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Consider three markets: M1, M2, and M3. There are features of these markets that the Department of Justice observes and features the Department of Justice does not observe. The DOJ observes that M1, M2, and M3 have one, two, and three firms respectively, that output in all three markets is non-differentiated, and aggregate demand in each market is given by P = 100-Q. The DOJ does not observe firms costs and therefore assumes that marginal costs are constant and equal to c1, c2, and c3 in the three markets.
a. What price will we observe in M1?
b. If firms are cournot competitors, what price will we observe in M2 and M3?
c. What must be true about costs for consumer surplus to be higher in M1 than in M2?
Given the following information for November 2010, calculate the amounts of M1 and M2 in November 2010. The amounts are in billions of dollars. Currency $..
The Federal Reserve is most likely the most independent government agency in the US. Independence means that Fed is free from presidential and congressional political pressures.
The costs of manufacturing steel declined substantially from building a conventional hot rolled steel mill down to new mini mill technology that need only scrap metal,
What effect will each of the following have on the supply of automobile tires?
What is the legislation/policy that will be analyzed in this paper and what is the problem/issue that this legislation attempts to address?
Assume that we have Ricardian equivalence. This implies that consumption depends on ex- pected lifetime income and that individuals understand the governmentís intertemporal budget restriction. B) How is private consumption today affected.
Assuming that the merger faces some threats and that the industry decides on self-expansion as an alternative strategy, describe the additional complexities that would arise under this new scenario of expansion via capital projects.
The U.S. imposes a quota of 45 million units per month on this good and what will be the price U.S. consumers will pay for the good now?
According to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
you must identify a franchise that is relatively new (less than 10 years old and fewer than 25 locations in Canada). You must then evaluate the attractiveness of the franchise for an identified location. The evaluation should include: Presentation ..
If unemployment insurance were so generous that it paid unemployed workers 90% of their regular salary A. the official unemployment rate would probably understate true unemployment. B.
Marginal rate of substitution increases as he or she consumes more of a good.C. the law of diminishing marginal utility holds.
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