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Firms 1 and 2 produce an identical product and serve the market described by the demand function P=100-Q, where Q=Q1+Q2. Firms compete by choosing their output levels. Firm 1's total cost function is TC(Q1)=100+20*Q1. Firm 2's total cost function is TC(Q2)=100+10*Q2. The market demand and cost structure are common knowledge, and Firm 2 moves first. a. How many units of output will each of the firms produce in equilibrium? (5 points) b. What is the equilibrium price and equilibrium profit of each firm? (3 points) c. Now assume that firms compete by setting prices rather than quantities and can change their prices in finely divisible (infinitely small) increments. Firm with the lowest price gets all the market, and firms split the market if there is a tie. Find the equilibrium market price(s), and market quantity in this game and explain your result. (3 points) d. What are the individual firms' output levels and profits in Part c? (2 points) e. Will your answers in all parts above change if the firms were to move simultaneously rather than sequentially? If so, please provide the new prices, quantities, and profits where appropriate. (6 points)
What output will an individual firm be restricted if this price is to be maintained (assume all firms are permitted to produce the same level of output)?
Develop a budget and see what happens. Were you successful in balancing the budget? If not, how much of a deficit or surplus did you end up with? What does this exercise tell you about the process of creating a balanced budget? Reexamine the budge..
you are in charge of setting the optimal price for tickets for a local hockey team. nbspthe demand schedule for
discuss the impact of that ability to create money on the economy during an inflationary gap and during a recessionary
The payment to resource owners has to be equal to ____ in order to keep the resources in their current use. The term price maker
Normal 0 false false false EN-US X-NONE X-NONE An investment of $5000 in B..
Suppose you have estimated the supply curve for the local labor market as: Qs=W-5, where W is the hourly wage and Qs is the quantity of workers willing to work at each wage.
Compute the Modified BCR for MM. Compute the Modified BCR for PP. Which alternative should NJGSP choose and why?
One critical aspect of the skills that managers lack is planning. You have been asked by your manager to conduct a preliminary search of recommending the two most common types of contemporary planning techniques-project management and scenario pla..
Why do we see cigarette butts and other trash by the side of the road and often by the end of an interstate exit ramp? In other words, consider why we see litter where we see it as well as where we don’t
The commodity presents itself to the economic agents
question 1 a consider the market represented by the schedule in the table below.i draw a diagram. what is the
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