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Consider an interface p ublic interface NumberFormatter { String format (in n); } Provide four classes th at implement this interface. A DefaultFormatter formats an integer in the usual way. A DecimalSeparatorFormatter formats an inte ger with decimal separators ; for example, one million as 1,000,000. An AccountingFor matter formats negative numbers with parenthesis; for example, – 1 as (1). A BaseFormatter formats the number as base n, where n is any number between 2 and 36 that is provided in the constructor. Write a method that takes an array of integers and a NumberForma tter object and prints each number on a separate line, formatted with the given formatter. The numbers should be right aligned. Provide a test class th at shows the program working with an array of numbers. (Java)

 

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1. Bundling with correlated values

A monopolist sells both products A and B at zero cost. Consumers’ valuations for product A, vA, is uniformly distributed on [0,1]. Consumers’ valuations for product B, vB, is correlated with vA. If a consumer buys both products, his gross utility is vA+ vB . First, assume vB is perfectly and negatively correlated with vA, which impliesvB =1−vA.

a) Suppose the monopolist sells the two products separately. For price pA and pB, what are the demands for products A and B?

b) Under separate selling, what are the optimal prices p∗A and p∗B?

c) What is the equilibrium profit under separate selling?

d) Now suppose the monopolist sells the two products as a bundle with a bundle price pAB. What is the demand for the bundle under price pAB ?

e) Under bundling, what is the optimal bundle prices p∗AB?

f) What is the equilibrium profit under bundling?

Next assume vB is perfectly and positively correlated with vA. This implies vB = vA.

g) Suppose the monopolist sells the two products separately. For price pA and pB, what are the demands for products A and B?

h) Under separate selling, what are the optimal prices p∗A and p∗B?

i) What is the equilibrium profit under separate selling?

j) Now suppose the monopolist sells the two products as a bundle with a bundle price pAB. What is the demand for the bundle under price pAB ?

k) Under bundling, what is the optimal bundle prices p∗AB?

l) What is the equilibrium profit under bundling?

m) Explain your intuition why bundling does not help increase profits when valuations are positively correlated.

2. Merger with horizontally differentiated products

Three firms produce horizontally differentiated products and compete in price. The demand function for each firm is as the following

q1 = 1 − p1 + p2 + p3 , 2

q2 = 1 − p2 + p1 + p3 , 2

q3 = 1 − p3 + p1 + p1 2

The production cost is assumed to be zero. Each firm i maximizes its profit πi = piqi by choosing pi, taking other firms’ prices as given.

a) Use the first-order condition to derive each firm’s best response (note the best responses are in price).

b) Use symmetry, p∗1 = p∗2 = p∗3 = p∗ and the best responses derived in [a.] to solve for the symmetric equilibrium price p∗.

Now suppose firm 1 and firm 2 merge. Suppose the merged firm is called firm m. Firm m sells both products 1 and 2 by setting p1 and p2 (since products are horizontally differentiated, selling two varieties is more profitable for firm m). It competes with firm 3 in price. The production costs remain zero for firms m and 3. The demand functions for each product are unchanged.

c) Write down firm m’s profit maximization problem.

d) Holding p3 fixed, use two first-order conditions (w.r.t. p1 and p2) to derive firm m’s best response of p1 and p2.

e) Holding p1 and p2 fixed, use first-order condition to derive firm 3’s best response of p3.

f) Apply symmetry p∗∗ = p∗∗ = p∗∗ (note that symmetry does not apply to p3∗∗). Solve for the equilibrium post-merger prices pm∗∗ and p3∗∗.

g) Compare p∗, pm∗∗ and p3∗∗ and give some intuition why they are ordered in that way.

 

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ECON 481 Homework Assignment #2 Due Date: January 31, 2018, 1:30 p.m. Based on the material you have read in the textbook and the information transmitted in class, answer the following questions. All answers must be well written – in your own words – and any diagrams must be properly labeled and explained. Any outside source(s) of information must be properly cited and referenced. You must cite all sources so that the reader could find them easily and reproduce the results. Failure to cite outside sources properly will be grounds for academic dishonesty. Failure to write in your own words will be grounds for academic dishonesty. Text must be generated via word processing and double-spaced. Anything not doublespaced will not be read and earn a grade of zero. Any handwritten text will not be read and earn a grade of zero. Diagrams may be hand-drawn or generated electronically. You may not change fonts. Assignments are due by 1:30 p.m. on the due date. Homework assignments may be submitted in class or delivered to Dr. Fuess in person in his office. Assignments must be submitted in paper format – electronic submissions will not be accepted. Assignments, or any parts thereof submitted after 1:30 p.m. on the due date will be subject to a significant and substantial late submission deduction for the entire answer set. Homework will be graded on the following basis: 75% of homework score, content of answers; 25% of homework score, writing style.

