Hello, was seeing if someone could provide me with the solutions for these problems to use as a study tool for an upcoming final. Thank you!

Hello, was seeing if someone could provide me with the solutions for these problems to use as a study tool for an upcoming final. Thank you!

1) Oligopoly theory assumes strategic behavior on the part of the firms.

  1. a) Briefly, in 1-2 sentences, what does this mean? No need to give a numerical example.
  2. b) Verbally compare and contrast the Cournot, Stackelberg, and Bertrand models of oligopoly behavior,
  3. focusing on what the firms know, what they have the power to control, and how they behave strategically.
  4. c) Suppose the following holds
  5. ???????????? ???????????????????????? (????????) ???????? ???? = $3,200 − ???? ???????????? ???? = ???????? + ????????
  6. ???????????? = $200
  7. ???????????? = $400
  8. You need to calculate the TR of each firm (A and B).

Calculate the Cournot equilibrium.

Calculate the Stackelberg equilibrium, assuming firm A is the dominate firm. Compare and contrast your results. 

7) Let the following equations describe the conditions facing a small-to-medium sized firm that sells a product

with some close substitutes, and which exists in a market with some low-to-moderate barriers to entry.

???????? = $10,000???? − $7.8????2

???????? = $200,000 + $2,320???? + $5????2

  1. a) Find the short run profits of this firm, and graph.
  2. b) Do we expect profits to remain? Explain fully.
  3. c) Find the long run equilibrium. Explain why it is different from a). Graph the results. 

8a) Carefully explain how two people or countries can find an efficient competitive equilibrium in

exchange. What values have to equate for this to be true? Explain what this means.

b) We like to say that an efficient allocation/equilibrium is good/equitable. Discuss how such an equilibrium

may and may not be the case. 

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