Because of complaints about high prices, the island government in 2000 awarded a scallop license to a second fishery, net☼fresh, creating a cournot duopoly. demand conditions in 2000 were the same as in 1999. net☼fresh’s total cost function was tcn = 10qn. both firms sold the same quality product, and both chose daily quantity assuming that their rival’s quantity would be the same as on the previous day.5. write an equation showing how the sea-span’s daily 2000 profit depended on its own output (qs) and that of net☼fresh (qn). s = . using calculus it is possible to show that the sea-span’s cournot reaction function was qs = 60-(0.5)qn. plot and label this function in figure a. put qs on the horizontal axis and qn and the vertical axis.7. explain briefly the economic meaning of this relationship.. write an equation showing how net☼fresh’s daily 2000 profits depended on its own output (qn) and that of sea-span (qs). profit = . net☼fresh’s cournot reaction function was qn = 90 - (0.5)qs. plot and label this function in figure a. 10. what were the cournot equilibrium outputs? qs* = qn* = . briefly explain why this cournot equilibrium is also a nash equilibrium.. what was market price in the cournot equilibrium? p* = . is this price higher, lower, or the same as the monopoly price? . what profit did each firm earn? s* = n* = . in the class lecture on the cournot model, industry profits were shown to be lower in the cournot duopoly equilibrium than in the monopoly equilibrium. here the reverse is true. what accounts for this difference? explain.

Kis the insured and p is the sole beneficiary on a life insurance policy. both are involved in a fatal accident where k dies before p. under the common disaster provision, which of these statements is true?

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?

Suppose a holiday inn hotel has annual fixed costs applicable to its rooms of $1.2 million for its 300-room hotel, average daily room rents of $50, and average variable costs of $10 for each room rented. it operates 365 days per year. the amount of operating income on rooms, assuming an occupancy* rate of 80% for the year, that will be generated for the entire year is *occupancy = % of rooms rented