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Consider the following game: Joanna has a credit card account with Capital One. Capital One’s available strategies are to raise Joanna’s credit card interest rate or do nothing. Joanna’s available strategies are to transfer her Capital One credit card balance to another credit card company or do nothing. If Capital One raises Joanna’s interest rate and Joanna does nothing, Capital One increases profits by $1,000 while Joanna receives -$1,000. If Capital One raises Joanna’s interest rate and Joanna transfers her account to another credit card company, Capital One receives -$300 while Joanna receives -$100. If Capital One does nothing and Joanna does nothing, each receives $0. If Capital One does nothing and Joanna transfers her account to another credit card company, Capital One receives -$300 and Joanna receives -$150.
Draw a game tree similar to the one on slide #7 in the Game Theory and Oligopoly PPT. Be sure to specify the action and the payoffs for each player.
Identify the Nash Equilibrium of this game.
Mary’s utility function is U (b, c) = b + 100c ?c2, where b is the number of tomatoes in her garden and c is the number of onions. She has 500 square feet in her garden to allocate between tomatoes and onions. How many tomatoes and onions should Mary..
You know that marginal cost of last unit is $30. Should industry continue to operate at a loss. Carefully elucidate your answer
Illustrate what Do You Think About The Idea That Technological And Medical Advances Would Bring An End To Hunger, Disease, Drudgery, And Unemployment In The United States
Some remedies and preventive measures have been put forth to slow or forestall currency crises, such as capital controls and intermediate regimes (i.e., fixed or floating exchange rates). Discuss these measures and comment on whether they would be ef..
Suppose you are considering the purchase of a 2011 Ford Explorer. The car costs $22,000 and you plan to make a $2,000 down payment. For a 48 month lease, the APR is 4.9%. What is your monthly payment? What happens to your answer if you extend the loa..
Suppose you are in charge of monetary policy. Assume your goals are a full employment level of production with price stability. Assume further the economy has excess capacity with unemployment at 7.8% (the natural rate is 5.2%), but you are concerned..
When prices are (P1, P2)= (1,2), the consumer demands (X1, X2) = (1,2). When prices are (Q1, Q2) = (2,1), the consumer demands (Y1, Y2) = (2,1). Is this consumer behaviour consistent with Weak Axiom of revealed preference ? Prove that elasticity of d..
What are the equilibrium level of income and the equilibrium interest rate?
Two firms constitute the entire doghouse industry. One has the long-run cost function c1(y) = 3 + (4y^2)/3 for y > 0 and c1(0) = 0, and the other has the long-run cost function c2(y) = 10 + (y^2)/10 for y > 0 and c2(0) = 0. If no new firms can enter ..
The methods used by business can impact the productivity of the factors of production. Explain why this should be a concern for anybody who earns an income.
Potato farming (like farming of most agricultural products) is highly competitive. Price is determined by demand and supply. Based on U.S. Find the competitive market price and output. Potato farmers in Montana raise about 7 percent of total output. ..
A volunteer ambulance service handles 0 to 5 service calls on any given day. The probability distribution for the number of service calls is shown below. NUMBER OF SERVICE CALLS PROBABILITY 0 .10 1 .15 2 .30 3 .20 4 .15 5 .10 What is the expected val..
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