Response to OTA's questions

OTA Comments: I need 3 pieces of information. 1) You are missing a crucial piece of information and that is the market price or marginal revenue. 2) You have what appears to be a demand fxn. I don't know if it is a market or firm demand function though. Your cost fxn. is fine for this type of problem. Please add this data and I can provide a nice explanation with a graph. My response: The problem I am trying to solve includes the following known variables: P = 800 - 5Q and MC = 15Q. I am trying to understand how to determine price and quantity for a monopoly and a perfectly competitive firm and how to calculate economic profit for the monopoly. Thank ... click for more

Need to doulbe check these problems

If possible please explain why each one is true false or uncertain in a short paragraph. Thanks for you help

Determine: Equlibrium Level of Output in Given Market; Equilibrium Price Paid by Consumers; Profits to Industry; Amount of Labour Used

I. Each of 5000 consumers that are buyers of goods X and Y per period has the utility function: (see attachment) where X is the number of units of good X consumed and Y represents all other goods that the consumer purchases. The income of each consumer is $1000. You may assume the price of Y is $1 per unit of other goods consumed. Keep in mind that there are 5000 consumers in this market and the utility function given above is for a single, representative consumer. On the supply side of this market, the short run production function for each of 5 firms producing good X is: (see attachment) where L and K are the number of labor and capital units, respectively, used by each... click for more

Game Theory

Homer and Marge are playing the attached simultaneous-move, one-shot game. (a) Does either player have a strictly dominant strategy? (b) What is the solution to this game? Is the solution a Nash equilibrium? (c) Suppose that this simultaneous-move game is modeled as a sequential-move game with Homer moving first. Illustrate the extensive form of this game. (d) Use backward induction to find the subgame perfect equilibrium. (e) Suppose that Marge moves first. Illustrate the extensive form of this game and use backward induction to find the subgame perfect equilibrium.

Hemlock Econ problem

Can you please show me the step by step solutions to #2. I have attached the answer key to the practice quesstions. Please provide comprehensive/correct answers. I ONLY need help with #2(Hemlock Bush problem).