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A homogeneous products oligopoly consists of four firms, each of which has a constant marginal cost MC = 5. The market demand curve is given by P = 15 - Q.
a) What are the Cournot equilibrium quantities and price? Assuming that each firm has zero fixed costs, what is the profit earned by each firm in equilibrium?
b) Suppose Firms 1 and 2 merge, but their marginal cost remains at 5. What are the new Cournot equilibrium quantities and price? Is the profit of the merged firm bigger or smaller than the combined profits of Firms 1 and 2 in the initial equilibrium in part
(a)? Provide an explanation for the effect of the merger on profit in this market
Go to the Web site of the National Income Accounts at the Bureau of Economic Analysis (www.bea.doc.gov/bea/ dn1.htm). What is the latest figure on the economy's nominal GDP? On real GDP? What was the growth rate of real GDP during the most recentl..
Suppose this person has $300 in period 0. How much will they consume in each period? Show your math. (Set the discounted marginal utility of consumption between period 0 and 1 equal, and also the discounted marginal utility of consumption between ..
Minneapolis Health System has bonds outstanding that have four years remaining to maturity, a coupon interest rate of 9 percent paid annually, and a $1,000 par value.
think of one situation in which the Government is actively involved with the purpose of changing an outcome in the appropriate market. Do you agree that the Government should be involved? Why or why not?
What if you know that only 50 million tickets have been sold. Explain why, if people tend to use their childrens' birthdays when selecting numbers to play on the "Pick Three" lottery, you might be better off using the last six digits of your Socia..
A common marketing tactic among many liquor stores is to offer their clientele quantity (or volume) discounts. For instance, the second-leading brand of wine exported from Chile sells in the United States $8 per bottle if the consumer purchases up..
Based on the comparison of last year's results from Wal-Mart, Costco, Target and the retail industry, what would your expectations be about Target's revenue growth, gross margin, operating margins, and number of employees this year?
Should Wang take the quantity discount?
Derive and graph Home's import demand schedule. What would the price of wheat be in the absence of trade?
Show that output per worker increases in the long run when the savings rate increases or when the population growth rate decreases. Check if these two predictions are consistent with the data.
Do you agree or disagree with the statement that: "A monopolist always changes the highest possible price Why can't an individual from a firm raise it's price by reducing output or lower its price to increase sales volume in a purely competive mar..
Suppose that a firm sells in a competitive market at a fixed price of $42.50 per unit. The firm's cost function is: C = 150 + 5Q. Determine the minimum quantity at which the can break even. Are there multiple break even points
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