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Consider a standard Cournot oligopoly with n = 2k identical firms (with k ≥ 1), an inverse demand P(X), and a cost function C(x) with no fixed costs. Consider only two possible cases: C(x) convex and C(x) concave. Assume that there is always a unique symmetric equilibrium with per firm output xk and profit pk. Assume that there are k two-firm mergers.
a. List all conditions on the primitives of the model such that each firm is better o¤ after these mergers. Explain your answer (no proof needed).
b. Can such a set of mergers be expected to take place without regulatory intervention? Explain.
c. Under what conditions can such a set of mergers increase social welfare?
A construction company is considering changing its depreciation from the MACRS method to the historical SL method for a general purpose hauling truck. The cost basis of the truck is $100,000, and the expected salvage value for depreciation purpose..
(Substitution and Income Effects) Suppose that the substitution effect of an increase in the wage rate exactly offsets the income effect as the hourly wage increases from $12 to $13. What would the supply of labor curve look like over this range o..
Briefly explain the economic logic behind Grunfeld's model and the expected signs of the coefficients in (1). Run OLS on the pooled data. Explain the possible problem(s) with the regression from part b.
An alumnus of WestVirginia University wishes to start an endowment that will providescholarship money of $40,000 per year beginning in year 5 andcontinuing indefinitely. The donor plans to give money nowand for each of the next 2 years.
For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 2 percent. If, as a result of this price increase, the volume of all cereal sold by Big G dropped by 3 percent, what can you infer about the own ..
Suppose you have $7,000 in savings when the price level index is at 100.( a ) If inflation pushes the price level up by 10 percent, what will be the real value of your savings ( b ) What is the real value of your savings if the price level declines b..
Include how this Product/Service works differently from the normal supply/demand relationship. ( product choice: Michael Jordan shoes)
Graph the new long-run average cost curve, and compare its position with the curve in that question.
1. calculate the arc elasticity of demand 2. construct the demand equation. use midpoint price and quantity (p=210, q=7200), and the elasticity you have just calculated. Assume the demand equation takes the form Q= a+bP. Also recall that E=b(P/Q)
Hotelling'sModel (RG): Consider a population uniformly distributed along an ideological spectrum [0, 1]. Each of two candidates chooses (simultaneously) a platform represented by an ideology value x ? [0, 1]. The voters observe the platforms.
Suppose a wage tax that reduces the wage to W = $12 is imposed. By how much is the supplier's surplus reduced at the new equilibrium?
Determine the trade balance between the U.S. and China for the most recent five year period.
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