<span>You can estimate your tax liability through proper financial planning.</span>
A bilateral is a formal agreement between two or more governments!
Answer:
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Explanation :
Answer:
<u>Part a: What will be the equilabrium price that Dumphy and Funke will charge?</u>
Answer: Price charged = $30
<u>Part b: What are the profits for Dumphy and Funke at the equilibrium price?</u>
Answer: Profit on equilibrium price = $0
<u>Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?</u>
Answer: Price competition
Explanation:
<u>Part a: What will be the equilabrium price that Dumphy and Funke will charge?</u>
Answer:
Price charged by each of the artists will be equal to their marginal cost.
Thus, equilibrium P = MC = $30.
<u>Part b: What are the profits for Dumphy and Funke at the equilibrium price?</u>
Answer:
Equilibrium profits will be 0 at the equilibrium because price charged is equal to MC, leading to no profits.
<u>Part c: What type of competition would Funke and Dumphy likely engage in after the decrease in demand?</u>
Answer:
Price competition - as changes in price will lead to changes in demand and thus sales
