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Suppose the inverse demand curve has the following formula: p = $7 – 0.01Q. There are two firms. The cost function for the first firm is TC = 1 Q and for the second firm TC = 2Q
a) If the two firms were to combine, what Q would they produce in each division? What is the total Q, p, and profits?
b) Calculate the same for the Cournot-Nash equilibrium if they compete. (Note: If you haven’t had calculus, calculate MR for firm 1 by the usual shortcut, and set it equal to MC to get firm 1’s reaction function. When you calculate 1’s MR as a step towards 1’s reaction function, treat any term involving firm 2’s output as part of the constant that defines the price-axis intercept. Similarly to get 2’s reaction function).
Consider the following game: There are 5 pirates on a boat, conveniently named P1, P2 P3, P4 and P5. These 5 pirates have just dug up a long lost treasure of 100 gold pieces. They now need to split the gold amongst themselves, and they agree to do..
Your firm produces two products, Q1 and Q2. An economic consulting firm has estimated your cost function to be C (Q1, Q2) = 100 + Q1Q2 + (Q1)^2 + (Q2)^2. Are there economies of scope?
what are the three main aggregate supply factors that determine a nations potential or full-employment level of real
Using a demand-and-supply graph, show and describe the effect on equilibrium market price and quantity for health care of the following:
a gasoline station very near a professional football stadium parks cars on its lot to make money on game days. last
Compare the use of open market operations, loans to financial institutions, and changes in reserve requirements to control the money supply on the basis of the following criteria: flexibility, reversibility, effectiveness, and speed of implementat..
What are the efficient quantities for each of the two periods? What are the correspondingprices and MUCs?
Using the compounding annual interest rate from above, what is the nominal, period interest rate and corresponding effective interest rate if compounding is hourly? Assume 30 days per month,What is the annual compounding interest charged?
Discuss a firm's objective relative to its economic cost. Describe each of the firm's economic cost, and whether these would be considered explicit or implicit. What is the difference between an economic profit and an accounting profit.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope.
Instead of the tax per bottle, suppose that the government imposes a tax on Placebo of $10,000 regardless of how many bottles are produced. How does this tax affect Placebo’s price, quantity, and profits? Explain.
A fall in the tax rate on capital will cause the aggregate expenditure curve to shirt up and aggregate demand curve to shift to the left, all else constent
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