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Two firms compete as a Stackelberg duopoly. The demand they face is P = 100 - 3Q. The cost function for each firm is C(Q) = 4Q. The profits of the two firms are:
Rate of Unemployment
The segment of the labor force that is without a job and actively on the look out for employment opportunities.
Passive Approach
A strategy, particularly in investing or management, where minimal intervention or action is taken, often to maintain the current state or to avoid risk.
Recessionary Gap
The difference between the actual output of an economy and its potential output at full employment, indicating underutilization of resources.
Inflationary Expectations
The anticipation of future inflation rates, influencing economic decisions and behavior.
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