Suppose that a perfectly competitive firm manufactures gizmos with the following cost structure (including all opportunity costs): a. Calculate the marginal cost schedule for this firm in a table, and then graph the marginal cost curve. b. If the price of gizmos on the market is $175 each, how many gizmos should the firm produce […]
Suppose that a seller in a duopoly needs to decide whether to spend a lot or a little on advertising. Assume that the consumers are already reasonably well informed about the product, so the purpose of a lot of advertising is to draw customers away from the rival. How could the payoffs from this situation […]
When Braeburn Publishing priced its poetry book at $5, it sold 5 books, and when it priced the volume at $8, it sold 4 books. You can calculate that its revenues were higher with the higher price. Suppose that, from further test marketing, this firm determines that it faces the demand curve described by the […]
Suppose that two oligopolistic retail chains are considering opening a new sales outlet in a particular town. The changes to each firm’s profits, depending on the actions taken, are given in the following payoff matrix. If a chain does not open a new outlet, it earns no addition to profits. If one of the chains […]
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