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Suppose that Apple and Google are both choosing how to price a next generation smartphone. If they both price their phone $1,000, then each firm's profit would be $10 billion. If one company prices its' phone at $1,000 while the other prices its phone at $800, then the company with the relatively high price ($1000) will earn a profit of $5 billion, whereas the one with the relatively low price ($800) will earn a profit of $15 billion. If both Apple and Google price their phone at $8000, then each car manufacturer makes a profit of $6 billion.
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.
Give an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
explain what would cause the government purchases function to increase. will a change in social security spending
After reading the article Making Markets Work located in Files, students are assigned to Review, Discover, and Comment on the assigned article.
Boeing is the major beneficiary of the US Export-Import Bank, which provides subsidies for exports. Proponents of the bill say it is necessary to meet hidden.
Consider the industry in which you work, or one about which you have some knowledge. What are the costs and benefits associated with attempting to bar entry.
How have government benefits, such as food stamps and housing subsidies, affected the labor-leisure choices of individuals?
An oligopoly contains N identical firms. The cost function is convex in output. Show that if the firms act as Cournot competitors then as N increases the market price will approach the competitive price.
Identify the cost of the Apple iPhone 6 plus. Discuss whether or not demand and supply are in equilibrium or is demand greater than supply. Identify two factors that would cause the demand curve to shift to the left.
Which of the following reflects does not reflect a strategic focus on procurement? What happens to the EOQ when the unit cost increases (assuming all other variables remain the same)?
discuss the primary advantages and disadvantages of applying the direct write-off and the allowance method of writing
Discuss the effect the credit market crisis in the United States in 2008 had in the market for existing single-family homes. Assuming the demand for existing single-family homes is relatively inelastic, what is likely to happen to the total revenues ..
What is average productivity and What is marginal productivity? Explain the relationship between marginal and average productivity. What would happen to marginal and average productivity if a technological innovation is introduced to the productio..
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