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Suppose that Pfizer and Roche are both developing a drug to cure cancer. If neither pharmaceutical company develops a new drug, then each firm's profit would be $150 million. If Pfizer develops a drug and Roche does not develop a drug, then Pfizer makes a profit of $400 million, whereas Roche's profit is $100 million. Similarly, if Roche develops a drug and Pfizer does not develop a drug, then Roche makes a profit of $400 million, whereas Pfizer's profit is $100 million. If both Pfizer and Roche develop a drug, then each pharmaceutical company makes a profit of $300 million.
a. Create the payoff matrix for this game.
b. What (if any) is the dominant strategy for each firm?
c. What is the Nash equilibrium of the game?
d. Is this game a prisoner's dilemma? Explain.
Use economic concepts to describe the competition in physician services specific to demand and supply.
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Find the new equilibrium price and quantity, and show this on your graph - Find the equilibrium price and quantity.
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Mr. Paul is consuming products X and Y optimally and deriving total utility of 10 utiles. when his budget is increased from K80 to k81, his utility increases.
Calculate the elasticity of demand when the price of a DVD rental rises from $3 to $5.
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