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An industry consists of two ?rms. The demand function for the product of ?rm i is qi =24−5pi +2pj. The marginal cost of production for each ?rm is zero. (a) Find the price best-response function for ?rm i. (b) Assume the ?rms compete over prices once; ?nd the Nash equilibrium in prices. (c) Find the collusive prices. (d) Draw a diagram that illustrates parts (a) through (c). (e) What are collusive pro?ts? Bertrand pro?ts? (f) What is the optimal defection from the collusive agreement?
Contrast two or three key economic factors for this country with the United State economy also comment.
Explain how to measure the price elasticity of demand and supply and the cross elasticity income elasticity of demand? Explain how you would calculate the price elasticity of demand for gasoline.
During a ?ve-year period, the ticket sales of a city’s professional basketball team have increased 30 percent at the same time that average ticket prices have risen by 50 percent. Do these changes imply an upward-sloping demand curve? Explain.
Alice owns a firm which produces oranges. Alice needs only two types of inputs which we call capital denoted by K and labor denoted by L. Price of capital i.e. the rental rate is r and price of labor i.e. wage rate is w. Each orange sells for p dolla..
Would a typical hedger be willing to pay a risk premium in order to hedge by buying foreign currency forward.
Write down a health production function that depends on the two inputs: quantity of medical care and hours of exercise. That is, provide the functional form along with either numerical values of parameters, or (at a minimum) signs of the parameters o..
Abby and Jason are building a new house. They obtained a construction loan of $100,000, which will be rolled over into a conventional 20-year mortgage when the house is complete in 14 months. Simple interest of 0.5% per month will be charged on the c..
Assume that the salary of MBAs was normally distributed. If the mean salary of a MBA was $100K with a standard deviation of $10K. What is the probability that a MBA makes less that $70K or more than $130K?
A small business in your community has hired you to manage selling its product globally. Discuss the following: Identify the small business and the type of product that will be introduced internationally. Choose a country you will first introduce the..
When thousands of products and their prices are at stake, does it make sense that comparative advertising at the store level be permitted? Based on what you read and any further research you choose to do, has Wal-Mart competed fairly with its compara..
Which of the following is not a characteristic of a corporation?
Scoop Masters Inc. has been charged by Fab Flavors Corp. with stealing Fab Flavors' patented process for making ice cream. After the papers are filed, Scoop Masters begins shredding all documents pertaining to its ice cream-making process. Since no m..
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