There are two different suppliers in the smartphone market: Apple and Samsung, each offering distinct products. While the two products are substitutes, they are not perfect substitutes. The original demand equation for Apple is as follows: Suddenly, consumer loyalty to Apple smartphones has increased. Given this change, how should the demand equation be revised to better reflect the market?

Suppose there are two firms in the market. Two firms supply identical(homogeneous) goods by choosing the quantities simultaneously. They have identical technology to supply the goods; where they cost to produce each unit and there is no fixed cost. The market demand is where .  a)  (3 points) Set up the profit maximization for two firms. Denote each firm as . b) (6 points) Derive market price and market quantity. Now, firm 1’s technology has improved so that they can produce twice as efficiently as before.  c) (3 points) Set up the profit maximization for firm 1. d)  (6 points) Again, derive the market price and two firms’ quantities. e) (5 points) Explain whether consumers benefit from the technological advance in two aspects: Price and Quantity.   Hint: You do not need to calculate the surplus explicitly.

In the market, two firms, leader and follower, produce identical goods. In the time , the leader chooses the quantity. In the time , the follower observes the leader’s quantity and chooses its quantity.  Two firms have the cost functions as and . The inverse demand function is . a)  (2 points) Illustrate how to solve the model. Include the words first step and second step. b) (6 points) Set up and solve the firm’s problem that you illustrated as a first step profit maximization problem in a). c)  (8 points) Set up and solve the firm’s problem that you illustrated as a second step profit maximization problem in a). d) (4 points) Derive the market prices and two firms’ quantities.

The monopoly market is always making less welfare compared to the perfect competition market. 

Which of the following would NOT be a symptom of mild organophosphate poisoning?

Use the Factor Therorem and synthetic division to solve the problem.Solve the equation 3×3 – 34×2 + 81x + 70 = 0 given that x-5 is a factor of .

This pesticide was used to control malaria in World War II, it was banned from use on crops in the US in 1972.

This type of radiation can be stopped by a sheet of paper, but if it enters the body can cause adverse effects?

Swimming pools should have a Free chlorine level of 1-3 ppm.

This herbicide is used to stop the pre- and post -emergence of broadleaf and grassy weeds in major crops. It will break down in the soil and cause changes in blood hormone levels in animals that affect their ability to reproduce.