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A small town is served by two grocery stores, White and Gray. Each store must decide whether it will remain open on Sunday or whether it will close on that day. Monthly payoffs for each strategy pair are shown in the following table:
Gray’s choices
Showing all of your work, answer the following questions:
Which firm is the more profitable in this market?
Does the firm you identified as more profitable have a dominant strategy?
Based on your calculations, what should the more profitable firm do: open on Sundays or close on Sundays? Explain your answer.
Is this an example of a Prisoner’s Dilemma? Explain your answer.
Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage.
This project will replace some existing equipment which currently has a book value (BV) of $200k and an estimated market salvage value of $375k. The new project will require new equipment costing $2.0 M, which will be depreciated straight-line to ..
Nonmarket work includes time spent
Using your answers above, why does the growth rate of real GDP differ depending on the base year? Explain how the technique of Chain-Weighted Real GDP alleviates this problem.
Assume an open, mixed economy (C+I+G+X=real GDP) and an MPS of .2 What is the multiplier? if the government spending (G) increases by $50B, how much will the real GDP increase? If taxes also increase by $50B, consumption (C) will fall by how much?
Explain why Chrysler's decision might have been prompted by movements in its wage costs or capital cost, or both.
A supermarket wants to allocate 1.75% as bounce to reward the hardworking employees from the total that will be made annually. The sales are expected to be $250,180 in the first year and $262,180 in the second year. The amount increases each year by ..
If we accept Marx's labour theory of value, we run into a different problem: if a working day of 8 hours creates same amount of value in a highly mechanized industry as in an industry with few machines, why do capitalists introduce machines.
Analyze the role of credit in our economy and how it influences the business cycle. In your answer, explain how the role of credit leads to the stability of our economy.
What were the strengths and weaknesses of the system of central planning in the Soviet Union? Was the decline of socialism in Eastern Europe the result of purely economic facture? What role was played y politics and culture?
Ann owns a lawn mowing company. She has 240 lawns she needs to cut each week. Her weekly revenue from these 240 lawns is $8,400. If given an 18-inch deck push mower, a laborer can cut each lawn in two hours. If given a 60-inch deck riding mower, a la..
What is the nature of cross subsidy, its extent, and its consequences for the pricing of new long distance entrants in comparison to AT&T?
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