In long-run equilibrium, price is $2 and firms minimize their long-run average cost at a quantity of 500 units. Market demand is Q = 100,000-20,000P. How many firms are in the market?

In a repeated, but finite, prisoner’s dilemma game, what will be the outcome?

You are advising a small city government preparing to auction off drilling rights for a newly discovered natural gas reserve beneath public land. The true volume of gas is the same for all bidders, but it is uncertain and unknown at the time of bidding. Each energy company has hired its own team of geologists to estimate the size of the reserve, and those estimates vary. Answer the following questions: What is the winner’s curse and why is it relevant in this situation? Be specific. (5 points) How should rational bidders adjust their bids in each auction format to account for the common value nature of the good? (5 points) Of the following four auction formats, which would you suggest to generate the most revenue for the city? Explain. (5 points) Choose from English Auction, Dutch Auction, First-price Sealed-bid, and/or Second-price Sealed-bid. Type your answers directly into the textbox below, clearly indicating/labeling which part you are answering. Please keep each answer to 150 words or less.

Which of the following is NOT a requirement for price discrimination?

A bakery has fixed costs of $500 per week and variable costs of $3 per each loaf. If it sells each loaf for $2.50, what should it do in the short run?

You are an athletic trainer working with high school athletes. One of your athletes has a fever and wants to take aspirin. Why would aspirin not be recommended for this athlete?

Which of the following is a same-side network effect?

Fill in the blank to complete the recursive Fibonacci function using fib(0) = 0 and fib(1) = 1.def fib(index): if index == 0 or index == 1: # Base case ________________ else: return fib(index – 1) + fib(index – 2)

COX-2 selective inhibitors have a lower risk of GI adverse effects compared with nonselective NSAIDs, but they cause an increased risk of:

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