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Question 1. Libertyville has two optometrists, Dr. Smith (S) and Dr. Jones (S). Each optometrist can choose to advertise his service or not. The net revenue to each optometrist, in thousands of dollars, is listed on the payoff matrix below. Answer questions a through c:
a. Does Dr. Smith have a dominant strategy? b. Does Dr. Jones have a dominant strategy? c. Does a Nash equilibrium exist for this game?
Question 2. Suppose the market for cigarettes is characterized by the following information:
Qd = 70 - 5P [Demand] Qs = 3P - 10 [Supply]
Suppose the government imposes a sales tax of $2 per unit. Answer questions (i) through (v) below: i) Calculate the magnitude of the consumer surplus and producer surplus in the pre-tax equilibrium. ii) Calculate the tax revenue in the post-tax equilibrium. iii) Calculate the change in consumer surplus due to the sales tax. iv) Calculate the change in producer surplus due to the sales tax. v) Calculate the Dead-Weight-Loss due to the sales tax.
Explain the effects of the $26 a week increase in the minimum wage on the workers' surplus and the firms' surplus. Has the labour market become more efficient or less efficient? Explain and show the welfare measurement analysis in the graph.
What is statistical discrimination and why does it occur, Provide an example of statistical dis-eliminations. Is statistical dionimination likely to persist overtime or will it eventuly disappear. Explain
Why would banks tend to lend more in booms and less in downturns and what do these proposals mean for the RBA's policy of targeting inflation?
Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form
Choose a United States firm with global operations. Discuss the company's activities outside the United States
Is the federal funds rate currently too high or too low, Suppose that a year has gone by, output is now just 1 percent above potential, and the inflation rate was 1.5 percent over the year. What federal funds rate should the Fed now set (assuming tha..
Business proposal for your chosen good or service. Include assumptions about the elasticity of demand and the market structure for the good or service.
The exponent of D in the above equation is +0.75. What does this say about the effect of bus fare on the demand for auto travel? Is the demand for auto with respect to auto travel-time elastic or inelastic? Please explain.
The market for a standard-sized cardboard container comprises two firms: BooBox and Flimflax. As manager of BooBox you enjoy patented technology which permits your company to produce boxes faster and at lower cost than Flimflax.
Assume you were appointed economic adviser to a less developed country in Africa. The country seeks to encourage capital formation and wants to raise the rate of saving of its own residents and encourage foreigners to invest in their country.
Find the breakeven discount rate such that the net present value of this development opportunity is zero and will the future value of this investment be sufficient to compensate those that suffer damages in year 20?
Compute the physical units of production. Compute equivalent units of production for materials and for conversion costs. Determine the unit costs of production.
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