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The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers. Hull and Inverted V are located across the street from one another and can observe the prices posted on each other's marquees. Demand for gasoline in this market is Q = 50 - 10P, and both franchises obtain gasoline from their supplier at $1.25 per gallon. On the day that both franchises opened for business, each owner was observed changing the price of gasoline advertised on its marquee more than 10 times; the owner of Hull lowered its price to slightly undercut Inverted V's price, and the owner of Inverted V lowered its advertised price to beat Hull's price. Since then, prices appear to have stabilized. Under current conditions, how many gallons of gasoline are sold in the market, and at what price? Would your answer differ if Hull had service attendants available to fill consumers' tanks but Inverted V was only a self-service station? Explain.
If there were 2 million unemployed Thailand had a job-finding rate of 15% per month, how many people would lose jobs each month.
Discuss the source of tension between cooperation and self-interest in a market characterized by oligopoly. Use an example of an actual cartel arrangement to demonstrate why this tension creates instability in cartels.
Calculate the elasticity for each variable. On this basis, discuss the relative impact that each variable has on the demand. Illustrate what implications do these results have for the firm's marketing and pricing policies.
decades has noting to do with the Department of Health and Human Services, but rather with the Internal Revenue Service. What evidence can you cite to support your position?
Which determinant of demand changes in the personal Computer marketplace as more persons become interested
What is the amount of 10 equal deposits that can provide five annual withdrawals, where a first withdrawal of $2,000 is made at the end of year 11 and subsequent withdrawals increase at the rate of $500 per year, if the interest rate is 10% compou..
Illustrate what mix of central bank bond purchases also higher government spending is required to rise income by $6,000 without changing the interest rate
Plot residual by time and explain residual plot where you find any problem. Do we violate any 7 assumptions of OLS. If so, what are consequences.
Cutting the corporate income tax can potentially increase the pace of technological change resulting in the aggregate supply curve shifting to the right.
The number of taxicabs in Motorville and the taxicab fares are regulated. The fare currently charged is $5 a ride. Motorville taxicab drivers want to obtain government's permission.
Barriers to entry help maintain market power and earn positive economic profits. These factors apply to all imperfectly competitive firms. Discuss these barriers are and provide a real-world application of it.
The commercial banking industry in Canada is less competitive than the commercial banking industry in the united states
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