Consider a Cournot duopoly with the following inverse demand function: P = 96 - 2Q1 - 2Q2, where Q1 and Q2 are quantities produced by firms 1 and 2, respectively. The firms' marginal cost are identical and given by MCi(Qi) = 2Qi, where i is either firm 1 or firm 2. Based on this information firm 1 and 2's reaction functions are:_____.
a. MR1(Q1, Q2) = 100-2Q1-Q2 and MR2(Q1, Q2) 100-Q1-2Q2.
b. MR1(Q1, Q2) = 100-4Q1-2Q2 and MR2(Q1, Q2) = 100 - 2Q1 - 402.
c. MR1(Q1, Q2) = 100 - 2Q1 - 4Q2 and MR2(Q1, Q2) = 100 - 4Q1 - 2Q2.
d. MR1(Q1, Q2) = 24.5 - 0.5Q2 and MR2(Q1, Q2) = 24.5 - 0.5Q1.
Two identical firms compete as a Cournot duopoly. The demand they face is P = 90-Q. The cost function for each firm is C(Q_i) = 6Qi. Each firm earns equilibrium profits of:_____.

Answers

Answer 1

Answer: See explanation

Explanation:

The revenue - firm 1 will be:

= P x Q1

= 100Q1 - 2Q1² -2Q1Q2

Then, marginal revenue MR1 will be:

= dR1/dQ1

= 100 - 4Q1 -2Q2

Similarly, the revenue for firm 2 will be:

= P x Q2

= 100Q2 - 2Q2² -2Q1Q2

Then, MR2 will be:

= 100 - 4Q2 - 2Q1

Therefore, MR1(Q1, Q2) = 100-4Q1-2Q2 and MR2(Q1, Q2) = 100 - 2Q1 - 402.

Option B is the correct answer.

P = 90 - Q

Q = Q1 + Q2

The revenue for firm 1 (R1) will be:

= PQ1

= 90Q1 - Q1² - Q2Q1

The marginal revenue MR1 will be:

= 90 - 2Q1 - Q2

The marginal cost MC is:

= dC/dQ

= 6

Since profit is maximized when MR = MC, this will be:

90 - 2Q1 - Q2 = 6

- 2Q1 - Q2 = 6 - 90

- 2Q1 - Q2 = - 84

2Q1 + Q2 = 84

3Q = 84

Q1 = Q2 = 28

Therefore,

P = 90-Q.

P = 90 - (Q1 + Q2)

P = 90 - (28 + 28)

P = 90 - 56

P = 34

Then, the equilibrium profit will be:

= Total revenue - Total cost

= (34 × 28) - (6 × 28)

= 952 - 168

= 784


Related Questions

Which 3 statements about the Client request functionality are correct? Selecting Create client request on the Work screen begins the process Checking the Notify client checkbox means the client will be sent an email You can't add attachments to a client request You can request documents from a non-QuickBooks Online client To update the status of a client request, select the request and then the Status drop-down

Answers

Answer: • Selecting Create client request on the Work screen begins the process.

• Checking the Notify client checkbox means the client will be sent an email.

• To update the status of a client request, select the request and then the Status drop-down.

Explanation:

QuickBooks refers to an online accounting software that's utilized by several businesses and can be used in the request of information from ones clients.

From the options given, the statements about the client request functionality which are correct include:

• Selecting Create client request on the Work screen begins the process.

• Checking the Notify client checkbox means the client will be sent an email.

• To update the status of a client request, select the request and then the Status drop-down.

Monty Corp. has been in business for several years. At the end of the current year, the ledger shows: Accounts Receivable $ 326,200 Dr. Sales Revenue 2,761,700 Cr. Allowance for Doubtful Accounts 6,100 Cr. Uncollectible accounts are estimated to be 6% of accounts receivable. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Answers

Answer and Explanation:

The journal entry is shown below:

Bad debt expense Dr  $13,472

    To allowance for doubtful debts  $13,472

(Being the bad debt expense is recorded)

The bad debt expense is

= 6% of $326,200 - $6,100

= $13,472

Here the bad debt expense is debited as it increased the assets and credited the allowance for doubtful debts

Based upon the following data for a business with a periodic inventory system, determine the cost of merchandise sold for August. Merchandise inventory, August 1 $ 96,610 Merchandise inventory, August 31 100,530 Purchases 254,660 Purchases returns and allowances 13,340 Purchases discounts 6,320 Freight in 4,070Cost of Merchandise Sold for August = ______.

