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Two contractors are competing for a sequence of contracts to provide the government with military supplies. Each month there is a new contract put out for bids for the two contractors. The cost to a contractor for providing the supplies a given month is a positive integer C, and the cost is the same for both contractors and the same in all months. The contractors can submit costs to the government in a given month that are nonnegative integers, with a maximum bid of M > C+4. Thus, their bids must be a nonnegative integer in {0,1,2,3,...,M}. The government picks the contractor with the lowest cost in order to provide the supplies in a given month, flipping a fair coin if the bids are tied. The contractors arrange to collude, agreeing that contractor 1 will bid M-1 and contractor 2 will bid M in odd months, so that contractor 1 will win the contract in odd months, and then they will reverse these in even months so that contractor 1 will bid M and contractor 2 will bid M-1 in even months, so that contractor 2 will win the contract in even months. The contractors agree to enforce this via a grim-trigger strategy of simply both bidding C forever after if the agreement is broken. a. If a contractor decides to deviate from this agreement, what would the optimal deviation be? b. Suppose that M = 10 and C = 1. For which values of "delta" is this a subgame perfect equilibrium of the infinitely repeated game?
In the short run the typical company increases its output but its total cost also rises. Hence, the effect on the company 's profit cannot be determined without more information.
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If extension of provisions is made to final goods but not to intermediate goods, what would this do to effective rate of protection (ERP) for country provided by its tariff schedule.
Assume that the nation is not large enough to affect the world price. Illustrate the effects of a tariff on imports.
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Explain difference between nominal and real variables and give two examples of each. According to principle of monetary neutrality, which variables are affected by changes in quantity of money.
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