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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
Determine the present worth of 5 equal annual deposits of $1,150 at the end of years 1 through 5, followed by 4 equal annual withdrawals of $700 at the end of years 4 through 7. Note that both years 4 and 5 will have a deposit and a withdrawal. Inter..
Why might a multinational corporation with identical plants in different countries pay different wage rates to workers in the two different countries even though their skill levels are the same? Does this strike you as unjust? Why might the higher-pa..
If she has to eat only whole servings, what will she have for breakfast, and how many calories will she consume? If she can eat partial servings, how would your answer differ?
How is it possible that in perfect competition some firms have economic profits equal to zero while others have a positive economic profit. Can they have a positive consumer surplus? Isn't it a contradiction?
Occasionally, companies will use media contrary to normal industry practice. For example, a B-to-B product might be advertised on network TV and a frequently purchased product would use no TV advertising. Discuss about the conditions under which this..
One kind of gain from specialization is that
What are some ways that you use computers to communicate? How do you think computer technology will change communication in the future? Will a greater reliance on CMC change how we think about and engage in traditional forms of communication like int..
Continuing with the modified balance sheet with $40 million in Level 3 assets, assume the bank issues an additional $3 million in stock and sells $20 million of its Level 3 assets for cash through the government's troubled asset relief (TALF) program..
The Gorgonzolan central bank puts 5,000,000 guilders into circulation and each of the commercial banks holds 20% of deposits. Assume the public holds no currency. Initially all of the money is deposited into First National Bank. Show the T-account fo..
Suppose that hedonic wage studies indicate a willingness to pay $75 per person for a reduction in the risk of a premature death from an environmental hazard of 1/50,000. If the exposed population is five million people, what is the implied value of a..
measured in thousands of units and price (P) is measured in dollars per unit. The equilibrium quantity in this market it.
1. a woman and her son are debating about the average length of a preachers sermons on sunday morning. despite the
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