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Considered the following market. Chrome can choose when launching its new product either to do it LARGE or as NICHE. After Chrome has chosen its action, Firefox observes Chrome's choice and then can choose to ADAPT to RETAIN its own product. After Firefox has chosen its action, the game ends and the payoffs are made. The payoffs are as follows. If Chrome chooses LARGE and Firefox ADAPT, the payoffs are 25 and 40 to Chrome and Firefox, respectively. If Chrome goes LARGE and Firefox RETAINS the payoffs are 30 and 50 to Chrome and Firefox. If Chrome plays NICHE and Firefox ADAPTS, the payoffs are (40 Chrome, 30 Firefox) and if Chrome plays NICHE and Firefox RETAINS the payoffs are (20, 20) for Chrome and Firefox, respectively.
Q: Does the subgame perfect equilibrium equilibrium result in the outcome that maximises total surplus? If it is, explain why. If not, is there any way the surplus- maximising outcome can be obtained? Interpret your answer in the context of the Coase Theorem. Why might your solution not work? 2.Two workers (workers 1 and 2) on a production line both have the choice to come to work Late or Early. If both come Late their payoffs are 5 and 4 to worker 1 and 2, respectively. If worker 1 comes Late and worker 2 comes Early the payoffs are 2 to each worker. If worker 1 comes Early and 2 comes Late the payoffs are 1 to each of them. Finally, if both workers come Early the payoffs are 3 to each worker. Q:Draw the normal form of this game and determine all of the Nash equilibria. Do you think this game could represent a true production process?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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