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Consider a market with two firms managed by Harry and Vera. Under a cartel (both firms pick the high price), each firm earns a profit of $80. Under a duopoly (both firms pick the low price), each firm earns a profit of $60. If the two firms pick different prices, the high-price firm earns a profit of $20 and the low-price firm earns a profit of $90.
a. Fill in the following payoff matrix.
b. The outcome of the pricing game is that Harry picks the price and Vera picks the price.
c. The outcome identified in part (b) is a Nash equilibrium because neither firm has an incentive to_______.
( 1) Materials Cost Per Tire (2) Labor Cost Per Tire (3) Average Profit Per Tire (4) % Increase or Decrease in Materials cost Per Tire (5) % Increase or Decrease in Labor cost Per Tire (6) % Increase or Decrease in Average Profit Per ..
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You are going to buy a milling machine for your company. The company borrows money to make the purchase and the loan terms are 9% per year, compounded monthly while making quarterly payments for 10 years.
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