Mikroekonomi Pertengahan
Chapter 12
Review Questions
6. What
do the Cournot and Bertrand models have in common? What is different about the
two models?
7. Explain the meaning of a Nash equilibrium
when firms are competing with respect to price. Why is the equilibrium stable?
Why don’t the firms raise prices to the level that maximizes joint profits?
Exercises
5. Two firms
compete in selling identical widgets. They choose their output levels Q1
and Q2 simultaneously and face the demand curve
P = 30 - Q
where Q = Q1 + Q2. Until recently, both
firms had zero marginal costs. Recent environmental regulations have
increased Firm 2’s marginal cost to $15. Firm 1’s marginal cost remains
constant at zero. True or false: as
a result, the market price will rise to the monopoly level.
6. Suppose that two identical firms produce widgets
and that they are the only firms in the market. Their costs are given by
C1 = 60Q1 and
C2 = 60Q2,
where Q1 is the output of Firm 1 and Q2 the
output of Firm 2. Price is determined by the following demand curve:
P = 300 - Q
where Q = Q1 + Q2.
a. Find
the Cournot-Nash equilibrium. Calculate the profit of each firm at this
equilibrium.
b. Suppose
the two firms form a cartel to maximize joint profits. How many widgets will be
produced? Calculate each firm’s profit.
c. Suppose
Firm 1 were the only firm in the industry. How would market output and Firm 1’s
profit differ from that found in part b above?
d. Returning
to the duopoly of part b, suppose Firm 1 abides by the agreement, but Firm 2
cheats by increasing production. How many widgets will Firm 2 produce? What
will be each firm’s profits?
7. Suppose
that two competing firms, A and B, produce a homogeneous good.
Both firms have a marginal cost of MC = $50. Describe what would happen to output
and price in each of the following situations if the firms are at (i) Cournot
equilibrium, (ii) collusive equilibrium, and (iii) Bertrand equilibrium.
a. Because
Firm A must increase wages, its MC increases to $80.
b. The
marginal cost of both firms increases.
c. The
demand curve shifts to the right.
Chapter 14
Exercises
1. Suppose
that the wage rate is $16 per hour and the price of the product is $2. Values
for output and labor are in units per hour.
|
q
|
L
|
|
0
|
0
|
|
20
|
1
|
|
35
|
2
|
|
47
|
3
|
|
57
|
4
|
|
65
|
5
|
|
70
|
6
|
a. Find
the profit-maximizing quantity of labor.
b. Suppose
that the price of the product remains at $2 but that the wage rate increases to
$21. Find the new profit-maximizing level of L.
c. Suppose
that the price of the product increases to $3 and the wage remains at $16 per
hour. Find the new profit-maximizing L.
d. Suppose
that the price of the product remains at $2 and the wage at $16, but that there
is a technological breakthrough that increases output by 25% for any given
level of labor. Find the new profit-maximizing L.
2. Assume
that workers whose incomes are less than $10,000 currently pay no federal
income taxes. Suppose a new government program guarantees each worker $5000,
whether or not he
or she earns any income. For all earned income up to $10,000, the worker must pay a 50% tax. Draw the budget line facing the worker under this new program. How is the program likely to affect the labor supply curve of workers?
or she earns any income. For all earned income up to $10,000, the worker must pay a 50% tax. Draw the budget line facing the worker under this new program. How is the program likely to affect the labor supply curve of workers?
8. The demand for labor by an industry is
given by the curve L = 1200 - 10w, where L is the labor demanded per day and w is the wage
rate. The supply curve is given by L = 20w. What is the equilibrium wage rate and quantity of labor
hired? What is the economic rent earned by workers?
Tugasan ini sebenarnya kami pernah buat sebelum ini cuma mungkin
soalannya diubah-ubah setiap semester. Namun kehendak soalan sebenarnya
adalah hampir sama setiap semester.