Suppose That the Duopolists Carl and Simon Face a Demand

question 11

Multiple Choice

Suppose that the duopolists Carl and Simon face a demand function for pumpkins of Q = 16,800 -800P, where Q is the total number of pumpkins that reach the market and P is the price of pumpkins.Suppose further that each farmer has a constant marginal cost of $1 for each pumpkin produced.If Carl believes that Simon is going to produce Q_s pumpkins this year, then the reaction function tells us how many pumpkins Carl should produce in order to maximize his profits.Carl's reaction function is R_C (Q_s) =

• A)16,800 - 800Q_s.
• B)8,000 - Q_s/2.
• C)16,800 - 1,600Q_s.
• D)4,000 - Q_s/2.
• E)12,000 - Q_s.

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Definitions:

Halo Effect

The assumption that attractive or charismatic people possess more desirable social characteristics than are actually present.

Proximity

Nearness in physical space and time.

Nonverbal Communication

The process of conveying a message without the use of words, through body language, facial expressions, gestures, and posture.

Feedback

The ongoing process in which participants and their messages create a given result and are subsequently modified by that result.