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The market demand curve in a commodity chemical industry is given by Q = 600 - 3P, where Q is the quantity demanded per month and P is the market price in dollars. Firms in this industry supply quantities every month, and the resulting market price occurs at the point at which the quantity demanded equals the total quantity supplied. Suppose there are two firms in this industry, Firm 1 and Firm 2. Each firm has an identical constant marginal cost of $80 per unit.
a) Find the Cournot equilibrium quantities for each firm. What is the Cournot equilibrium market price?
b) Assuming that Firm 1 is the Stackelberg leader, find the Stackelberg equilibrium quantities for each firm. What is the Stackelberg equilibrium price?
c) Calculate and compare the profit of each firm under the Cournot and Stackelberg equilibria. Under which equilibrium is overall industry profit the greatest, and why?
How many years will it take for X to recover the cost of acquiring Y?
Is there an efficiency gain compared with your answer in the previous question? Use the estat abond command to test whether the errors air are serially =correlated. Use the estat sargan command to test whether the model is correctly specified.
Assume that an individual consumes two goods, X and Y. The total utility of each good is independent of the rate of consumption of the other good. The price of X and Y are $40 and $60 respectively. Use the following table of total u..
A depository institution holds vault cash of $1 million, reserve deposits at the Fed of $49 million. If that institution holds $500 million in transactions deposits and is subject to a 3 percent reserve requirement on the first $50 million of thos..
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Alex is willing to pay $10, and Bella is willing to pay $8, for 1 pound of ribeye steak. When the price of ribeye steak increases from $9 to $11, Answer Alex experiences a decrease in consumer surplus, but Bella does not.
If your bank held 3% of the units issued by a unit trust and the mortgages in the trust repaid $15,000,000 in interest and $2,300,000 in principal in its first year, how much principal and interest would your bank receive that year
A few years ago, a construction manager earning $70,000 per year working for a regional home builder decided to open his own home building company. He took $100,000 out of one of his investment accounts
determine the new equilibrium price and quanity reproduce the graph tha u drew for question 4 and label oringinaldemand and supply schedules and labal oringinal equilibium priceand quanity.
Determine the most expensive and least expensive item.
Assume that gross private domestic investment is $800 billion and the government (state, local, and federal combined) is currently running a $400 billion deficit. If households and businesses are saving $1,000 billion, what is the value of net exp..
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