ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
1. If firm 1 chooses to sell for $2 and firm 2 chooses to sell for $2.50 A. How many goods can firm 1 sell B. What are firm 1 today revenue C. What are firm 1 total cost D. What are firm 1 profits E. How many goods can firm 2 sell F. What is firm 2 total revenue G what are firm 2 total cost H . What are firm 2 profit
For this question refer to the following figure: Firm 1 Sell for $2.50 Sell for $2 Sell for $2 Firm 2's profit: Firm 1's profit: Firm 2's profit: upuo srb tolool Firm 1's profit: Firm 2 (adul Sell for $2.50 Firm 2's profit: Ors Firm 1's profit: Firm 2's profit: mrt svillsamma Firm 1's profit: There are two dominant firms in a market (a duopoly). Consumers only care about which firm offers a lower price. If one firm's price is lower than the other firm's price, all consumers will buy from the low-price firm. If they have the same price, they will split the market (i.e. half of the consumers will buy from one firm and half from the other). There are 100 consumers in the market. Each firm has $25 in fixed costs, and $1/unit variable costs. They are able to observe how many customers they have before they produce the goods, so they only produce as many goods as they have customers.
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Transcribed Image Text:For this question refer to the following figure: Firm 1 Sell for $2.50 Sell for $2 Sell for $2 Firm 2's profit: Firm 1's profit: Firm 2's profit: upuo srb tolool Firm 1's profit: Firm 2 (adul Sell for $2.50 Firm 2's profit: Ors Firm 1's profit: Firm 2's profit: mrt svillsamma Firm 1's profit: There are two dominant firms in a market (a duopoly). Consumers only care about which firm offers a lower price. If one firm's price is lower than the other firm's price, all consumers will buy from the low-price firm. If they have the same price, they will split the market (i.e. half of the consumers will buy from one firm and half from the other). There are 100 consumers in the market. Each firm has $25 in fixed costs, and $1/unit variable costs. They are able to observe how many customers they have before they produce the goods, so they only produce as many goods as they have customers.
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