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Consider the following duopoly where firms choose their quantities (qi ∈ [0, ∞)) simultaneously. Firm 1 has a cost of c1 (q1) = 20q1 and firm 2 knows this cost. Firm 2 has either a cost of c2 H (q2) = 30q2 or a low cost of c2 L (q2) = 15q2. Firm 2 knows their cost, but firm 1 doesn’t know firm 2’s cost, but believes that firm 2 has a high cost with probability 1/3 and a low cost with probability 2/3. The market demand curve is...
P(Q) = ( 120 − 4Q Q < 30 ) 0 otherwise
a) Find the Nash equilibrium of the Bayesian game.
b) Determine the profits in equilibrium.
An American is considering relocating their Oregon facility to Nicaragua. The current exchange rate is 1 U.S. dollar (USD) to 25 Nicaragua Cordobas (NIO). The current wage rate in Nicaragua is 200 NIO per hour, and the U.S. wage rate is $15/hr. If th..
Consider an industry with two firms (duopoly) the produce a homogenous product (same product). The two firms strategically choose their price (price is the choice variable, not quantity). Note, this is a Bertrand duopoly setting. Use your knowledge o..
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At the 0.05 level of significance, is there evidence that the population mean force is greater than 1,500 pounds? What assumption about the population distribution is needed in order to conduct the "t test" in (a)?
Why these former employees faced difficulties because the market for their very technical skills was declining. These workers were.
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To set a tax rate at the appropriate level to maximize its tax revenues, a government must engage in
You manage MBA Deli which sells meals at a price of $6 each. The average number of meals sold per month is 7,000. MBA Deli would like to increase its sales and profits. The MBAs running the Deli, know that if price is lowered, they will sell more mea..
After a hurricane hits, demand for contracting services goes up because of an increase in damaged houses. Similarly, supply may fall as some contractors have their equipment destroyed and costs go up as the mold remediation is necessary in most house..
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