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The computer graphics chip industry is one with a little number of competitors that earn normal economic profit. Two chip manufacturers, NVIDIA and ATI both face the prospect of low profits, largely on account of every other's existence. Consider the homogeneous-good Bertrand model in which every firm has a positive fixed and sunk cost and a zero marginal cost.
a) What are the Bertrand equilibrium prices? What are the Bertrand equilibrium benefits?
Give short answer of following (a) Economics as a science. (b) Engineering Economics. (c) Economic Problem. (d) Meaning and characteristics of utility. (e)
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examples
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Managerial Economics helps create utility for the Society.
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