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We consider N identical firms that compete à la Cournot. Each firm incurs a constant marginal cost c. The demand for the homogenous good is given by the following function: Q = 1 - P where P denotes the unit price of the good.
1. Determine the Nash equilibrium of the Cournot game. Deduce the profit of each firm at the equilibrium. Express the total surplus at the equilibrium We introduce an entry stage in the game. The game becomes the following:
Stage 1: firms decide simultaneously to enter the market. Entry has a fixed cost F.
Stage 2: the firms compete à la Cournot
2. Determine the free entry number of firms, i.e. the number of firms such that an additional entry would not be profitable (ignore the integer problem).
3. Express the total surplus if N firms enter the market at stage 1. Deduce the optimal number of firms. Can we say that at the equilibrium too many firms enter on the market? Explain.
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what the meaning of the economic consequences of accounting information quality with examples?
The Wanless Corporation provides Internet consulting services to a wide-range of customers. The company's fiscal year ends on December 31. For the year ended December 31, 2011, the
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DISCLAIMER OF ONEROUS PROPERTY 1) Effect of disclaimer The trustee may disclaim onerous property consisting of: Land burdened with onerous covenants; Stocks and shares;
a. Explain a major factor which led to the introduction of International Financial Reporting Standards (IFRS). b. Explain how users of financial information benefit from IFRS.
On 1 January 2008, a young artist called Michelangelo signed a contract with a charity named Art Angels, which supports young artists to do large projects. The agreement requires M
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PVA ∞ = A(1 + k) -1 + A(1 + k) -2 +..... + A(1 + k ) ∞ + 1 + A (1 + k) ∞ Multiplying both the sides of Eq (a7) by (1+k) provides: PVA ∞ = (1 +k) = A(1 +k) +A (1 +k)
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