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Q. Firms A and B compete as Cournot duopolists in the cola market. The demand and marginal revenue are given by: p = 200 - Y, where Y = yA + yB is total output. Marginal revenue for each firm is MRA = 200 - yB - 2yA, MRB = 200 - yA - 2yB. The marginal cost of producing it is constant for both firms at $20 per case. (a) Derive each firms best response function. (b) Find the equilibrium price, quantities and profit for each firm. (c) Why might these firms agree to form a cartel? If such a cartel is formed, use the prisoner's dilemma to explain why it may or may not survive.
Eastman Kodak filed for a bankruptcy in January 2012. Using our analytical framework of nine areas of interest introduced in class explain the main causes of the company's misfortunes.
If most businesses in an industry are earning a 13 percent rate of return on their assets, but your firm is earning 23 percent what is your rate of economic profit
Results of drilling are 15 dry holes, 12 gas producers, 18 oil wells, and 20 wells producing both oil and gas.
Willie will receive all his operating expenses, and in addition will receive $2,000 each year for the decline in value of the automobile.
Explain a way that your family interactsin factor market and a way that it interactsin products market. Discuss how circular flow relates to current economic situations.
Calculate Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility.
James earned $10,000 in income in his new job in Nova Scotia after the move and his employer paid him $1,000 specifically to cover the cost of the move, but doesn't specify what it can be used for.
Fully explain your answer in a way that shows your understanding of monopolies. Your paper should be two to three double-spaced pages and formatted according to APA style as outlined in the Ashford Writing Center.
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitute's one product for another. Use examples to illustrate.
Consider a small economy in which consumers buy only two goods pies and tarts. In order to compute the consumer price index for this economy for two or more consecutive years.
A major employer in a small town announces upcoming major layoffs of employees. What should we expect to happen to the consumption functions of the affected employees.
Explain why government regulation is or is not needed, citing the major reasons for government involvement in a market economy. Provide support for your explanation.
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