Question 2. Hotelling-Downs Model with Multiple Parties (30pts)Consider the Hotelling-Downs model with four parties (A, B, C, and D) contending in the election. All parties are office-seeking and maximize their own probabilities of winning the election. Suppose that the voters’ ideal policies are distributed uniformly over the interval [0, 1]. Answer the questions on the […]
Question When MR=MC and P=ATC for a monopolistically competitve firm, the firm is inA) Short run disequilibrium B) Long run disequilibrium C) Long run Equilibrium D) Neither short nor long run equilibrium Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
Question 3. (9 points) Suppose the Demand for baseballs is given by Q = 90 – 6P.a) What is the price elasticity of demand when P = 6? b) At what price will Total Revenue be maximized? c) What is the firm’s Marginal Revenue when the price is $3? Looking for a Similar Assignment? […]
Question Consider a market with a single prod- uct monopolist M which is facing the aggregate demand function q(p) = 480 − 10p. (1) M has no fixed costs. Its marginal cost is 12. Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”
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