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Assume that OPEC is made up of only two countries— Saudi Arabia and Kuwait. Each country can produce one unit of crude oil (a million barrels) at a cost of $1 million. The price of crude oil is determined by market demand, which is given by the following formula: Price = 10 – (QS + QK), where QS is the number of units produced by Saudi Arabia (S), and QK is the number of units produced by Kuwait (K). Suppose this is a one shot game. Also assume that Saudi Arabia and Kuwait each chooses either 2 or 3 units.
(a) Illustrate this game using a game table and find the Nash equilibrium.
Suppose now Saudi Arabia chooses either 4 or 5 units; Kuwait chooses either 1 or 2 units. All other conditions remain the same. It is still a one-shot game
(b) Illustrate this game using a game table and find the Nash equilibrium.
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Create a model showing the effects of a Price Floor.
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1. Which sentence is the better topic sentence, the first or the third? Explain why.
q.the money demand as well as curve is given by the following equation md 5000 - 10000r 5y md is money demand as well
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According to the figure, U.S. GDP at Situation (3) is $8 trillion with a price level of 113. Suppose that the U.S. economy moves from Situation (3) to Situation (2). Which of the answer choices best explains the reason for this movement? A decrease ..
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