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Suppose that market demand for golf balls is described by Q = 90 - 3P, where Q is measured in kilos of balls. There are two firms that supply the market. Each firm has a constant unit cost of 10.
Suppose the firms compete in quantities. How much does each firm sell in a Cournot equilibrium? What is the market price and what are the firms' profits?
Suppose the firms compete in price. How much does each firm sell in a Bertrand equilibrium? What is market price and what are the firms' profits?
A monopolist faces a market demand curve given by: Q = 70 – P. This monopolist charges a single price for its output. If the monopolist can produce at constant average and marginal costs of AC = MC = 6, the monopolist’s profits are equal to what numb..
Your firm’s research department has estimated the income elasticity of demand for Art Deco lawn furniture to be -0.85. You have just learned that due to an upturn in the economy, consumer incomes are expected to rise by 5 percent next year. How will ..
Please answer the following questions and attach your answer as a word document. You may use the book to help craft your answer and there is no time limit other that it is due not later than the end of day, February 21, 2016. What is an economic ren..
Discuss/justify the following statement: “When a change in a country’s nominal interest rate is caused by a rise in the expected real interest rate, the domestic currency appreciates. When the change is caused by a rise in expected inflation, the cur..
Concerning a country's business cycle, which of the following situations is commonly associated with large or growing current account deficits?
In recent years, many low and moderate income families in the United States have faced major challenges in many areas of their lives. In fact, nearly all the economic gains over the last 35 years are concentrated in the upper fifth of the income dist..
Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?. What is the short-run market supply curve? c. Determine the short-run equilibrium price and quantity in this industry.
Give an example to demonstrate how a firm acting out of self-interest to maximize its profits by offering goods or services in economic markets benefits consumers – even if it does not care about them. In other words, how does self-interest help achi..
Illustrate what do you think are the defining characters of a science. does the study of the economy have these characteristics.
Price/Output Determination. Columbia Cars Inc., a rapidly expanding new entrant to this metropolitan area, is considering two proposals for the provision of its cosmetic detailing of cars (washing, waxing, polishing, engine cleaning, etc.). First, a ..
Should Congress be more descriptively representative? How could this be ensured? Would it threaten democracy if representatives of particular demographic groups were favored in elections in order to bring about more descriptive representation?
Illustrate what should the Fed do if it wants to stabilize aggregate demand.
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