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An industry consists of two firms, each of which have variable costs of $10 per unit but no fixed costs. The industry demand curve is P = 70 - Q.
Solve for the Cournot equilibrium. In doing so, derive the reaction function of each firm (call Q1 and Q2 the output of each firm). Solve for each firm's output, the market price and each firm's profits.
Suppose there are four oil producers in the crude oil market, A, B , C and D. The marginal cost of A is $10. The marginal cost of B is $12. The marginal cost of C is 13. The marginal cost of D is $15. Note that in all three cas..
Suppose the world price for a good is 40 and the domestic demand and supply cureves are given as: Demand: P=80-2Q Supply: P=5+3Q A) How much is consumed? B) How much is produced at home? C) What are the values of consumer and producer surplus?
When watching television after dinner, you suffer memory loss. You can not remember what demonstrate you just watched or what you ate for dinner.
The Federal Reserve sees worse economic problems ahead . But even so, the Fed may be reluctant to cut interest rates any further than it already has . The Fed lowered its economic growth forecast for the year. At the same time, it reaised its pro..
Explain what happens to the coefficient on coll in terms of its magnitude and its statistical significance when points , rebounds , and assists are added to the regression. Why do you think this happened?
This theater shows unusual films and treats early-arriving movie goers to live organ music and Bugs Bunny cartoons. If the theater is open, the owners have to pay a fixed nightly amount of $500 for films, ushers, and so on, regardless of how many ..
Bill Mitselfik borrowed $10,000 to be repaid in quarterly installments over the next five years.The interest rate he is being charged is 12% per year compounded quarterly. What is his quarterly payment
if demand is unit elastic (the elasticity is 1), a 1% price cut increases the quantity sold by 1% and total revenue does not change. the question is: Assume the initial price is 1 and the initial quantity demanded is 1, thus the total revenue is 1..
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y). a. Derive his demand functions for x and..
What is the total demand curve for the firm What are the marginal revenue curves for the firm What are the monopoly prices and quantities for each group when the firm conducts third degree price discrimination
If a person borrows $12455.37 and agrees to pay it back in 60 monthly installments of $550.55, determine a) effective interest rate paid (corresponding with payment frequency units). b) nominal interest rate paid. c) effective annual interest rate pa..
Mac Rowe doesn't sweat the petty stuff. In fact, he just cannot detect small differences. He consumes two goods, x and y. He prefers the bundle (x,y) to the bundle (x',y') if and only if (xy - x'y' > 1) . Otherwise he is indifferent between the tw..
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