Answers

Answer:

Cost of merchandise = $235150

Explanation:

Below is the calculations:

Cost of merchandise = Opening inventory - ending inventory + purchases - purchase return - purchase discount + freight

Now plug the value in the above formula:

Cost of merchandise = 96610 - 100530 + 254660 - 13340 - 6320 +4070

Cost of merchandise = $235150

What is one result of competition in a free-market economy?
A. The government decides who is allowed to compete in the market.
B. Consumers can choose which company's products they want to
buy.
C. Traditional values determine who will compete in the market.
D. Businesses control the price that all the companies within an
industry can charge.

Answers

Answer:

b

Explanation:

Which of the following is a false statement?
A. Certain states have no state income tax.
B. Depending on where you live, you may pay no state income taxes.
C. All states have a flat state tax.
D. Most states have state income tax

Answers

Answer:Its C.

Explanation:

Its C because only 11 states have flat taxes at the moment.

Answer is C. All states have a flat state tax. Not all states have flats state tax. Hope this helps !

Travis and Andrea were divorced in 2017. Their only marital property consisted of a personal residence (fair market value of $400,000, cost of $200,000), and publicly traded stocks (fair market value of $800,000, cost basis of $500,000). Under the terms of the divorce agreement, Andrea received the personal residence and Travis received the stocks. In addition, Andrea was to receive $50,000 for eight years. I. If the $50,000 annual payments are to be made to Andrea or her estate (if she dies before the end of the eight years), the payments will qualify as alimony. II. Andrea has a taxable gain from an exchange of her one-half interest in the stocks for Travis' one-half interest in the house and cash. III. If Travis sells the stocks for $900,000, he must recognize a $400,000 gain. a.I, II, and III are true. b.Only III is true. c.Only I and II are true. d.Only I and III are true.

Answers

Answer: B. b.Only III is true.

Explanation:

It should be noted that in order to qualify as an alimony, then the cash payments have to stop when the payer dies.

It should be noted that the $50,000 annual payments that are to be made to Andrea or her estate if she dies before the end of the eight years doesn't qualify as alimony.

Therefore, the correct option will be that If Travis sells the stocks for $900,000, he must recognize a $400,000 gain.

Therefore, only III is correct.

Price of beni’s house increased from 100,000 to 200,000 in the last decade. Cost of living quadrupled ( increased 4 times as much). What can you say about Beni’s house?

Answers

Answer:

Answer to type following question is as follows;

Explanation:

Real value = Nominal value / Inflation

Beni's house has gone up in value from 100,000 to 200,000 dollars in the previous ten years. The cost of living has quadrupled (raised fourfold). The home is now less expensive because, if it had appreciated at the same pace as all other products and services, it would have been four times more expensive ($400,000), but rather it is $200,000.

Andrews Company currently has the following balances in their liability and equity accounts: Total Liabilities: $52,319,000 Common Stock: $8,808,000 Retained Earnings: $45,066,000 Next year the Andrews Company generates $11,500,000 in Net Profit, pays $5,000,000 in dividends, and total liabilities and common stock remain unchanged. What will their total assets be next year

Answers

Answer: $112,693,000

Explanation:

Total assets = Equity + Liabilities

Liabilities will not change in the new year.

Retained earnings = Beginning retained earnings + Net income - Dividends

= 45,066,000 + 11,500,000 - 5,000,000

= $51,566,000

Assets = (8,808,000 + 51,566,000) + 52,319,000

= $112,693,000

Note: Equity is the sum of common stock and retained earnings

Krenshaw Company reported total sales revenue of $80,000, total expenses of $72,000, and net income of $8,000 for the year ended December 31, 2009. During 2009, accounts receivable increased by $3,000, merchandise inventory decreased by $2,000, accounts payable increased by $1,000, and $5,000 in depreciation expense was recorded. Assuming no other adjustments to net income are needed, the net cash inflow from operating activities using the indirect method was:

