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(Cournot's game with many firms) Consider Cournot's game in the case of an arbitrary number n of firms; retain the assumptions that the inverse demand function p(Q) = a - Q if Q ≤ a and 0 if Q > a. The cost function of each firm i is ci(qi) = (c/2)*qi^2 with c < a. Find the best response function of each firm and set up the conditions for(q*1, . . . , q∗n) to be a Nash equilibrium, assuming that there is a Nash equilibrium in which all firms' outputs are positive. Solve these equations to find the Nash equilibrium. (First show that in an equilibrium all firms produce the same output, then solve for that output. If you cannot show that all firms produce the same output, simply assume that they do.) Find the price at which output is sold in a Nash equilibrium and show that this price decreases as n increases as the number of firms increases without bound.
Explain the relationship among household disposable income, consumption, and savings. What is Marginal Propensity to Consume (MPC) and what does an MPC of 0.9 tell us about consumption and saving?
Discuss the impact of the recent (2008 to the present) international financial upheaval on Dominican Republic domestic economy and its international transactions.
Briefly list and elaborate on the factors that will be affecting the demand for the following products in the next several years. Do you think these factors will cause the demand to increase or decrease?
With a high and growing US trade deficit, many hope that a depreciation of the dollar would help close the deficit. Explain the logic behind this prediction.
what is the difference between a change in demand versus a change in quantity demanded? a change in supply versus a
Which of the following is the best example of a public good (or quasi-public good)?
a subsample from the current population survey is taken on weekly earnings of individuals their age and their gender.
A fashion firm manufactures outfits using two inputs, design skills (L) and expensive materials (M). The cost of fabrication is small and might be ignored as a first approximation.
Describe an example of a particular health care good or service at the beginning of your posting and to what extent do the providers of the good or service influence consumers' decisions?
Company M and N compete for market and decide independently how much to advertise. Every one can expend either $10 million or $20 million on advertising.
Some of the Tennessee Valley Authority’s electricity generating plants are powered by coal purchased via a separate TVA procurement division. Power plant managers often complain that the coal is below grade and causes problems with plant maintenance ..
The most prominent benefit offered by many firms is health insurance. Suppose that in 2000, workers at one steel plant were paid $30 per hour and in addition received health benefits at the rate of $6 per hour.
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