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Suppose that market demand for golf balls is described by Q = 90 − 3P, where Q is measured in kilos of balls. There are two firms that supply the market. Each firm has a constant unit cost of 10.
a. Suppose the firms compete in quantities. How much does each firm sell in a Cournot equilibrium? What is the market price and what are the firms’ profits?
b. Suppose the firms compete in price. How much does each firm sell in a Bertrand equilibrium? What is market price and what are the firms’ profits?
How do changes affect the equilibrium price and quantity of SUVs if pay increase for workers at car companies. What is the shift in the Supply and Demand Curves and provide a brief explanation of why each change occurs.
Given our current economic situation, determine the steps that the Federal Reserve should take to help stabilize our economy. Then, explain how each of the following variables will be affected by proposed steps that you have identified: money supply,..
Imagine that politicians have decided that fuel prices are excessive for U.S. drivers and have passed a law that grants the power to regulate retail fuel prices to the U.S. Department of Energy. • How might supply and demand for fuel be affected by f..
The U.S. Constitution bans states from restricting imports of goods and services from other states. Suppose this restriction did not exist and that states were allowed to limit imports of goods and services produced in other states. How do you think ..
To provide for a college education for her son, a woman opened an account in which equal annual deposits were made. The first deposit was made on January 1, 1998, and the last deposit was made on January 1, 2015.
Bavarian Crystal Works designs and produces lead crystal wine decanters for export to international markets. The production manager of Bavarian Crystal Works estimates total and marginal production costs to be. What is the optimal level of production..
Kaufmann's offers only an hourly wage. Do you expect Kaufmann's hourly wage to be higher or lower than Farleigh's.
Show how each of the following would initially affect a bank's assets and liabilities.
Imagine that you are a lobbyist for timber, an established industry suffering from low-priced foreign competition, and you are trying to get Congress to pass trade restrictions. Which two or three of the five arguments do you think would be most pers..
A $1.00 increase in the price of a restaurant meal results in a drop in quantity demanded of 5 meals.
Rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.
The supply of Beetles is elastic. Based on this information, are the following statements true or false? Explain your reasoning. A 10% increase in the price of a Beetle will reduce the quantity demanded by 20%. An increase in consumer income will inc..
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