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1. An oligopoly contains N identical firms. The cost function is convex in output. Show that if the firms act as Cournot competitors then as N increases the market price will approach the competitive price. 2. Two identical firms consider entering a new market; setting up in the new market incurs a once-for-all cost k > o; production involves constant mar- ginal cost c. If both firms enter the market Bertrand competition then takes place afterwards. If the firms make their entry decision sequentially, what is the equilibrium?
Calculate the Labour Force Participation Rate for this economy. Report as a percentage to two decimal places. Calculate the Unemployment Rate for this economy. Report as a percentage to two decimal places.
At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, the demand for gasoline reduces by 2.00%.
(Calculating Price Elasticity of Demand) Suppose that 60 units of a good are demanded at a price of $6 per unit. A reduction in price of $0.70 results in an increase in quantity demanded 75 to units. Show that these data yield a price elasticity of _..
Identify the unifying theme in the article. Does the theme pertain to economics and the reasoning for cutting costs, enhancing business operations, or increasing productive capacity using technology? How?
Consider an economy where, consumer's utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p)
What is the break even unit sales volume company should have projected as part of its business plan before entering this market and should reconsider each time it considers leaving (exiting) this business altogether?
Concept of opportunity cost, explain the statement "There is no such thing as a free lunch and evaluate the statement 'The concept of opportunity cost is embedded in the demand curve'.
Why is there less emphasis on the scale of the investment effort in export-oriented industrialisation than in import-substituting industrialisation strategies?
How does history play a role in today's economy?
1- Unlike advertising, which is part of the promotional component of marketing mix, personal selling is considered to be part of the contribution function. True or False? Why? A firm's short term financial forecast provides a projected sales estimate..
A firm in a perfectly competitive industry is making losses in the short run. (i) Sketch a ‘typical' firm's Average Cost and Marginal Cost curves and in the diagram show a possible price at which the firm would produce in the short run, but make l..
Would this event cause the demand for the dollar to increase or decrease relative to the demand for the pound?
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