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The inverse market demand for fax paper is given by P = 400 − 2Q, where Q = q1 + q2. There are two firms who produce fax paper. q1 is output of firm 1 and q2 is output of firm 2. Each firm has a unit cost of production equal to 40, and they compete in the market in quantities. That is, they can choose any quantity to produce, and they make their quantity choices simultaneously. a. Show how to derive the Cournot-Nash equilibrium to this game. What are firms’ profits in equilibrium? b. What is the monopoly output, i.e., the one that maximizes total industry profit? Why isn’t producing one-half the monopoly output a Nash equilibrium outcome?
Return to the last question, but suppose now that firm 1 has a cost advantage. Its unit cost is constant and equal to 25 whereas firm 2 still has a unit cost of 40. What is the Cournot outcome now? What are the profits for each firm?
Economic theory offers ______ about the full range of possible events and responses, which can prevent _______ about how households will respond to changes in prices or incomes.
The U.S. Surgeon General issues a report stating that tomatoes prevent colds. What is the effect on the market for tomatoes? b. A new type of robot is invented that will pick peaches. What is the effect on the market for peaches?
Effects on equilibrium cost as well as quantity when wages for all dental assistants enhance, increasing the expenses of inputs.
Oil and gasoline prices are a concern in the United States. Why does this economic problem exist from a supply and demand perspective, what can be done to improve resource allocations.
q.general cereals is using a regression model to estimate the demand as well as for twee tie sweeties a whistle-shaped
Farmer brown produces eggs and milk on his farm. He initially produces at point A. HE WOULD LIKE to produce the same amount of eggs per day and increase his milk production by one gallon per day. how does the production possibilities curve ( ppc) ill..
A $25,000 bank loan is to be repaid in equal yearly payment over 15 years at an effective annual interest rate of 7%. You did the calculation and found that your annual payment is $2745. What is the unpaid principal after you made your 8th payment?
Suppose that international markets expect inflation to average 1.7% in germany for the foreseeable future, and U.S. inflation is expected to average 1.5%. Based on that information one should expect the dollar to:
Suppose a person has $20 to spend on music and likes both rap music (R) and country music (C) with a set of preferences so that U=C^1/2R^1/2. Suppose that the iTunes price of a rap music song is PR=2 and the price of a country music song is PC=1. Wri..
Suppose market demand and supply are given by Qd = 100 – 2P and QS = 5 + 3P. If a price ceiling of $10 is imposed, what will be the resulting full economic price?
Assume that the product depicted below generates external costs in consumption of $3 per unit. What is the market price (market value) of the product? What is the socially optimal output?
A building is expected to generate no cash flows for several years and then generate annual cash flows forever. What is the value of the building if the first annual cash flow is expected in 3 years from today, the first annual cash flow is expected ..
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