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3. Suppose you are a potential entrant into a market that previously has had entry blocked through the government. Your market research has estimated that the market demand curve for this industry is
P = 22,500 - 75Q,
where
You estimate that if you enter the market, your own cost function will be
Cy(Qy) = 50,000 + 3,000Qy.
The government has invited your firm to enter the industry, but it will require you to pay a one-time license fee of $100,000. You do not know the cost functions of the firms presently in the market; however, the price is now $16,000. Last year 87 units were sold by existing firms. Would you choose to enter this market? Explain.
A worker faces a review every year. He prefers to spend time making if he will be reviewed; otherwise he would prefer to use time somewhere else.
Figure 10-13 demonstrate the payoff matrix for the only 2-auto dealerships in a community, Jim's Autos and Tim's Autos. The matrix demonstrate the profits that each company would earn from selecting either a low price or a high price.
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.
Company A and B are battling for market share in two separate markets. Market I is worth $30 million in revenue; market II is worth $18 million.
Barbara and Juanita, Two basketball players, are best offensive players of the school's team. They know if they work together offensively-feeding the ball to each other,
The given matrix demonstrate the payoffs for an advertising game between Hilton and the Oriental. The companies can choose to advertise or to not advertise.
The following payoff matrix represents long run payoffs for 2-duopolists faced with the option of purchasing or leasing buildings to use for production.
Firm A and Firm B are the only competitors in market. Each has to decide what price to set for its product. Once prices are set, they cannot be changed for year. Both companies set prices at the same time.
Consider the two-period repeated game in which this stage game is played twice and the repeated-game payos are simply the sum of the payos in each of the two periods.
Determine the solution to the given advertising decision game between Coke and Pepsi, assuming the companies act independently.
Assume that JVC is trying to decide how to rate a new stereo system composed of a receiver, CD player, & speakers. The firm's economists have estimated that 2-different groups will buy these products
The Candle Company and the Wick Corporation are the only manufactures of a very sophisticated type of flammable material.
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