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A market is characterized by a demand curve that can be expressed as P = 96 – (1/3) Q. Each of the two identical firms currently serving the market has a total cost function of the form C = 12 q. There are no fixed costs. If the 2 duopolists behave as independent, symmetric Cournot duopolists, what are the equilibrium price, quantity, and profits for each of the firms? Show work. If the 2 duopolists behave collusively, what are the equilibrium price, quantity, and profits for each of the firms? Show work. Now create a payoff matrix in which the two firms are deciding between producing the Cournot duopoly quantity that you found in part a and producing the collusive quantity that you also found in part a. In other words, each firm has 2 strategies: produce the Cournot quantity and produce the collusive quantity. The payoffs for two cells in the matrix are the profits you calculated in part a. Complete the other two cells in your payoff matrix; that is, find the profits for each of the firms when one of the firms produces the Cournot quantity and the other firm produces the collusive quantity. (You will need to calculate a new market price in order to find the profit payoffs for these two cells.) Show work. Find the Nash equilibrium for the game. Explain. Explain how your payoff matrix represents a prisoner’s dilemma.
What are the effects of an increase in the money supply? Show graphically and explain. When is monetary policy more effective, when the LM curve is relatively flat, or when the LM curve is relatively steep? Explain.
It is July 30, 2015. The cheapest-to-deliver bond in a September 2015 Treasury bond futures contract is a 13% coupon bond, and delivery is expected to be made on September 30, 2015. Coupon payments on the bond are made on February 4 and August 4 each..
What exactly is game theory?
In the following example each person is an island. We have James and Kate who engage in international trade with each other. James is lactose intolerant and only produces cheese. Kate is caffeine intolerant and only produces coffee. Who has a negativ..
When Clara totalled her scores, she inadvertently reversed the units digit and the tens digit of one score. By which of the following might her incorrect sum have differed from the correct one?
Which of the following statements about American state sales taxes is not generally true?
Elucidate why haven't the changes to campaign finance laws passed in 2002 been effective in stopping the flow of soft money
Solve for the amount imported, consumer surplus, and producer surplus. Suppose a per unit tariff of $64 is imposed by the government. Solve for the consumer surplus, producer surplus, government revenue and total surplus with the tariff.
One months ago, they added five workers and productivity also increased by 50,000 pages. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier.
Samson Industries purchased a new manufacturing system that has an estimated useful life of 17 years. The company anticipates annual operating costs will be $1483 and will increase by a uniform percentage of 4% per year. How much should the company d..
Three Guys Named Moe, a moving company in Econopolis, is contemplating a price hike. Right now, they charge $20 per hour, but Moe #1 thinks they could get $30. Moe #2 disagrees, saying it will hurt the business. Should they do as Moe#1 suggests and r..
Consider a case of small open economy. In this economy, there is an IT revolution, and as a result the productivity of the economy has gone up. What will be the eject of this productivity increase on interest rate and net export in this economy? What..
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