Which of the following statements regarding budgets is true? a. Budgets are detailed forward-looking financial reports based on expected income and expenses. b. Budgets describe a person’s financial position at a given point in time. c. Budgets measure a person’s financial performance at a given point in time. d. Budgets describe a person’s financial goals over a specific period of time. e. Budgets are historical documents that tell an individual how he or she has performed in the past.

Consider a two-firm industry. firm 1 (the incumbent) chooses a level of output q1. firm 2 (the potential entrant) observes q1 and then chooses its level of output q2. the demand for the product is p = 100 - q, where q is the total output sold by the two firms which equals q1 +q2. assume that the marginal cost of each firm is zero. a) find the subgame perfect equilibrium levels of q1 and q2 keeping in mind that firm 1 chooses q1 first and firm 2 observes q1 and chooses its q2. find the profits of the two firms-? 1 and ? 2- in the subgame perfect equilibrium. how do these numbers differ from the cournot equilibrium? b) for what level of q1 would firm 2 be deterred from entering? would a rational firm 1 have an incentive to choose this level of q1? which entry condition does this market have: blockaded, deterred, or accommodated? now suppose that firm 2 has to incur a fixed cost of entry, f > 0. c) for what values of f will entry be blockaded? d) find out the entry deterring level of q1, denoted by q1b, as a function of f. next, derive the expression for firm 1

Identify which of the twelve basic functions listed below fit the description given.

Select the correct answers. mila is at a flea market. she has $50 in her wallet. she decides that she will spend $15 on jewelry, $20 on a pair of jeans, $5 on a t-shirt, and $10 on something to eat. she likes a one-of-a-kind t-shirt, but the seller is not ready to sell it for less than $8. she thinks of five ways to deal with this situation. which two choices indicate a trade-off?