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ECON M/C
An industry has two firms. The demand curve for the industry's output is given...
ECON M/C Q An industry has two firms. The demand curve for the industry's output is...
ECON M/C Q
An industry has two firms. The demand curve for the industry's output is given by p= 36 - 3q, where q is the total industry output. Each firm has a constant marginal cost equal to 6. Suppose that firms compete in Cournot style (quantity competition). Which of the following statements is correct? Select one: a. Firm 1's reaction function is q1 = 9 -0.592. b. Firm 1's reaction function is qı = 9 - 92. C. Firm...
ECON M?C There are two firms in an industry. The industry demand curve is given by...
ECON M?C
There are two firms in an industry. The industry demand curve is given by p = 60 - q. Each firm has one manufacturing plant and each firm i has a cost function C(q) = 97, where qi is the output of firm i. The two firms form a cartel and arrange to split total industry profits equally. Under this cartel arrangement, they will maximize joint profits if Select one: O a. each firm produces 15 units in...
Suppose the demand curve for soda pop is given by P = 820 – 2Q. In...
Suppose the demand curve for soda pop is given by P = 820 – 2Q. In this industry, Coca Cola is the Stackelberg leader and Pepsi is the Stackelberg follower. Suppose marginal cost for each firm is $80. Solve for optimal output and resulting profit for each firm.
Please be descriptive. The market demand curve in a commodity chemical industry is given by Q...
Please be descriptive.
The market demand curve in a commodity chemical industry is given by Q 600 - 3P, where Q is the quantity demanded per month and P is the market price in dollars. Firms in this industry supply quantities every month, and the resulting market price occurs at the point at which the quantity demanded equals the total quantity supplied. Suppose there are two firms in this industry, Firm 1 and Firm 2. Each firm has an identical...
Fill in the Blanks Stackelberg Leader-Follower duopolists face a market demand curve given by P =...
Fill in the Blanks Stackelberg Leader-Follower duopolists face a market demand curve given by P = 90 - Q where Q is total market demand. Each firm can produce output at a constant marginal cost of 30 per unit. The equilibrium price or the total market is and equilibrium quantity is
An industry has two firms producing at a constant unit cost of £10 per unit. The...
An industry has two firms producing at a constant unit cost of £10 per unit. The inverse demand curve for the industry is p = 110 -0.57. Suppose that firm 1 is a Stackelberg leader in choosing its quantity (i.e., firm 1 chooses its quantity first, knowing that firm 2 will observe firm 1's quantity when it chooses its own output.) How much output will firm 2, the follower, produce? a. 40 units. b. 15 units. c. 20 units. d....
= Consider an industry consisting of two firms which produce a homogeneous commodity. The industry demand...
= Consider an industry consisting of two firms which produce a homogeneous commodity. The industry demand function is Q = 100 – P, where Q is the quantity demanded and P is its price. The total cost functions are given as C1 = 50q1 for firm 1, and C2 = 60qz for firm 2, where Q 91 +92. a. (6 points) Suppose both firms are Cournot duopolists. Find and graph each firm's reaction function. What would be the equilibrium price,...
The market demand curve for a pair of duopolists is given as P=56- 2Q where Q=Q4...
The market demand curve for a pair of duopolists is given as P=56- 2Q where Q=Q4 + Q2. The constant per unit marginal cost is O for firm 1 and 2 for firm 2. Both firms also have no fixed costs. Find the equilibrium price, quantity and profit for each firm if firm 1 is the Stackelberg leader and firm 2 a follower. Now re-do the computations assuming that firm 2 is the leader and firm 1 the follower. (Round...
1.Consider an industry with only two firms that produce identical products. Each of the firms only...
1.Consider an industry with only two firms that produce identical products. Each of the firms only incurs a fixed cost of $1000 to produce and marginal cost is 20. The market demand function is as follows: Q=q1+q2=400-P a. Assuming that the firms form a cartel, calculate the profit-maximizing quantity of output, price and profits b. If the firms choose to behave as in the Cournot model, what would be the profit- maximizing quantities of output, price and profits? c. if...
Oligopoly The inverse demand curve for brimstone is given by p(Y) 116-3Y (with Y total quantity...
Oligopoly The inverse demand curve for brimstone is given by p(Y) 116-3Y (with Y total quantity of brimstone, measured in the conventional units) and the cost function for any firm in the industry is given by TC(y)-8y (with y the output of the firm) a. Determine the industry output and price if the brimstone industry were perfectly competitive Suppose that two Cournot firms operated in the market (Firm 1 and Firm 2) Determine the reaction function of Firm 1. Do...
ECON M/C Q
An industry has two firms. The demand curve for the industry's output is given by p= 36 - 3q, where q is the total industry output. Each firm has a constant marginal cost equal to 6. Suppose that firms compete in Cournot style (quantity competition). Which of the following statements is correct? Select one: a. Firm 1's reaction function is q1 = 9 -0.592. b. Firm 1's reaction function is qı = 9 - 92. C. Firm...
ECON M?C
There are two firms in an industry. The industry demand curve is given by p = 60 - q. Each firm has one manufacturing plant and each firm i has a cost function C(q) = 97, where qi is the output of firm i. The two firms form a cartel and arrange to split total industry profits equally. Under this cartel arrangement, they will maximize joint profits if Select one: O a. each firm produces 15 units in...
Please be descriptive.
The market demand curve in a commodity chemical industry is given by Q 600 - 3P, where Q is the quantity demanded per month and P is the market price in dollars. Firms in this industry supply quantities every month, and the resulting market price occurs at the point at which the quantity demanded equals the total quantity supplied. Suppose there are two firms in this industry, Firm 1 and Firm 2. Each firm has an identical...
Fill in the Blanks Stackelberg Leader-Follower duopolists face a market demand curve given by P = 90 - Q where Q is total market demand. Each firm can produce output at a constant marginal cost of 30 per unit. The equilibrium price or the total market is and equilibrium quantity is
An industry has two firms producing at a constant unit cost of £10 per unit. The inverse demand curve for the industry is p = 110 -0.57. Suppose that firm 1 is a Stackelberg leader in choosing its quantity (i.e., firm 1 chooses its quantity first, knowing that firm 2 will observe firm 1's quantity when it chooses its own output.) How much output will firm 2, the follower, produce? a. 40 units. b. 15 units. c. 20 units. d....
= Consider an industry consisting of two firms which produce a homogeneous commodity. The industry demand function is Q = 100 – P, where Q is the quantity demanded and P is its price. The total cost functions are given as C1 = 50q1 for firm 1, and C2 = 60qz for firm 2, where Q 91 +92. a. (6 points) Suppose both firms are Cournot duopolists. Find and graph each firm's reaction function. What would be the equilibrium price,...
The market demand curve for a pair of duopolists is given as P=56- 2Q where Q=Q4 + Q2. The constant per unit marginal cost is O for firm 1 and 2 for firm 2. Both firms also have no fixed costs. Find the equilibrium price, quantity and profit for each firm if firm 1 is the Stackelberg leader and firm 2 a follower. Now re-do the computations assuming that firm 2 is the leader and firm 1 the follower. (Round...
Oligopoly The inverse demand curve for brimstone is given by p(Y) 116-3Y (with Y total quantity of brimstone, measured in the conventional units) and the cost function for any firm in the industry is given by TC(y)-8y (with y the output of the firm) a. Determine the industry output and price if the brimstone industry were perfectly competitive Suppose that two Cournot firms operated in the market (Firm 1 and Firm 2) Determine the reaction function of Firm 1. Do...
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