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There are two firms that are considering entering a new market and must make their decision without knowing what the other firm is going to do. Once a decision is made, it becomes a commitment that the firm cannot back out of or change after learning what the other firm will do. Unfortunately, the market is only big enough to support one of the two firms. If both firms enter the market, then they will each lose $10,000. If only one firm enters the market, that firm will earn a profit of $50,000 with the other firm breaking even (i.e., earning $0 profit). Obviously, if neither firm enters the market, neither will earn any profits in that market. Draw the normal form game layout for the above problem and identify any dominant and pure Nash equilibrium solutions as well as any mixed-form Nash equilibrium strategies. If there is a mixed-form Nash equilibrium strategy, state it precisely. Show all work.
Illustrate what is the probability that this worker is a college graduate. A non-college graduate. Are educational achievement and employment states independent
VML Industries has need of specialized yarn manufacturing equipment for operations over the next 3 years. The firm could buy the machinery for $95,000 and depreciate it using MACRS (this is a 7-year property). Annual maintenance would be $7500, and i..
Explain why is economics to an understanding of the problem of development. Why is an understanding of development crucial to policy formulation in developing nations.
An agency is having problems with personal phone calls made during working hours.
create a scatter chart to display thegame
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 80 – .5P, and the marginal cost of production is $100. a. Determine the optimal number of units to put i..
Which of the following would be a deadweight loss from a tariff? select one the shift of consumer surplus to government the increase in producer surplus the decrease in consumer surplus
Discuss the advantages or disadvantages a global firm might experience if it were to decentralize the decision making process through the assignment of teams according to geographic location. Address the following questions: What organizational chang..
GM announced that it will close its Oshawa truck plant in 2009 and a Windsor transmission plant in 2010. Ford also plans a 10 percent cut in white-collar, salaried positions. In total, over 4000 direct jobs will be lost. What is the relationship betw..
Which of the following would reduce the supply of microcomputers? A technological improvement that lowers the cost of producing the computers Higher wage rates for the workers that assemble the computers A reduction in the price of computer chips use..
Suppose you are interviewing the CEO of a large company. The CEO is telling you about his or her job as a manager and how he or she spends time. Using the description below, which function of management is the CEO most likely describing in this examp..
The purchase of government securities by the Fed from the public will begin a contraction in commercial bank lending. Provide an explanation. Define liquidity. Rank the following assets in order of their liquidity:
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