Basic Microeconomics

Below is an example of the quantity of output produced by two competing firms under a Cournot Oligopoly models. Answer the questions below. 1. In the game depicted above, what is the equilibrium strategies that player A and B must produce? 2. If the two players decide to collude, at what quantity both firms should produce?

Base on the above data, answer the following questions. a. Identify the equilibrium price and equilibrium quantity. b. Compute the shortage and surplus and justify why your answer in letter (a) above is correct. c. Graph the demand and supply of rice using excel. d.What is the elasticity of demand if the Price is 100? Interpret the result. Identify the degree of responsiveness. e.What is the elasticity of supply if the price is 120? Identify the degree of responsiveness.

Determine the following: Show your solution. 1. What is the consumer surplus? 2. What is the producer surplus? 3. What is the economic surplus?

Compare and contrast the monopoly market structure with a purely competitive market structure.

Calculate the Cost Schedule below. Assume that the fixed cost is $55.