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Proctor and Gamble (P&G) and the Lever Co. decide to form a laundry detergent cartel for future sales in Europe. Lever is more efficient than P&G.
a) illustrate graphically how the detergent cartel would set price and output.
b) Do you think this laundry detergent cartel with P&G and Lever will be stable for the next 5 years?
c)In March 2014 the Purex Chemical Co. Decides to enter the laundry detergent the market in Europe and is invited to join the Cartel.
How would this very efficient new producer affect the European Cartel agreement? Modify your graph to show the change. Explain
Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form
What is the Exy and what does that number mean and what is the relationship between these two goods - What would happen to total revenue with the price reduction
Assume that a simple society has economy with only one resource, labor. Labor can be employed to produce only two commodities- X, a necessity good (food) and Y, a luxury good ( music and entertainment). Assume the economy produced at a point inside..
Find out the equilibrium price and quantity and illustrate with a graph. The government imposes a tax of $5.00. Find the new equilibrium price and quantity. Determine the total tax revenue earned by the government
Suppose XYZ can sell up to 40 units of output per hour at a price of $.60 per unit but cannot even get a penny for units produced in excess of 40 units per hour. How much output should XYZ produce each hour in order to maximize profits?
We make choices as consumers every day. Opportunity cost is defined as a person's "next best alternative" or "the cost of what you give up when you make a choice."
Explain how this tax or subsidy would achieve the socially efficient level of output. Among the various interested parties - the monopoly firm, the monopoly's consumers, and other taxpayers - who would support the policy and who would oppose it?
Determine the rate of can rent capital and marginal productivity of labor at its new targeed level of output. To minimize the cost, the car company should hire capital and labor until the marginal rate of subsitution reaches what portion?
You manage the plant the mass produces engines by teams of workers using assembly machines. The technology is summarized by production: Find out the short run production function? Find out the total cost function for your plant to produce q engines ..
Employ the following data for the pure monopoly to compute the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost
During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing,
Alfred Kahn, currently an economics professor at Cornell University, led the United States drive to deregulate airline industry as chairman of the Civil Aeronautics Board under President Jimmy Carter.
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