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1. Describe the meaning of a Nash Equilibrium when companies are competing with respect to price. Explain why is the equilibrium stable? Why don't the firms raise prices to the level that maximizes joint profits? Also discuss and critique what strategies firms could use to attempt to maximize profits and discuss problems associated with such strategies given the economic and legal environment.
2. Using well explained graphical and verbal analysis, describe the market structure situation confronting professional sports (baseball, football, etc.) labor negotiations and whether you could predict the outcome of those negotiations.
3. Using well developed and thoroughly explained graphical and mathematical relationships, and verbal analysis, demonstrate that a general equilibrium can be achieved under conditions of perfect competition and that under perfect competition economic welfare is maximized. Conclude your analysis by explaining how monopoly would violate the maximization of economic welfare conditions and discuss how far you believe policy should go to try to avoid monopoly and aim for perfect competition. In the answer, discuss whether or not perfect competition is desirable, even though it has the potential for attaining welfare maximization.
Player 1 has the following set of strategies {A1;A2;A3;A4}; player 2’s set of strategies are {B1;B2;B3;B4}. Use the best-response approach to find all Nash equilibria.
A supplier and a buyer, who are both risk neutral, play the following game, The buyer’s payoff is q^'-s^', and the supplier’s payoff is s^'-C(q^'), where C() is a strictly convex cost function with C(0)=C’(0)=0. These payoffs are commonly known.
Assume that the companies in an oligopolistic market engage in a price war and, as a result, all companies earn lower profits. Game theory would describe this as what?
In the summer ECMBA has a group assignment. Students are assigned to two person groups that have to make a 25 point paper applying game theory to competitive strategy.
Assume two competitors every face important strategic decisions where payoff to each decision depends upon reactions of the competitor. Company A can select either row in the payoff matrix defined below,
Suppose that the MBA education industry is constant cost and is in long run equilibrium. Demand raise, but due to strict accreditation standards, new companies are not allowed to enter the market.
Suppose you and your classmate are assigned a project on which you will earn one combined grade. You each wish to receive a good grade, but you also want to avoid hard work.
Create the strategic form payoff matrix, Determine the Nash equilibrium, Suppose the interaction is sequential where Holland Sweetener chooses to enter
It costs each company Brokely $3,000 per period to use filters that avoid polluting the lake. However, each company must use the lake's water in production
Following is a payoff matrix for Intel and AMD. In each cell, 1st number refers to AMD's profit, while second is Intel's.
Determine the solution to the given advertising decision game between Coke and Pepsi, assuming the companies act independently.
Ken and Gerard are roommates for a weekend and have succeeded in making their living quarters cluttered in very little time.
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