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To advertise or not to advertise Suppose that Creamland and Dairy King are the only two firms that sell ice cream. The following payoff matrix shows the profit (in millions of dollars) each company will earn depending on whether or not it advertises: Dairy King Advertise Doesn’t Advertise Creamland Advertise 6, 6 19, 4 Doesn’t Advertise 4, 19 10, 10 For example, the upper right cell shows that if Creamland advertises and Dairy King doesn't advertise, Creamland will make a profit of $19 million, and Dairy King will make a profit of $4 million. Assume this is a simultaneous game and that Creamland and Dairy King are both profit-maximizing firms. If Creamland decides to advertise, it will earn a profit of million if Dairy King advertises and a profit of million if Dairy King does not advertise. If Creamland decides not to advertise, it will earn a profit of million if Dairy King advertises and a profit of million if Dairy King does not advertise. If Dairy King advertises, Creamland makes a higher profit if it chooses . If Dairy King doesn't advertise, Creamland makes a higher profit if it chooses . Suppose that both firms start off not advertising. If the firms act independently, what strategies will they end up choosing? Creamland will choose to advertise and Dairy King will choose not to advertise. Both firms will choose to advertise. Both firms will choose not to advertise. Creamland will choose not to advertise and Dairy King will choose to advertise. Again, suppose that both firms start off not advertising. If the firms decide to collude, what strategies will they end up choosing? Creamland will choose to advertise and Dairy King will choose not to advertise. Both firms will choose not to advertise. Both firms will choose to advertise. Creamland will choose not to advertise and Dairy King will choose to advertise.
What is the R-square of the regression - Can you forecast (predict) what happens to the average price of a house if the number of bedrooms increases from 3 to 4 (keeping everything else constant)?
Textbook publishers have traditionally produced both United States and international editions of most leading textbooks. The United States version typically sells at a higher price than the international edition. Discuss why publishers use this prici..
In 2008 tolls were raised on Bridge X. Consequently, bridge traffic decreased 40 percent and revenues rose 170 percent. Compute the price elasticity of the demand for access to Bridge X
Using the information on exhibit 2 calculate the consumer price index in the current year.
Who is hurt and who is helped by an increase in the legal minimum wage? Under what circumstances might a higher minimum not reduce employment?
Suppose the market price in a perfectly competitive market is $10. Suppose the marginal cost of the firm is given by: MC = 2Q + 2. Graph the profit maximizing decision facing the firm, showing the corresponding profit maximizing level of output, on a..
karens performance pizza is a small restraunt in ny that sells gluten free pizzas karens very tiny kitchen barely has enoug room for the three ovens in which her workers bake the pizzas karen signed a lease obligating her to pay the rent for the t..
For the Portfolio Project, conduct an analysis of a recent article and provide your evaluation and outcome expectations in an articulate and informative paper that discusses: A minimum of three general economic principles related to the article. Iden..
If the number of labor hours increases by 10% and the number of hours of capital used decreases by 10%, what is the percentage change in output.
Suppose the own price elasticity of market demand for retail gasoline is -0.6, the Rothschild index is 0.4, and a typical gasoline retailer enjoys sales of $1,800,000 annually. What is the price elasticity of demand for a representative gasoline reta..
For observational data such as global temperature, stock market prices, un- employment, the most persuasive scientific evidence that one variable causes a change in another is. A model derived from accepted theory that demonstrates that a change in o..
If most businesses in an industry are earning a 13 percent rate of return on their assets, but your firm is earning 23 percent what is your rate of economic profit
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