance is nonexistent and all medical markets are perfectly competitive. Use supply and demand analysis to explain the impact of the following changes on the price and output o..
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