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Take the Hotelling's location model (the linear city) discussed in class for the case in which all firms are required to charge the same fixed price. Further assume that firms choose their location sequentially (i.e. firm 1 moves first, followed by firm 2 etc.).
For simplicity make the following two assumptions:
1. Firm n knows the location of all n-1 firms that have already choose their location.
2. Firms can fully anticipate the number of firms that will (eventually) participate in the market.
(a) Describe the initial location of two firms and explain why these locations constitute an equilibrium location.
[Note: an 'equilibrium location' is the situation in which no firm wishes to relocate given the choice of all other firms.]
(b) Describe the initial location of three firms and explain why these locations constitute an equilibrium location.
(c) In the case of three firms, what happens to the intensity of direct-to-consumer spending and detailing for the first firm to enter the market as a function of entry? (i.e. how does firm 1 alters their DTCA and detailing expenditure when firm 2 enter and then when firm 3 enters the market?)
Tchebyshev Distance (Maximum Travel Distance per Trip Using Rectilinear Distance): It can be calculated by using following formula: d(X, Pi) = max{|x - ai|, |y - bi|} = ma
1. Stock A and B have the following probability distributions: ECONONOMY PROBABILITY K(A) K(B) Boom
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Derive the profit function P (p) and the supply function (or correspondence) y (p)for the following three Single-output technologies, whose production functions f (z) are:
What is the complete answer and files for this document
The probability a computer will boot is .08. What is the least number needed so that the probability at least two will boot is greater than .99?
what is definition of Mode?
Are depreciation, depletion and amortization similar? In accounting the terms depreciation, depletion and amortization often involve the movement of costs from the balance s
For this second assignment you will have to use the OECD database to investigate possible changes in the policy preferences of Western welfare states. You have to develop (i) an in
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