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An incumbent firm, Firm 1, faces a potential entrant, Firm 2 that has a lower marginal cost. The market demand curve is P = 120 – Q. First 1 has a marginal cost of $20, while Firm 2’s is $10.
a) What are the Nash-Cournot equilibrium price, quantities, and profits if there is not government intervention?
b) To block entry, the incumbent appeals to the government to require that the entrant incur extra costs. What happens to the Nash-Cournot equilibrium if the legal requirement causes the marginal cost of the second firm to rise to that of the first firm, $20?
c) Now suppose that the barrier leaves the marginal cost alone but impose a fixed cost. What is the minimal fixed cost that will prevent entry.
There are several different types of yield-curve theories. What are the implications for investors and public policy of each yield-curve theory?
Woodonia, the world's leading exporter of bespoke wooden furniture, produces the furniture at a per-unit cost of Q = P + 60 and the market demand is Q = 120 - P. Find and draw the domestic equilibrium. Find and draw the socially optimal equilibrium.
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A one year zero-coupon municipal bond interest rate equals the afer tax rate of a 1 year zero-coupon US Treasury Security (USTS.) The interest rate on a USTS is i = 0.1. The capital gains tax rate on the USTS is r = 0.1. What is the municipal bond in..
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The smith company made and sold 10,000 metal tables last year. When output was between 5,000 and 10,000 tables, its average variable cost was $24. In this output range, each table contributed 60% of its revenue to fixed cost and profit.
The emerging markets elected to accumulate vast sums of foreign assets in the 2000s. What may have caused this decision? Did this create a problem in developed markets?
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