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Suppose two natural gas producers are competing in quantity over the market demand given by the inverse demand function P (Q) = 120 - Q/2, where Q = Q_1 + Q_2. The producers' cost functions are TC (Q_1) = 6 + Q_1^2 and TC (Q_2) = 4 + 2Q_2.
(a) What output levels, Q_1 and Q_2, will the two firms produce?
(b) What will be the market price per unit of natural gas?
(c) What is the marginal cost of the last unit produced by producer 1? By producer 2?
(d) How much profit does each producer make?
(e) How much deadweight loss does the Cournot duopoly generate?
Compare the total costs in parts a and b. If the government does not know the cost of pollution reduction for each firm, is there still some way to reduce pollution to 50 tonnes at the total cost calculated in part a?
Machine A costs $9000 to purchase and $5000 per year to operate. It lasts for 6 years, and has no salvage value at the end of its life. Machine B costs $16,000 to purchase and $4000 per year to operate. It lasts for 9 years and has a salvage value of..
You purchased an immediate annuity which pays you $3,000 each year from next year for 15 years. Assuming interest rate is 5%, how much is the equivalent present value of these payments? The future value of $1,000 saved for 20 years at 5% interest is:
Inflation can hinder economic activity because raising prices tends to reduce spending on certain products and services. Can you give an example of this?
You are the manager of the surgery department at a hospital which serves mostly Medicare patients. The hospital performs 1,000 surgical operations per year using the traditional method. Compute the total revenue, the total cost, and the profit at the..
Discuss the pros and cons of central banks setting policy based on rules as opposed to setting policy based upon the discretion of policy makers at each policy meeting.
q. george and john stranded on an island use clamshells for money. last year george caught 300 fish and 5 wild boars.
Assuming that the price level is P = 1, find the equilibrium real output, interest rate, consumption, and investment. Organize your results in the following table. (Hint: You should solve both the goods market and the money market equilibrium.)
tax consequences of owning, and determine whether it is better to rent or own. This is an example of the hidden-cost fallacy.
In the city of Growville, the equilibrium employment is 100,000 workers, and the equilibrium wage is $80 per day. The elasticity of demand for labor is 1.0 (in absolute value) and the elasticity of supply of labor is 4.0. The employment multiplier is..
q.part 1in 2011 company xyz had sales of 345620million net working profit subsequent to taxes of 10250 million and
Calvin is risk averse with V(W) = √W. Assume Calvin has initial wealth W = 10 and can make an investment that pays double or nothing with a probability of success of 60%. How much will Calvin choose to invest? Assume Calvin can make a fractional inve..
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