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1. James and Greg each (separately) want to open a restaurant in Atlanta. They both know that Atlanta can support one, but not both. If one restaurant opens the owner will get 100 (and the other 0). If both open, both owners will get -40. If neither opens, both get 0.
a. Show this as a simultaneous move game, and solve for the equilibrium (or equilibria).
b. Show this as a sequential move game (with James moving first), and solve for the equilibrium.
2. Having successfully opened his Restaurant, James decides that the format will be a buffet and he needs to set a pricing strategy. The marginal cost for serving a customer is estimated to be $3.00. There are two types of customers, students and faculty. The estimated own price elasticity of demand for students -2, while for faculty it is -1.5. Based on this information, recommend a pricing strategy for James (including how it might be implemented).
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In 1992, thirst Bush administration was worried about a lingering recession. The administration announced that households would receive a reduction in their taxes for the year 1992. However, this was not accompanied by a reduction in tax rates, and t..
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A market has a demand curve described by P=26-Q, a supply curve described by P=10+Q, and a price ceiling of 12. Calculate the Total Surplus of the market with the price ceiling.
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