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Problem: 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.
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Question 1: Create the payoff matrix for this game.
Question 2: What (if any) is the dominant strategy for each firm?
Question 3: What is the Nash equilibrium of the game?
Question 4: Is this game a prisoner's dilemma? Explain.
f there is an increase in labor productivity, there will be a: A. Leftward shift of the labor supply curve B. Rightward shift of the labor supply curve
Economics is used in almost all aspects of life. It is about choice and decision making. An understanding of economics will illustrate how to live and exist in our world today and understand how the business world functions.
What is the equation for national saving? Compute the new equilibrium interest rate. Compute the values of national saving at the new equilibrium interest rate. Prepare a report of your findings. Provide a minimum of two sources.
What is the opportunity cost of wine in country A? What is the opportunity cost of wine in country B - Who has the comparative advantage in cloth? Who has the comparative advantage in cloth wine?
The Chinese government has refused to print currency in denominations higher than the 100-renminbi note, which is the equivalent of about $16. The United States prints $100 bills and all other countries print currency in denominations that are at ..
we can assume the united states is making progress in becoming more green so to speak. however countries like india
Estimate the population mean for a 95% confidence level. Your final answers should be correct to 2 places after the decimal point.
What effect would each of the following have on aggregate demand or aggregate supply? Explain.
Calculate the marginal revenue from the given information and decide whether you should increase output (sell more).
Dundee argues that the situation in Oklahoma City was desperate, and that Lindenwood could have tried to locate other suppliers of the lumber to meet its lumber needs. The case is tried before you, the Circuit Court of St. Charles County.
Suppose that the government reclassifies people who are discouraged workers as unemployed workers at the same time that they also decide to count as unemployed any workers who are working part- time while preferring to work full-time. Calculate th..
Explain the monetarist's quantity theory of money including the significance of each component of the exchange equation and the assumptions of the model. If our goal is to focus on growth in the economy, how does this theory affect policy makers
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