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You are the manager of a firm that manufactures front and rear windshields for the automobile industry. Due to economies of scale in the industry, entry by new firms is not profitable. DaimlerChrysler has asked your company and your only rival to simultaneously submit a price quote for supplying 100,000 front and rear windshields for its new Jeep Liberty. If both you and your rival submit a low price, each firm supplies 50,000 front and rear windshields and earns zero profit. If one firm submits a low price and the other firm submits a high price, the low-price firm supplies 100,000 front and rear windshields and earns a profit of $9 million and the high-price firm supplies no front and rear windshields and earns a loss of $1 million. If both firms quote a high price, each firm supplies 50,000 front and rear windshields and earns a $7 million profit. Determine your optimal pricing strategy if you and your rival believe the new Jeep is a "special edition" that will be sold for one year only. Would your answer differ if you and your rival were required to resubmit price quotes year after year and if, in any given year, there was a 50% chance that DaimlerChrysler would discontinue the Jeep Liberty? Explain.
Among the most developed countries, the fraction of the population aged 15-64 is forecast to fall from 70% to 60% over the next 50 years as working-age adults move into old age. Among the least developed countries, the working age fraction of the ..
A university planner wants to determine the proportion of spring semester students who will attend summer school. She surveys 32 current students discovering that 12 will return for summer school.
When the price of ham is $7 per pound, John buys 3 fish per week. When the price of ham rises to $13 per pound, John buys 7 fish per week. Find the cross-price elasticity of demand for fish for John.
A firm has standard shaped costs where the minimum of AVC is $15 at a quantity of 9 and the minimum of ATC is $45 at a quantity of 15. The fixed cost is $345. Draw a picture of the MC, ATC, and AVC for this firm specifically labeling the values fo..
Mark McGwire hit 70 home runs while playing for the St. Louis Cardinals. In 1999, McGwire hit 65 home runs. This decrease in marginal(home runs per season) product led to an associated decrease in McGwire's average(home runs per season) product.
In China, it takes 100 hours to produce 1 digital camera or 4 hours to produce 1 lb. of wheat. In S. Korea, it takes 60 hours to produce 1 digital camera or 3 hours to produce 1 lb. of wheat. What is China's opportunity cost of producing one pound of..
a graduated payment plan with the first payment set at 1500 at year 1 and a gradient of $600 afterward, plus a remaining lump sum at end of year 5. determine the lump sum amount so that the pay back is completed in full, considering the interest r..
In 1984, Walt Disney brought in Michael Eisner, a Paramount executive as CEO. The firm's board of directors agreed to pay Eisner a salary of $750,000 plus a $750,000 bonus for signing on, plus an annual bonus equal to 2 percent of ..
If the price of a bottled water increases from $1.50 to $1.75, and demand decreases from 100 to 89 (per day), what is the price elasticity of demand Is it elastic or inelastic Should the owner of the store increase the price to $1.75 to increase t..
Each acre can support 10 banana trees. However the 3 acres differ in their ability to support mango trees. She can grow 30 mango trees on the best land, 20 mango trees on the good land, and 10 mango trees on the bad land.
Using the rule that the area of a triangle equals one half times the base times the height, calculate the consumer surplus and the producer surplus and the total (social) surplus. Does this outcome attain allocative efficiency.
College Financial Sources, which makes small loans to college students, offers to lend $500. The borrower is required to pay $40 at the end of each week for 16 weeks. Find the interest rate per week. What is the nominal interest rate per year.
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