Answers

Answer: $13000

Explanation:

Following the information provided in the question, the net cash inflow from operating activities using the indirect method will be calculated as follows:

Net Income = $8,000

Add: Depreciation expense = $5,000

Add: Decrease in inventory = $2,000

Add: Increase in account payable = $1,000

Less: Increase in account receivable (3,000)

Cash inflow from operating activities = $13000

Epsilon Co. can produce a unit of product for the following costs: Direct material $ 8 Direct labor 24 Overhead 40 Total costs per unit $ 72 An outside supplier offers to provide Epsilon with all the units it needs at $60 per unit. If Epsilon buys from the supplier, the company will still incur 40% of its overhead. Epsilon should choose to:

Answers

Answer:

If the company produces the units, it will save $4.

Explanation:

First, we need to calculate the relevant cost of making the units in-house. We will consider only the incremental overhead cost:

Make in-house:

Direct material= 8

Direct labor= 24

Avoidable Overhead= 40*0.6= 24

Total cost= $56

Buying:

Total cost= $60

If the company produces the units, it will save $4.

What is probability and non probability sampling?

Answers

Explanation:

I hope this will help you.

On June 15, Oakley Inc. sells inventory on account to Sunglass Hut (SH) for $4,500, terms 4/10, n/30. On June 20, SH returns to Oakley inventory that SH had purchased for $1,000. On June 24, SH completely fulfills its obligation to Oakley by making a cash payment. What is the amount of cash paid by SH to Oakley

Answers

Answer: $3360

Explanation:

Based on the information given in the question, the amount of cash paid by SH to Oakley will be calculated as thus:

SH will be entitled to a discount of 4% since the payment was made within the discount period, therefore, the discount that is applicable will be:

= $4500 - $1000

= $3,500

Therefore, the amount of cash payment that is made by SH to Oakley will be:

= $3,500 - (4% × $3,500)

= $3500 - (0.04 × $3500)

= $3500 - $140

= $3360

Therefore, the amount of cash paid by SH to Oakley is $3360.

The following department data are available: Total materials costs $172000 Equivalent units of production - materials 50000 Total conversion costs $105000 Equivalent units of production - conversion costs 30000 What is the total manufacturing cost per unit

Answers

Answer:

6.94

Explanation:

The total cost of materials is $172,000

The equivalent unit of production materials is 50,000

The total conversion costs are $105,000

The equivalent unit of production is 30,000

Therefore the total manufacturingg costs per unit can be calculated as follows

172,000/50,000

= 3.44

105,000/30,000

= 3.5

3.44+3.5

= 6.94

Which ratio measures the number of dollars of operating cash available to meet each dollar of interest and other fixed charges that the firm owes?

Answers

Answer:

Fixed-charge coverage ratio

Explanation:

The fixed-charge coverage ratio can be regarded as a rato that gives the measurements of the ability of a firm have to cover all her fixed charges. These fixed charges could be expense as well as debt payments and interest. It displays the wellness that earnings of a company has to cover its fixed expenses. This ratio is considered by bank before they lend money to a business. It should be noted that Fixed-charge coverage ratio measures the number of dollars of operating cash available to meet each dollar of interest and other fixed charges that the firm owes.

The only way to decrease your lifestyle budget is by completely eliminating an item.

True
False

Answers

Answer:

False

Explanation:

A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis.

The first step of the budgeting process is to prepare a list of each type of income and expense that will be part of the budget.

A lifestyle can be defined as the way and manner an individual chooses to live his or her life. Similarly, a lifestyle budget comprises the cost of goods and services an individual has chosen to spend his or her money on.

Basically, completely eliminating an item isn't the only way to decrease a lifestyle budget because there could be similar items that even cost way more than the eliminated item.

Some of the benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.

Answer:

False

Explanation:

The only way to decrease your lifestyle budget is by completely eliminating an item.

True

False

Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March.

March
1 Brooks invested $185,000 cash along with $26,000 in office equipment in the company
2 The company prepaid $8,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $8,000.
3 The company made credit purchases of office equipment for $5,100 and office supplies for $2,000. Payment is due within 10 days.
6 The company completed services for a client and immediately received $5,500 cash.
9 The company completed a $8,500 project for a client, who must pay within 30 days.
12 The company paid $7,100 cash to settle the account payable created on March 3.
19 The company paid $6,200 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,200.

