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Assume two firms, A and B, serve a market with demand D(p) = 11 - p. Also assume that (i) firms compete for market share (quantity competition) and (ii) firm A has cost function CA(Q) = Q and firm B has cost function CB(Q) = Q. Describe this environment as a game. (i.e. Specify the players, the strategies available to players, and the payoffs they receive as a function of their strategies).
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
Derive an expression for the marginal utility of good 1, and for the marginal utility of good 2. Using these, solve for an expression describing the slope of an indifference curve: MRS(x1,x2).
Explain what happens to the position of the nation's short-run Phillips Curve if the following events occur:
The largo publishing house uses 400 printers and 200 printing presses to produce books. A printer's wage rate is $20, and the price of the printing press is $5,000.
You are planning a short-run production function for your firm, and you have collected the following data on labour usage and output: Calculate estimates of total. Average, and marginal products when the firm employs 23 workers
Suppose that the car manufacturer allows the car dealer to return all unsold cars at the end of a recessionary year. What is the car dealer's profit in a growth year and in a recession? What is their expected profit?
Mention the four assumptions for the Monopolistic competition model.
Essay on Market imperfection associated with negative externalities
Evaluate: "The fact that some airplanes collide is evidence there is 'too little air traffic control'." (Be sure to explain what too little might mean.)
What kind of shocks could have caused this change to the money demand function? Determine the new interest rate and equilibrium level of output.
What is the marginal opportunity cost of services in each country? Who has the comparative advantage in factory-stuff?
Impact of technology advance a monopolist has the following demand function: Solve for the price and quantity that the monopolist would choose to minimize its profit. And also calculate the resulting profit.
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