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Consider the following sequential game between firm 1 and firm 2. First, firm 1 decides to adopt either technology A or technology B. Firm 2 observes firm 1's decision and then also decides between technology A or technology B. The profits (in thousands of dollars) of the firms are as follows. If both adopt technology A, then firm 1's payoff is $100 and firm 2's is $40. If firm 1 adopts technology A and firm 2 adopts technology B, then the payoff of each firm is $50. If firm 1 adopts technology B and firm 2 adopts technology A, firm 1's payoff is $60 and firm 2's is $100. Finally, if both adopt technology B, then each firm makes $25 in profits. Using the principle `look ahead and reason back' (i.e., backward induction), the most reasonable prediction is
a) that both firms will adopt technology A
b) that firm 1 will adopt technology A and firm 2 will adopt technology B
c) that both firms will adopt technology B.
d) that firm 1 will adopt technology B and firm 2 will adopt technology A
Using the slope of the health expenditure function, predict the change in per capita health care expenditures that would result.
“When two countries trade each one can specialize and the combined output will be higher which expands consumption possibilities of both the countries”. Do you agree? Explain your answer.
This year is expected to be a great one for selling walking shoes in Georgia. At very low prices, only the most efficient shoemakers are able to sell. There are two shoe producers that operate with the most cost-effective equipment and skilled person..
Money is defined by economists as "anything generally accepted as payment" For each of the following sentences, explain why it does not use the economist’s definition of money: Write a sentence that does use the economists definition of money
Suppose the Council of Economic Advisors (CEA) hired you as an Economist (Economic consultant). The head of the council tells that she believes the current unemployment rate of 9 % is too high.
A new production technology for making vitamins is invented by a college professor who decides not to patent it. Thus, it is available for anybody to copy and put into use. The TC per bottle for production up to 100,000 bottles per day is given in th..
Use the concept of the hydrologic cycle to explain how contamination of surface waters can also cause degradation of groundwater.
Discuss how your expected and disposable future income, after receiving your college degree, may change your saving and investment decisions and transactions in the loan able funds market
Expectations and consumer confidence are important in determining fluctuations in aggregate spending. In your opinion, what is the present status of consumer confidence.
q1. suppose that the market for wheat is characterized by the following demand and supply relationshipsdemand
In an agency relationship, someone agrees to perform a task for, and under the control of, someone else (the principal). An agent is the person who is acting on behalf of the principal in an agency relationship. Identify three (3) types of agency und..
A profit-maximizing monopolist faces a downward-sloping demand curve that has a constant elasticity of -4. The firm finds it optimal to charge a price of $24 for its output. What is its marginal cost at this level of output?
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