Required:
a. Prepare general journal entries to record these transactions.
b. Post the journal entries from part 1 to the ledger accounts.
c. Prepare a trial balance as of the end of March.

Answers

Answer:

Venture Consultants

1. Journal Entries:

March 1 Debit Cash $185,000

Debit Office equipment $26,000

Credit Common stock $211,000

March 2 Debit Prepaid Rent $8,000

Credit Cash $8,000

March 3 Debit Office equipment $5,100

Debit Office supplies $2,000

Credit Accounts payable $7,100

March 6 Debit Cash $5,500

Credit Service revenue $5,500

March 9 Debit Accounts receivable $8,500

Credit Service revenue $8,500

March 12 Debit Accounts payable $7,100

Credit Cash $7,100

March 19 Debit Prepaid Insurance $6,200

Credit Cash $6,200

b. T-accounts:

Cash

Date        Account Titles             Debit        Credit

March 1   Common stock         $185,000

March 2  Prepaid Rent                              $8,000  

March 6  Service revenue            5,500  

March 12 Accounts payable                        7,100

March 19 Prepaid Insurance                      6,200

March 31 Balance                                 $169,200

Prepaid Rent

Date        Account Titles             Debit        Credit

March 2  Cash                            $8,000

Prepaid Insurance

March 19 Cash                          $6,200

Office equipment

Date        Account Titles             Debit        Credit

March 1   Common stock          $26,000

March 3  Accounts payable           5,100

March 31 Balance                                      $31,100

Office supplies

Date        Account Titles             Debit        Credit

March 3  Accounts payable     $2,000

Accounts receivable

Date        Account Titles             Debit        Credit

March 9  Service revenue         $8,500

Accounts payable

Date        Account Titles             Debit        Credit

March 3 Office equipment                         $5,100

March 3 Office supplies                            $2,000

March 12 Cash                            $7,100

Common stock

Date        Account Titles             Debit        Credit

March 1   Cash                                           $185,000

March 1   Office equipment                          26,000

March 31 Balance                    $211,000

Service revenue

Date        Account Titles             Debit        Credit

March 6  Cash                                         $5,500

March 9  Accounts receivable                  8,500

March 31 Balance                     $14,000

c. Trial Balance as of March 31

Date        Account Titles             Debit        Credit

Cash                                      $169,200

Prepaid rent                                8,000

Prepaid insurance                      6,200

Accounts receivable                  8,500

Office equipment                       31,100

Office supplies                           2,000

Common stock                                        $211,000

Service Revenue                                         14,000

Totals                                  $225,000  $225,000

Explanation:

a) Data and Analysis:

March 1 Cash $185,000 Office equipment $26,000 Common stock $211,000

March 2 Prepaid Rent $8,000 Cash $8,000

March 3 Office equipment $5,100 Office supplies $2,000 Accounts payable $7,100

March 6 Cash $5,500 Service revenue $5,500

March 9 Accounts receivable $8,500 Service revenue $8,500

March 12 Accounts payable $7,100 Cash $7,100

March 19 Prepaid Insurance $6,200 Cash $6,200

April 1 April 30 Raw materials inventory $10,500 $13,500 Work in process inventory 5,350 3,770 Materials purchased in April $98,100 Direct labor in April 80,300 Manufacturing overhead in April 160,000 Prepare the cost of goods manufactured schedule for the month of April

Answers

Answer:

cost of goods manufactured= $336,980

Explanation:

First, we need to calculate the direct material used:

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 10,500 + 98,100 - 13,500

Direct material used= $95,100

Now, the cost of goods manufactured:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 5,350 + 95,100 + 80,300 + 160,000 - 3,770

cost of goods manufactured= $336,980

what is the meaning of Neccesity​

Answers

Answer:h

Explanation:

the fact of being required or indispensable.

