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Consider the market for steel which is made of two identical firms (U.S. Steel and Bethlehem) which have identical marginal costs of $5. The demand for steel is QD = 80 - 4P
(a) Suppose the firms compete ala Cournot. What is the equilibrium price and quantity for each firm?
(b) Suppose the firms acted as a collusive cartel. What is the equilibrium price and quatinty for the combined firms?
(c) Suppose the firms compete ala Bertrand. What is the equilibrium price and quantity for each firm?
Determine the quantity demanded,the quantity supplied, and the magnitude of the shortage if a pride ceiling of $30 is imposed in this market. Also, determine the full economic price paid by consumers. What are the equilibrium quantity and price in ..
For Question 1-8, consider a competitive market for a good where the demand curve is determined by the demand function: P=5-QD and the supply curve is determined by the supply function: P=QS. Where P stands for Price, QD is quantity demanded and ..
the macdougall family runs a 180 head self-replacing commercial charolais enterprise on 800 hectares near mendooran
A demand curve is given by the following equation: P = -2Q + 40. i) Calculate the Total Revenue when Q = 5 and when Q = 8. ii) Calculate the price elasticity of demand between Q = 5 and Q = 8. Round decimal answers to two places.
Children in the United States account directly for $ 36 billion in sales annually. When their indirect influence over product decisions is considered, the total economic spending affected by children in the US is $ 290 billion.
Assume in perfect competition, the function of marginal cost is: MC=3+3Q, and price P = 15. What is the optimal quantity to maximize the firm's profit
Passengers using New York's MetroCard system must swipe the card at a rate between 10 and 40 inches per second, or else the card must be re-swiped through the card reader. Research shows that actual swipe rates by subway riders.
Country A has soil that is suited to corn production and yields 135 bushels per acre. Country B has soil that is not suited for corn and yields only 45 bushels per acre. Country A has soil that is not suited for soybean production and yields 15 bu..
Two banks have lent $20million each to a country in an Emerging Market. Bank A has total assets of $220 million and a capital to total assets ratio of 7 percent. Bank B has total assets of $350 million and a capital to total assets ratio of 6 per..
Assume the following values for Figures 5.4a and 5.4b. Q1=20 bags. Q2=15 bags. Q3=27 bags. The market equilibrium price is $45 per bag. The price at a is $85 per bag. The price at c is $5 per bag. The price at f is $59 per bag. The price g is $31 ..
Interpret the coefficient on log(dist). Is the sign of this estimate what you expect it to be? Do you think simple regression provides an unbiased estimator of the ceteris paribus elasticity of price with respect to dist? (Think about the city's d..
On the other hand, the Iceland Planning Commission has determined that five refrigerator suppliers would be sufficiently competitive to bring price into equality with average cost. The five-firm equilibrium would yield a price of $100 and a total ..
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