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We can use the Cournot model to derive an equilibrum industry structure. For this purpose, we will define an equilibrum as that structure in which no firm has an incentive to leave or enter the industry. If a firm leaves the industry. it enters an elternative competitive market in which case it earns zero (economic) profit. If an additional firm enters the industry when there are already n firms in it, the new frim's profit is determined by the Cournot equilibrum with n+1 firms. For this problem, assume that each firm has the cost function: C(q)=256+20q. Assume further that market demand is described by: P=100-Q
a. Find the long-run equilibrum number of firms in this industry
b. what industry output, price, and firm profit levels will characerize the long-run equilibrum?
Suppose Jennifer has $42,000 in currency which she deposits in her bank. If the reserve ratio is 50%, this will lead to a maximum increase of ________ in M1 throughout all banks.
Discuss the observation made recently by an undergraduate philosophy major that "the major international institutions are concerned with keeping the rich countries rich, at the expense of the poorer ones."
Suppose that autonomous consumption increases but that, unlike the situation in the simple Keynesian model of this chapter, some of this autonomous consumption increase is spent on imports (say an amount equal to MPM times the autonomous consumption ..
The legislative branch of the American government is bicameral. In a minimum of at least two well-written paragraphs, define and discuss the advantages of a bicameral legislature, including how and why this came about. Reference should be made to the..
Illustrate what specific factors might have accounted for this event.
Technology has had a direct and distinct impact on the job market. Although the fears of the early Luddites were never fully realized, with all employment being automated, it is clear that technology has limited some occupational fields and also open..
John’s family is expanding in number, and so he decides to sell his current home and upgrade to a larger home. He estimates that he can sell his current home for $400,000 and can buy a larger home for $475,000. He plans to use the entire $400,000 sal..
A major electronics manufacturer expects to generate additional revenue from its recently won government contract. The company forecasts that the revenue will be $190 million in the first year, but will decline by $2 million every year for the next 3..
We want to donate a marble birdbath to the city park as a memorial to cats. We also want to set up a perpetual care fund to cover future expenses “forever”. The initial cost of the bath is $5000. What is the capitalized cost of this project if the in..
Your income is $10 and you buy sodas for $1 apiece. One day a local bully starts demanding that you buy him a soda for every soda you buy yourself. Therefore, it now costs you $2 to get a soda. In these circumstances, you choose to buy 3 sodas a day...
Assume that the market basket consists of 150 container of yogurt 300 cups of coffee and 200 cookies in 2013 but in 2014 in consists of 200 containers of yogurt 150 cups of coffee and 150 cookies
A specialty concrete mixer used in construction was purchased for $300,000 7 years ago. Its annual O&M costs are $105,000. At the end of the 8-year planning horizon, the mixer will have a salvage value of $5,000. If the mixer is replaced, a new mixer..
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