"the necessity of providing parental guidance should be apparent"

ur mom i neee to kow id yo momma a milf

The following estimates have been prepared for a project:Fixed costs: $27,000Depreciation: $18,000Sales price per unit: $4Accounting break-even: 50,000 unitsWhat must be the variable cost per unit

Answers

Answer: $3.10

Explanation:

Accounting breakeven = Fixed costs / Contribution margin

Fixed costs = Fixed costs + Depreciation = 27,000 + 18,000 = $45,000

50,000 units = 45,000 / Contribution margin

Contribution * 50,000 = 45,000

Contribution = 45,000 / 50,000

Contribution margin = 0.9

Contribution margin = Sales - Variable cost

0.9 = 4 - Variable cost

Variable cost = 4 - 0.9

= $3.10

On July 1, a company sells 8-year $250,000 bonds with a stated interest rate of 6%. If interest payments are paid annually, each interest payment will be ________.

Answers

Answer:

The correct answer is "$15,000".

Explanation:

Given:

Value,

= $250,000

Interest rate,

= 6%

The Interest Payment will be:

[tex]Value\times Interest \ rate[/tex]

= [tex]250,000\times 6[/tex]%

= [tex]15,000[/tex] ($)

An organization's budget program should not be used: Group of answer choices to motivate employees. to assign blame to managers that do not meet budgetary goals. to help evaluate managers. to allocate resources to the various parts of an organization.

Answers

Answer:

to assign blame to managers that do not meet budgetary goals.

Explanation:

A budget is used to forecast a company's income and expenses over a specified period.

Uses of a budget

1. It is used to evaluate the performance of managers in meeting the amounts stated in the budget

2. It is also used in allocating resources to the various parts of an organization. for example, units that have been forecasted to earn a higher revenue would receive a higher part of the budget

3. It is used to develop an action plan for the organisation

Arya has a homeowner’s policy that covers up to $400,000. Her house is completely destroyed in a fire. When an assessment is made of the house and possessions, it is decided that her losses are only worth about $350,000. How much money will Arya receive from her insurer (assuming there is no deductible)? A. $50,000 B. $200,000 C. $350,000 D. $400,000

Answers

Answer:

C: 350,000$

Explanation:

If there is no deductible then the insurance would pay the damges. Damages were 350,00$

Suppose an economy starts the year with $100 million in capital, and during the course of a year, it adds $20 million of gross investment. Economists estimate that the depreciation rate for this economy is 9% per year.

Required:
a. Calculate depreciation and net investment for this economy.
b. Calculate the value of net exports.

Answers

Answer:

Correct word for question b. "Now calculate the amount of next year's beginning capital stock for this economy"

a. Begins the year with $100 million in capital. Depreciation rate is 9% per year

Depreciation = 9% * $100 million

Depreciation = 0.09 * $100 million\

Depreciation = $9 million

Gross investment = $20 million

Net investment = Gross investment - Depreciation

Net investment = $20 million - $9 million

Net investment = $11 million

b. Next year begining capital stock = Capital stock at the begining of previous year + Net investment

Next year begining capital stock = $100 million  + $11 million

Next year begining capital stock = $111 million

If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, then the average product of 12 workers is:

Answers

Answer:

the average product of 12 workers is 5

Explanation:

The computation of the average product of 12 workers is shown below:

= (Number of units of a product in the case of 11th workers + marginal product of units in 12th worker) ÷ number of workers

= (54 + 6) ÷ 12

= 5

Hence, the average product of 12 workers is 5

The same is to be considered

Find the payment that should be used for the annuity due whose future value is given. Assume that the compounding period is the same as the payment period. $120,000; monthly payments for 7 years; interest rate 7%. g

Answers

Answer:

$1,104.68  

Explanation:

The payment applicable to the future value of the annuity due can be determined using the future value formula for the annuity due provided below by rearranging the formula such payment is made the subject:

FV=monthly payment*(1+r)^n-1/r*(1+r)

FV=future value=$120,000

monthly payment=unknown(let us assume it is MP)

r=monthly interest rate=7%/12=0.005833333

n=number of monthly payments in 7 years=7*12=84

$120,000=MP*(1+0.005833333)^84-1/0.005833333*(1+0.005833333)

$120,000=MP*(1.005833333)^84-1/0.005833333*(1.005833333)

$120,000=MP*(1.629994009 -1)/0.005833333*1.005833333

$120,000=MP*0.629994009 /0.005833333*1.005833333

$120,000=MP*108.628973152

MP=$120,000/108.628973152

MP=$1,104.68  

Your uncle repays a $150 loan from Tenth National Bank (TNB) by writing a $150 check from his TNB checking account. Assume these funds are the only loans and deposits available for your uncle and the bank.

