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Assume that two firms sell differentiated products and face the following demand curves: = 15 − + 0.5 and = 15 − + 0.5 (Assume that the marginal cost is zero)
1. Derive the best response function for each firm. Do these indicate that prices are strategic substitutes or strategic complements?
2. What is the equilibrium set of prices in this market? What profits are earned at those prices?
Explain in your own words the discrepancy between consumers' and producers' view of tourism as a product. What is meant by the" opportunity costs" of tourism? Show how these may be linked to seasonal patterns of tourism.
The supply of labor generally is considered to be downward-sloping because the opportunity cost of leisure decreases as wages increase. The marginal income tax rate is a person's tax burden as a percentage of total income. The recession that began wi..
Illustrate what is GreatReception's profit when producing at the profit-maximizing output. calculator will refresh to its initial values.
q.for each level of output calculate the variable cost vc. for each level of output except zero output calculate the
Botswana is one of the few economic success stories in Africa. While still plagued with many problems (e.g. one of the highest rates of AIDS infection in the world), it has managed to transform itself among the poorest countries to a middle income co..
The great 18th century economist Adam Smith wrote, "Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought abo..
Suppose for every dollar change in household wealth, consumption expenditures change by $0.05. If real household wealth declines by $45 billion, potential GDP is $120 billion, and the multiplier effect for the first year after an expenditure shock is..
These 3 basic trade-offs include which goods or services are to be created, how to create them, also who gets them.
Describe a nonverbal communication technique that you will use to persuade your co-owner that your proposal is a win-win proposition.
Miller and Wicks-Lim disagree. Explain why, referencing their arguments on a) the argument that high skill jobs aren’t the main type of employment available (use a statistic), What do the authors think is causing the current unemployment?
Suppose that Italy and Sweden both produce jeans and stained glass. Italy's opportunity cost of producing a pane of stained glass is 4 pairs of jeans while Sweden's opportunity cost of producing a pane of stained glass is 10 pairs of jeans.
Suppose a small, relatively poor country decides to pursue trade and financial sector liberalization, opening up its economy to international transactions with the rest of the world in goods, services, factor services and assets. Assume it will follo..
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