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Queen Elizabeth has decided to auction off the crown jewels, and there are two bidders: Sultan Hassanal Bolkian of Brunei and Sheikh Zayed Al Nahyan of Abu Dhabi. The auction format is as follows: The Sultan and the Sheikh simultaneously submit a written bid. Exhibiting her well-known quirkiness, the Queen specifies that the Sultan’s bid must be an odd number (in hundreds of millions of English pounds) between 1 and 9 (that is, it must be 1, 3, 5, 7, or 9) and the Sheikh’s bid must be an even number between 2 and 10. The bidder who submits the highest bid wins the jewels and pays a price equal to his bid. The winning bidder’s payoff equals his valuation of the item less the price he pays, while the losing bidder’s payoff is zero. Assume that the Sultan has a valuation of 7 (hundred million pounds) and the Shiekh has a valuation of 8. (a) Write down a game table to describe this auction as a simultaneous-move game between the Sultan and the Sheikh. [5 points] (b) Write down all Nash equilibria for this game.
Discuss each of the pricing strategies below. What conditions are necessary to make each strategy successful in terms of increasing profits?
Over the Christmas Break, you are hired by Apple to help make the new iPad. Show completely labeled graph showing the initial equilibrium wage and quantity for the iPad labor market.
Imagine working at the Trading Desk at the New York Fed. Explain whether you would conduct open market purchases or sales in response to each of the following events. Justify your recommendation.
What are the three factors that determine the behavior and ultimate value of people in an organization? From a manager’s perspective, which is the most important factor of the three? Give an example, supporting your choice.
Assume the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labor cost is $80 per worker per day. For each level of output, elucidate which technology is cheapest.
Which of the following is a leakage from the circular flow?
You short-sell 200 shares of Tuckerton Trading Co., now selling for $50 per share. Illustrate what is your maximum possible gain ignoring transactions cost.
For a competitive firm facing a market price above average total cost, the existence of economic profits means that the firm should increase output in the short run even if price is below marginal cost.
Draw a graph with arcade games on the horizontal axis also newspapers on the vertical axis. Joe has $10 every week to allocate between these commodities.
Has consumer surplus been affected in any way due to the changes in the auto structure of industry
Using a required reserve ratio of 10% and assuming that banks keep no excess reserves, what is the value of government securities the Fed must purchase if it wants to increase the money supply by $2 million?
The US had a national bank during the first few decades after its birth before it was abolished. Today, we have the Federal Reserve. What are the differences between the Federal Reserve and a National Bank (specifically, with regard to their interven..
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