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Chapter 9 Solution.pdf

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Department
Economics
Course
ECON 3411
Professor
All Professors
Semester
Fall

Description
Chapter 09Basic Oligopoly ModelsChapter 9 Answers to Questions and Problems1a D2 b D1 ci 20 ii 0 units iii 20 to 502a andb Q20 Q18 12c P20033886 d 1200972 123a 125 units b 100 units each c The leader produces 150 units and the follower produces 75 units d 150 units ei 75 units ii About 1125 units4ab Q1750 Q375 LFc P16000421257500 d 6125 million562500 LF5a Set PMC to get 8004Q260 Solving yields Q135 units b PMC260 c Each firm earns zero economic profits6a Oil production Each firm produces output independently and the market price is determined by the total amount produced b Diamond production DeBeers is the leader that sets diamond production and smaller firms follow with their own levels of production c Competitive bidding by identical contractors In this case the contractor bidding the lowest fee will win the contract 912014 by McGrawHill Education This is proprietary material solely for authorized instructor use Not authorized for sale or distribution in any manner This document may not be copied scanned duplicated forwarded distributed or posted on a website in whole or part
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