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A firm's output is L(100 - L) when it uses L50 units of labor, and 2500 when it uses L> 50 units of labor. The price of output is 1. A union thatrepresents workers presents a wage demand (a nonnegative number w),which the firm either accepts or rejects. If the firm accepts thedemand, it chooses the number L of workers to employ (which youshould take to be a continuous variable, not an integer); if itrejects the demand, no production takes places (L = 0). The firm'spreferences are represented by its profit; the union's preferencesare represented by the value of wL.a) Formulate this situation as an extensive game with perfectinformation.b) Find the subgame perfect equilibrium (equilibria?) of thegame.c) Is there an outcome of the game that both parties prefer to anysubgame perfect equilibrium outcome?d) Find a Nash equilibrium for which the outcome differs from anysubgame perfect equilibrium outcome.
Suppose that a new government is elected that wants tokeep out the poor. It declares that the minimum rent that can be charged is $2500 per month. If the government can enforce that price floor, will there be a surplus or ashortage? Of how many un..
A firm has Total Costs (TC) of $10,000 over the next three months (TOTAL for the 3 months - not per month), of which $6,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm..
The invers demand curve for a monopolist changes from P=100-2Q to P=120-2Q while the marginal cost of producing remains unchanged at a constant $20. what happens to the deadweight loss
Consider an economy with population growth at rate n = :03, technological growth at rate g = :02, depreciation at rate = :05, and a savings rate of s = :30. The economy is at steady state. (a) What is the rate of growth of aggregate income Y in this..
An important factor in selling a residential property is the number of people who look through the home. A sample of 17 homes recently sold in the Buffalo, New York, area revealed the mean number looking through each home was 19
The government collects $7 in taxes and spends $10 on locally-made goods. Firms borrow $7 and make $7 in domestic investment spending. The government and firms buy no imports what is Germany's current account balance
Discuss the relationship in the price and quantity demanded in question four on a graph. Is the relationship direct or inverse?
Given the simple demand schedule information in the table above, calculate the coefficient of price elasticity of demand four times. Note that the coefficient of price elasticity of demand over the entire range of the demand schedule is 1, indicat..
A construction company is considering changing its depreciation from MACRS method to historical SL method for a general purpose hauling truck. The cost basis of the truck is $100,000, and the expected salvage value for depreciation purposes is $8,..
what is the probability that it will be green?I did take one marble out of the bag; it was red. I set it aside. Now I am going to choose another marble at random. What is the probability that it will be green?
If an investor deposits $1000 now, $3000 three years from now, and $600 per year for 5 years starting 4 years from now, how much money can be withdrawn every year forever beginning 12 years from now, if the rate of return on the investment is 8%.
Agrigrow is to purchase a tractor for over-the-road hauling for $90,000. It is expected to be of use to the company for 6 years, after which it has a salvage value for $4,000. Transportation cost savings are expected to be $63,000 per year, includ..
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