Required:
Write the T-account table.

Answers

Answer: See explanation

Explanation:

The T-account for your uncle before the loan is repaid will be:

Your Uncle:

Assets: Bank accounts $150

Liabilities: Loan $150

Tenth National Bank

Assets: Loan and advance $150

Liabilities: Deposits $150

The T-account and TNB for your uncle after the loan is repaid will be:

Your Uncle

Assets: Bank account $0

Liabilities: Loan $0

Tenth National Bank

Assets: Loan and advance $0

Liabilities: Deposits $0

Consider an auctioneer who is selling an item through an auction. It is known that the 25 risk-neutral bidders have affiliated values that are distributed between $0 and $500 million. Based on this information, the auction type that will maximize expected revenue is:____.
1. English auction.
2. second-price, sealed-bid auction.
3. first-price, sealed-bid auction and Dutch auction.
4. English auction and second-price, seal-bid auction.

Answers

Answer:

2. second-price, sealed-bid auction.

Explanation:

In the given situation, it is mentioned that there is 25 risk -neutral bidders that contains the affiliated values and the same is to be allocated between $0 and $500 million

So, here the type of an action that could maximize the expected revenue is the second price i.e. sealed bid auction as in this the bidder provides the maximum price that received the good in the second maximum price

Therefore, the second option is correct

Costs of $5,000 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer (FOB shipping point) for a cost of $200. Additional necessary costs of $400 were incurred to acquire the goods. No other incentives or discounts were available. What is the buyer's total cost of merchandise inventory?a. $5,000.b. $5,200.c. $5,400. d. $5,600.

Answers

Answer:

d. $5,600

Explanation:

The computation of the total cost of merchandise inventory is shown below:

Cost of goods purchased $5,000

Add: Shipping charges (FOB point) $200

Additional necessary costs to purchase the goods $400

Buyer’s total cost of merchandise inventory $5,600

Hence, the total cost of merchandise inventory is $5,600

Therefore the option d is correct

The F. Mercury, Capital account has a credit balance of $42,000 before closing entries are made. Total revenues for the period are $60,200, total expenses are $42,300, and withdrawals are $11,000. What is the correct closing entry for the expense accounts

Answers

Answer: Debit Income Summary $42,300; Credit Expense accounts $42,300

Explanation:

It should be noted that the expense accounts have a normal debit balance and therefore in such case will be closed by crediting of the accounts.

In such case, the income summary account will be debited, and the expenses account will then be credited.

Based on the information given, the correct closing entry for the expense accounts will be:

Debit Income Summary $42,300

Credit Expense accounts $42,300.

Suppose that the owner of Boyer Construction is feeling the pinch of increased premiums associated with workersâ compensation and has decided to cut the wages of its two employees (Albert and Sid) from $25 per hour to $21 per hour. Assume that Albert and Sid view income and leisure as "goods," that both experience a diminishing rate of marginal substitution between income and leisure, and that the workers have the same before- and after-tax budget constraints at each wage. Albert and Sid's opportunity set is presented below:What is the value of A when the wage is $25?What is the value of A when the wage is $21?At the wage of $25 per hour, both Albert and Sid are observed to consume 14 hours of leisure (and equivalently supply 10 hours of labor). After wages were cut to $21, Albert consumes 12 hours of leisure and Sid consumes 16 hours of leisure. Determine the number of hours of labor each worker supplies at a wage of $21 per hour:Albert's supply of labor = _______Sid's supply of labor = ________How can you explain the seemingly contradictory result that the workers supply a different number of labor hours?A. Albert has no income effect, and Sid has no substitution effect when the wage declines to $21.B. Albert's substitution effect dominates his income effect when the wage declines to $21, and vice versa for Sid.C. Albert has no substitution effect, and Sid has no income effect when the wage declines to $21.D. Albert's income effect dominates his substitution effect when the wage declines to $21, and vice versa for Sid.

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