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Suppose that firm 1 and firm 2 operate under conditions of constant average and marginal cost but that firm 1’s marginal cost is 1 = 10 and firm 2’s marginal cost c2 = 8. Market demand is Q = 500 − 20P.
(a) Suppose e two firms practice Stackelberg competition, where firm 1 chooses its output first then firm two chooses its output quantity second. Compute the Nash equilibrium quantity.
(b) Compute firms’ prices, profit and market outcome in the Nash equilibrium.
What could be done to motivate people to spend more so as to increase aggregate demand and invariably, create employment possibilities.
Define asymmetric information. Distinguish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal-agent problem?
she a reservation wage of $1,500 so that wage package is W = 1,500 + .2 Q where the CEO sets the incentive at .2 and Q = 200 e. If the CEO increases the incentive from .2 to .25, what happens to the Nelson's effort? Will profits rise or fall?
Explain how globalization in pharmaceuticals occurred with respect to both distribution of medicines in new markets as well as shifting of research and development as well as the manufacturing to lower cost markets.
What is regionalism? Use European Union as an example to illustrate the major steps toward regional integration. What major features can you identify for regional integration in Europe. North America and 1'ast Asia? What are the dynamics for regional..
Describe atleast 4 ways in which a firm can limit a worker's shirking. Ground your answer in an explicit theoretical framework(that you clearly state) that explains worker shirking behaviour.
Humphrey and Lauren are splitting 10 gallons of soda and six pounds of popcorn. Let’s represent Humphrey’s preference with the utility function UH = 3SH + PH and Lauren’s preferences with UL = 2SL + 4PL, where SH and SL indicate their soda consumptio..
The Coppock Bank has $34,000,000 in deposits. If borrowings are $7,000,000, reserves are $3,500,000, and owner's equity is $2,000,000, what are the bank's total liabilities and net worth? A Bank can make loans when:
q1. short run profit maximizingthe producer of high-quality flatbed scanners is tiresome to decide what price to set
The purpose of this assessment is to help you analyze the factors that lead to fluctuations in oil prices. Assessment Description: Use a credible source to research oil prices. Based on your research, answer the following questions: Why is the price ..
When external costs are present
If each of them worked 20 hours per week, how should they split their time between the production of street tacos and Cuban sandwiches, if they wanted to maximize their revenue (recall they split the revenue equally)?
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