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Apple and Samsung have two pricing strategies: Set a high (monopoly) price or set a low (competitive) price. Suppose that if they both set a competitive price, economic profit for both is zero. If both set a monopoly price, Apple makes an economic profit of $100 million and Samsung of $200 million. If Apple sets a low price and Samsung sets a high price, Apple makes an economic profit of $200 million and Samsung incurs an economic loss of $100 million; if Apple sets a high price and Samsung sets a low price, Apple incurs an economic loss of $50 million and Samsung makes an economic profit of $250 million.
Create the payoff matrix for this game.
• What is the equilibrium of this game?
• Is the equilibrium efficient?
• Is this game a prisoners' dilemma?
Define the direction of monetary policy in the US over the last 3-5 years. Describing if money supply has increased or decreased? Explain. Have interest rates increased or decreased? Explain
Illustrate the consumer's opportunity set in a carefully labeled diagram. Show how the consumer's opportunity set changes when the price of good X increases to $10. How does this change alter the market rate of substitution between goods X and Y
You are starting your own Internet business. You decide to form a company that will sell cookbooks online. Justcookbooks.com is scheduled to launch 6 months from today. You estimate that the annual cost of this business will be as follows: Technol..
Two people take turns removing stones from a pile of n stones. Each person may, on each of her turns, remove either one or two stones. The person who takes the last stone is the winner; she gets $1 from her opponent.
Why do we call mechanisms such as proportional income taxes and the welfare system automatic stabilizers ? Choose one of these mechanisms and explain carefully how and why it affects fluctuations in output.
where P is the price in cents per kilo and Q is the quantity in millions of kilos. Canada is a small producer in the world chick pea market, where the current world price (which will not be affected by anything we do) is 60 cents per kilo. The Gov..
Relate these to observed correlations from U.S. data. Does the existence of taste shocks ‘‘help'' the model fit the data better?
a. Set up the constrained maximization problem and derive the first-order conditions. b. Derive the consumer's demand for X and Y in terms of parameters. c. Derive the own-prices of elasticiites of demand. Do the demands obey the law of demand
The table below reports some labour market figures for a hypothetical country, Blefuscu in 2005. Assume that there are only two types of employment: full time and part time. Everyone who is not employed is unemployed.
Assume that the demand for autoworkers declines significantly due to a decrease in demand for new automobiles. Explain what will happen to unemployment usin Keynesian reasoning
Calculate the effects on the government's objective of a tariff of 5 per unit.
the clap chemical company needs a large insulated stainless steel tank to expand its plant. clap has located such a
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