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Assume you are one of two manufactures of tennis balls. Both you and your competitor have zero marginal costs. Total demand for tennis balls is
P = 60 - QWhere Q = the sum of the outputs of you and your competitor.
a) Assume you are in this situation only once. You and your competitor have to announce your individual outputs at the same time. You expect your competitor to choose the Nash equilibrium strategy. How much will you choose to produce and what is your expected profit?
b) Now Assume that you have to announce your output before your competitor does. How much will you choose to produce? What is your expected profit? Is it an advantage or a disadvantage to move first? Explain.
The market for olive oil in new York City is controlled by 2-families, Sopranos and Contraltos. Both families will ruthlessly eliminate any other family that attempts to enter New York City olive oil market.
Consider trade relations in the United State and Mexico. Suppose that leaders of two countries believe the payoffs to alternative trade policies are as follows:
Player 1 has the following set of strategies {A1;A2;A3;A4}; player 2’s set of strategies are {B1;B2;B3;B4}. Use the best-response approach to find all Nash equilibria.
Determine which pair of strategies would competing companies A and B choose given this payoff matrix?
Ken and Gerard are roommates for a weekend and have succeeded in making their living quarters cluttered in very little time.
Suppose that the MBA education industry is constant cost and is in long run equilibrium. Demand raise, but due to strict accreditation standards, new companies are not allowed to enter the market.
he two leading United State manufacturers of high performance radial tires must set their advertising strategies for coming year. Each company has two strategies available:
Use the given payoff matrix for a simultaneous move one shot game to answer the accompanying questions.
Consider the two-period repeated game in which this stage game is played twice and the repeated-game payos are simply the sum of the payos in each of the two periods.
Two players, Ben and Diana, can choose strategy X or Y. If both Ben and Diana choose strategy X, every earns a payoff of $1000.
Suppose you and your classmate are assigned a project on which you will earn one combined grade. You each wish to receive a good grade, but you also want to avoid hard work.
Determine the solution to the given advertising decision game between Coke and Pepsi, assuming the companies act independently.
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