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1. In the model of a dominant firm, assume that the fringe supply curve is given by Q= -1 + 0.2P, where P is market price and Q is output. Demand is given by Q = 11-P.
2. A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but both the winning and losing bidders must pay her their bids. So if Jones bids $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with -1. If both bid the same amount, the $100 is split evenly between them. Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2. Write out the payoff matrix for his game, and then find its Nash equilibrium.
Using the results obtained above, derive a table for the long run costs of the various levels of production of sweaters (10, 20, 30, 40). The table should show: quantity, total cost, average cost and marginal cost.
how many workers should Ms. Smith hire? (Ms. Smith should hire workers as long as their marginal revenue product (MRP) exceeds their marginal resource cost
What happens to the student's budget line? Illustrate the change with new books on the vertical axis. Is the student worse off or better off after the price change. Explain.
Question: Do brief research on ASEAN Economic Community (AEC) and discuss on the following questions: How does the AEC affect the multinational firms investing in AEC members? What is the effect of AEC on the U.S. economy?
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
Does the heavy crude have lower or higher value from the base crude and if this is the global marginal refiner, what is the crude price differential between these two crudes?
What are the consequences for farm output as a result of this guaranteed price and what does the term "equilibrium" mean in the context of a market economy?
What market structure is used to benchmark allocative efficiency and why do we use it? Illustrate and explain using a diagram
A firm sells specialized electronic computers. Each of the computers has a unique chip produced at a California plant at cost of Cw(Qc)=Q^2 c
Write a brief report describing what shift factors of supply and/or demand might be at work and how you would label those factors. Conclude the report with your forecast of what would likely result one month after the publication of the article.
Discuss differing views of the same landscape in the context of globalization of culture and Internet accessibility. 200 words or more
What output will an individual firm be restricted if this price is to be maintained (assume all firms are permitted to produce the same level of output)?
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