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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?)
Rocco works for an international arms dealer who has just publicly listed. What with the world being how it is these days, there's money to be made on more than just selling the to
Amp-amplification law The job of an amplifier is obviously to amplify, but the law it abides by isn’t so simple. Ultimately, the amplifier is comparable to a valve, in the sense
Geometric mean of index number of laspeyres and paasches = 229.5468 , while sum of their index number=480 find out laspeyre''s and paasche''s indices.
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HOW DO U CALCULATE VARIABLE SELLING AND ADMINISTRATIVE EXPENSES IF GIVEN MARKETING COSTS ADVERTSING P6000 PER MONTH SALES PERSONNEL SALARIES AND COMMISSION R 80000 PER MONTH PLUS
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What are the applications of measure of dispersion in civil engineering?
Volumes due from personal individuals or companies for products, and/or solutions equipped by the condition. Records Receivable does not involve amounts due from other companies, r
Q1. If you throw a coin 5 times, what is the probability of: - throwing 5 heads - throwing 4 tails - throwing 3 heads and 2 tails Q2. Construct a tree diagram to verify your ans
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