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Problem 1) Two consumers Justin and Cindy of the same product have the following demand curves: Q1 = 500 – 10 P and Q2 = 500 – 20 P. The marginal cost (MC) for the firm is $10. Calculate the prices when the firm discriminates between the two consumers. Is this a good strategy, or should the firm charge the same price to both of them?
Problem 2) The route from New York City to Albany is served by only two airlines, American and Delta. The payoffs from discounting or maintaining high prices are as below. DELTA'S MAINTAIN DELTA’S DISCOUNT AMERICAN'S $26,000 $32,000 MAINTAIN $24,000 $18,000 AMERICAN’S $21,000 $16,000 DISCOUNT $28,000 $12,000 Is there a dominant strategy? (5 points) What is (are) the Nash equilibrium (equilibria)? Explain. (5 points) Is there a mixed equilibrium strategy? (5 points) What behavior would you predict for Delta in a one-play game and why? (5 points) Problem 3) Assume D represents the level of decentralization of corporate decision-making. The benefits of decentralization, denoted B, = 3D and the costs of decentralization, denoted, C = 2D + 2D2. What is the optimal level of decentralization (D)? Explain
The vast majority of consumers have a relatively inflexible leisure budget. If sports team moves to town, the money one spend taking a family to a game typically is money that is not spent at a local bowling alley, golf course, restaurant or theatre...
Is the Affordable Health Care Act (Obama Care) good for America? Explain why or why not? What would you put in place or how would you improve the current system?
Kathryn and her husband earned a considerable fortune during their working lives, but Kathryn is now retired and her husband is deceased. Kathryn has $20 million available to pass along to her two children, and has made provisions in her will to divi..
Since no one party owns a not-for-profit hospital, physicians really own the hospital’s business. Consumer cooperatives have a long and successful history in development of the HMO. For-profit firms make up the bulk of hospital organizations.
What is the best way to use static supply and demand theory to analyze a dynamic world which is constantly changing?
From the scenario, determine the appropriate type of market structure for the situation in question. Cite at least four (4) defining characteristics that have helped you reach this decision regarding the appropriateness of the chosen structure. Recom..
Jane wants to buy a beautiful doll as a gift for her sister's birthday. She knows that the same product is offered in different shops with prices of $120, $100, and $80 with odds of one-third of finding each price. She just stopped at a shop and know..
Describe the impact of an expansionary fiscal policy in an open economy using the ISLM model and the interest-rate parity relationship. Explain what happens to output, the interest rate and the exchange rate, using the appropriate graphs to illustrat..
State and Local Governments in this country use sales taxes as means of generating revenue. In other countries, a value added tax (VAT) is used to generate Government revenue. Please explain the difference. In your opinion, which tax system is most e..
In the long run, the greater burden of a specific tax will usually be absorbed by
John and Deanna are married with two children. Both adults have college degrees, but Deanna has chosen not to enter the labor force, while John has worked continuously for 10 years. Suppose Deanna decides to enter the labor force and gets a job with ..
How could they continue to operate at a loss? 3. You want to determine the profit-maximizing production quantity for a monopolist.
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