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Consider a beach that is one mile long and populated by 2,000 people (uniformly distributed). A particular location on this beach is identified by the number x , where 0 \leq x \leq 1 . There are two concession facilities that sell ice cream, Store 1 located at the east end at x = 0, and Store 2 located at the west end at x = 1. Consumers are willing to pay as much as $10 for an ice cream at their location on the beach, but incur a disutility to go to get it at either location. Specifically the travel cost is $4 per mile. The two stores are independently owned and compete with each other by choosing the price they charge to the consumers that show up at their facility. The two stores have a constant unit production cost of ice cream of $2.
Suppose that Store 1 finds a new supplier of ice cream and its constant unit cost of ice cream drops from $2 to $1. Compute the best response function of each seller and explain how they are affected by the change in one of the unit costs.
Give an equation that shows the relationship between excess reserves, maximum checkable-deposit expansion, and the monetary multiplier.
Use the Skin Deep site to search for some personal care products that you use. Elucidate how do they rate.
q.general cereals is using a regression model to estimate the demand as well as for twee tie sweeties a whistle-shaped
The CFO for a corporation deliberately misstates expenses on the income statement purely out of a sense of loyalty to his CEO and the company.
An engineering company just purchased a new CAD software for $8000 now and annual payments of $500 per year for 6 years starting 2 years from now for annual upgrades. What is the present worth of the payments if the interest rate is 6% per year?
part a1. economics is the study of the principles governing the allocation of scarce means among competing ends when
A container contains 36 light bulbs, four of which are defective. What is the probability that, if a sample of eight is chosen at random from the carton of bulbs, x will be defective?
The decline in cigarette sales was estimated at 8 percent. What does this imply for the elasticity of demand for cigarettes? Explain?
Demand curve facing a firm in a perfectly competitive market each firm is so small and re are so many firms that none can affect price.
Suppose a country makes commodity A and B with capital and labour with constant returns to scale technology. When the country goes from autarky equilibrium to trade equilibrium with its trading partner, the price of A rises and price of B remains sam..
The production function for Our Production is Q = 25L – 0.05L2 ; where Q is output and L man–hours. (i) What level of man–hours will maximize total output? (ii) Calculate the marginal product for the following levels of man–hours: 25, 50, 100, 150, 2..
show mathematicallt whether the mardinal utility for (X1) and (X2) is increasing or decreasing. Find the Marginal rate of substitution for the indifference curve generated by the utility function.
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