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Consider a small town that is served by two grocery stores, White and Gray. Each store must decide whether it will remain open on Sundays or whether it will close on that day. If both stores decide to close, then each has monthly profits of $21,000. However, if one is open and the other is closed, the open one has profits of $25,000 and the closed one has profits of $17,000. If both remain open on Sundays, then each has profits of $20,000. a) Why might profits be lower if both are open on Sundays than if both are closed on Sundays? b) Place payouts in the appropriate cells of the payoff matrix shown below. c) Does either firm have a dominate strategy? Is there a dominant strategy equilibrium? Is this strategy join profit maximizing? d) Is the equilibrium discussed in part c likely to be stable over time? In particular, what might firms do to alter this outcome? e) Is this an example of a prisoners’ dilemma?
Create a table that lists at least four sources of growth in the economy along with two examples of each source. A brief caption should accompany your table, explaining what it contains and why these sources are important.
The free-rider concept occurs when a person enjoys the benefits of a good or service without paying for it. Music files are nonrival and effectively nonexcludable, thus creating a free-rider problem. Do you concur that the best solution is for the co..
The following sets of statements contain common errors. Elucidate and identify each error.
Please provide and discuss two examples of positive externalities and two examples of negative externalities regarding government regulation on business. Choose any two of these four examples and discuss what the government could do to correct these ..
Economic data is a very broad concept. It can include discrete preference relation data-sets as well as extensive time series data. But it is important that theories are tested against data, and the earlier this happens in the development of an econo..
Suppose there are two types of movie: Arty (A), and Popcorn (P). These films may be either Decent (D) or Terrible (T). 35% of all movies are Arty. 20% of all movies are both Arty and Decent. If a film is a Popcorn, there is a 75% chance that it is Te..
Brian consumes only two goods, Chocolates and porcelaine lupines. Let X be the number of chocolates Brian consumes and Y be the number of porcelain lupines. Brian's utility function is given by U=20X^2 Y. Suppose initially that the price of chocolate..
You are manager of Bonnie=s Unknown Lexicon Lists, Silly Hat Incorporation Tapestry Company. A company dedicated to making tapestry and upholstery fabric. Determine profit maximizing quantity of upholstery.
Discusses an example of a regulatory measure which was supposed to serve public interest, but in reality serves private interest.
After AT&T was split up by government litigation into a number of different entities (i.e., local phone companies, a long-distance phone company and a phone equipment manufacturer), what was the result on competition in the phone market?
Assume in this market all apartments are identical, so there is only one equilibrium rent. Show the rent as $800 per month.
The dropout rate of minority also international students at U.S. colleges also universities are higher than it is for white American students.
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