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1) Consider the discrete Bertrand game described in the Oligopoly lecture notes/video. According to the rules of this game each student selects a number from the set {0,1,2, 3, 4, 5, 6, 7, 8, 9, 10} and is randomly matched with another student. Whoever has the lowest number wins that amount in dollars and whoever has the high number wins zero. In the event of ties, each student receives half their number in dollars. What number would you select if you played this game in our online class? Explain your reasoning
2) Continue to consider this discrete Bertrand model, but now assume that each student has a constant cost of 5 that is deducted from all payoffs. So whoever has the low number wins their number, minus 5. Whoever has the high number loses 5 total. In the event of a tie, each student wins an amount equal to their number divided by two, then minus five. Find any Nash equilibria in this game. Explain your reasoning.
If the cost of medical care increases by 40 percent, then, other things the same, the CPI is likely to increase by about
Suppose that you have utility in your wealth that is accurately described by this function: U = W^1/2. Further, suppose that your wealth is $1,000,000. What is the maximum amount you would pay to eliminate a risk that, with p = 0.001, your wealth wou..
q.assume that two firms compete in quantities cournot in a market in which demand is described by p 260 - 2q. every
The payoff to a company that enters is its gross profit minus its entry cost, while the payoff to a company that does not enter is 60. Find a symmetric Nash equilibrium in mixed strategies.
During 2009, the demand for LCD televisions appeared to be falling. At the same time, some industry observers expected that several smaller television manufacturers might exit the market. Use a demand-and-supply graph to analyze the effects of these ..
questions1. what type of uae companies would like to see higher tariffs and what type would like to seelower or no
Under the EU merger regulations, preapproval is not needed under which of the following conditions?
Three mutually exclusive projects are being considered for a remote river valley: Project R, a recreational facility, has estimated benefits of $10 million and costs of $8 million; Calculate the benefit-cost ratio and net benefits for each possible a..
There are three groups in a community. Their demand curves for public television in hours of programming, T, are given respectively by. What is the efficient number of hours of public television? How much public television would a competitive private..
Explain Veblen's theory of the leisure class. Explain why the leisure class is not overthrown and how conspicuous consumption plays a role in Veblen's theory.
Taking a code of ethics "off the wall and into the hall" can be a particular challenge for medium to large firms with a diverse array of employees.
The Occupational Safety and Health Administration (OSHA) has determined that the probability of a worker dying from exposure to a hazardous chemical used in the production of fertilizer is 0.008. The cost of imposing a regulation that would ban the c..
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