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Problem: Economists often use Game Theory to analyze the actions of oligopolists. Suppose that Toyota and GM are considering entering a new market for electric automobiles and that their profits (in millions of dollars) from entering or staying out of the market are: GM Enter Do Not Enter Enter 10, -40 250, 0 TOYOTA Do Not Enter 0, 150 0,0 Does Toyota have a dominant strategy? EXPLAIN Does GM have a dominant strategy? EXPLAIN. What is the Nash Equilibrium? Suppose the U. S. Government is interested in affecting the outcome in this market. How would your answer change (if at all) if the US Government committed to paying GM a lump-sum subsidy of $50 million on the condition that it would produce this new type of car?
Which economic theory seems more accurate to you? Classical or Keynesian theory? In your explanation, describe the key assumptions of the theory you choose and explain why you think those assumptions are reasonable to make. In your answer, incl..
Find the taxi firms profit maximizing or loss minimizing output level, Q. Calculate the monopolist's total profit. What is the monopolist's average profit?
Most peaches are grown in Georgia. Today you heard that the relationship between the peach farmers and the pickers is going sour, and there will soon be no peaches available.
why do economists pay little attention to the algebraic sign of the elasticity of demand for a good with respect to its
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Travel on a train between Paris and Madrid and the view from the window changes- ?uctuating between green land and a heavy concentration of economic activity. What explains this bunching of activity over space? Could similar factors explain the bu..
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The director of a theater company in a small college town is considering changing the way he prices tickets. He has hired an economic consulting firm.
In what type of market communications do most companies spend the bulk of their advertising dollars What are some of the advantages of that type of communication
Show the effects and relationships tariffs made on Preferential Trade Agreement
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