1. LABOR DEMAND, PART 1 Suppose output, Q, is produced by labor, L, and capital, K, according to the following function: Q = K ½ L½.. Suppose the firm sells each unit of output in a competitive market for a price P = $100. Suppose the firm hires each unit of labor in a competitive market for a wage W = $25. Suppose the firm has to make do for now with a stock of capital K = 49; moreover, suppose each unit of capital costs R = $75.  A. How much labor will be demanded by the firm? Demonstrate and explain. B. At the “optimal” quantity of labor, what is the capital-to-labor ratio K/L? Demonstrate and explain. C. Utilizing the “optimal” quantity of labor, how much profit will the firm earn?

2. LABOR DEMAND, PART 2 Consider the circumstances of Problem #1, only now the firm is free to choose both labor L and capital K. A. What capital-to-labor K/L ratio will the firm choose? Demonstrate and explain. Compared to Problem #1 above, does the firm become more capital-intensive, more laborintensive, or does the K/L ratio remain unchanged? If any change occurs, explain why it occurs. B. Compared to Part A just above, suppose the cost of capital drops from R= $75 to R = $65. How does this development affect the demand for labor? Demonstrate and explain.

3. WORKING IN THE REAL WORLD On January 17, 2018 the Bureau of Labor Statistics (BLS) released a report on the usual weekly earnings of wage and salaried workers for the fourth quarter of calendar year 2017. Find this report and answer the following questions. A. Compared to men with high school diplomas, in late 2017 how did the earnings of college educated men (bachelor’s degree or higher) compare? Report the relevant statistical evidence and interpret. Did it pay for a male to be a college graduate? Demonstrate and explain. Compared to bachelor’s degree college graduates, does it pay for a male to earn an advanced degree? Demonstrate and explain. B. Compared to women with high school diplomas, in late 2017 how did the earnings of college educated women (bachelor’s degree or higher) compare? Report the relevant statistical evidence and interpret. Did it pay for a female to be a college graduate? Demonstrate and explain. Compared to bachelor’s degree college graduates, does it pay for a female to earn an advanced degree? Demonstrate and explain. C. In late 2017 did the “payoffs” to a college education seem to be similar for males and females in the U.S.? Demonstrate and explain. How would your answer change – if at all – if you focused only on white males and white females? Demonstrate and explain. 

 

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Provide a 6 pages analysis while answering the following question: Internet and Everyday Life. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. Everyday life encompasses all social activities and relations including both codified and unofficial practices. Today, more than ever before, the practices and relations typically associated with everyday life like love, relationship, comradeship, and friendship, have become open, fluid, and dispersed across space and time via the Internet (Burkitt, 2004). As the world’s systems have increasingly transited from the factual to the virtual environment, online dating has defined new dimensions and techniques of relationship, and the society bears its fruits as well as consequences.

People use social media for online dating in everyday life for a variety of causes and in different circumstances that lead them to different consequences. Social media feels like a suitable avenue for dating because people are in control of how much they can reveal about themselves. Unlike real-life situations, where people feel hesitant to approach one another and overtly ask for a relationship, online dating makes the participants feel more at ease making overt requests and suggestions because these are platforms established for the union of like-minded people specifically looking for relationship development. Nevertheless, there are many participants who use social media for online dating just for recreational purposes. These participants approach online dating as a pastime and enjoyable activity. Some people feel driven to use social media for online dating because they have a history of traumatic relationships in the past and thus feel too shy and hesitant to build real relationships in real life. In such circumstances, online dating provides a substitute for such relationships as such participants can engage virtually, psychologically, and emotionally in a romantic experience. The consequences of online dating in everyday life are, more often than not, unfavorable for the participants.&nbsp.

 

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