Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Apply It: Imperfect Competition Aplia Problem SetsIn Pasturetown, only Alex and Becky can raise free-range chickens on their farms. Assume that Alex and Becky can collect and sell a large quantity ofeggs at no cost and that free-range eggs sold outside Pasturetown cannot be transported into the town for sale.Suppose that, in this market, Alex decides how many eggs per day he is going to sell, and then Becky makes her decision after observing Alex'squantity choice. The market demand for eggs is given by Q=20-P. Based on this demand, Alex's and Becky's best-response functions are given onthe following graph.BECKY'S QUANTITY (Gross of eggs per day)2018106NAlex's BRFStackelberg Equilibrium+Point 210 12 14 161820Becky's BRF? Complete the first row of the following table by indicating the total production, market price, and profits for Alex and Becky when Alex chooses theStackelberg equilibrium quantity. Now suppose Alex wants to deter Becky from entering the market by forcing her to sell an output level that wouldnot be profitable. Complete the second row of the table with the values that would result if Alex were to sell 12 gross of eggs (Point 2) and Becky stillenters the market, and the third row of the table with the values that would result if Becky does not enter the market.Becky's Revenue(Dollars)Stackelberg equilibriumPoint 2 (entry)Point 2 (no entry)Total Production(Gross per day)Market Price(Dollars per gross)Alex's Revenue(Dollars)Now suppose Alex wants to deter Becky from entering the market by forcing her to sell an output level that would not be profitable. Complete thesecond row of the previous table with the values that would result if Alex were to sell 12 gross of eggs (Point 2) and Becky still enters the market, andthe third row of the table with the values that would result if Becky does not enter the market.If there were a fixed cost of production equal to $17, then Becky would earn a profit of from entering the market at Point 2. Given thatshebe deterred from entering if Alex produces at Point 2, Alex maximizes his own profits by producingat

In economic theory, perfect competition happens when all companies sell homogeneous products, market…

In Pasturetown, only Alex and Becky can raise free-range chickens on their farms. Assume that Alex and Becky can collect and sell a large quantity of eggs at no cost and that free-range eggs sold outside Pasturetown cannot be transported into the town for sale. Suppose that, in this market, Alex decides how many eggs per day he is going to sell, and then Becky makes her decision after observing Alex's quantity choice. The market demand for eggs is given by Q = 20-P. Based on this demand, Alex's and Becky's best-response functions are given on the following graph. BECKY'S QUANTITY (Gross of eggs per day) 20 18 16 14 4 10 4 Alex's BRF 10 Stackelberg Equilibrium +Point 2 12 14 16 18 20 Becky's BRF

In Pasturetown, only Alex and Becky can raise free-range chickens on their farms. Assume that Alex and Becky can collect and sell a large quantity of eggs at no cost and that free-range eggs sold outside Pasturetown cannot be transported into the town for sale. Suppose that, in this market, Alex decides how many eggs per day he is going to sell, and then Becky makes her decision after observing Alex's quantity choice. The market demand for eggs is given by Q = 20-P. Based on this demand, Alex's and Becky's best-response functions are given on the following graph. BECKY'S QUANTITY (Gross of eggs per day) 20 18 16 14 4 10 4 Alex's BRF 10 Stackelberg Equilibrium +Point 2 12 14 16 18 20 Becky's BRF

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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