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The demand for most new films peaks in the first few days after opening, then tapers off. Two key factors that affect potential demand are the season (Summer and Christmas are the best times) and the timing of other releases. Suppose that both Studio Luna and Moonlight Movies are producing major action movies. The two studios must choose between release on December 11 or 18. If both films open on December 11, each will sell 200,000 tickets. If one opens on December 11 and the other on December 18, then the early release will sell 350,000 tickets, while the later release will sell 150,000. If both open on December 18, each will sell 100,000 ticketsa.
a. Suppose that the studios choose their launch dates simultaneously. Construct a game in normal form (payoff matrix) to illustrate the sitution and identify the equilibrium or equilibria.
b. As a simultaneous game, is this an example of a prisoners' dilemma game? Why or why not?
c. Is this a situation of first-mover advantage? Explain your answer with a suitable game in extensive form
After receiving good reviews for her work at a series of art shows, Jean Rodin considers quitting her job as a management consultant to pursue full time her hobby of sculpting. Jean figures that she can sell $90,000 worth her art each year. She fo..
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Draw a separate box diagram to show what the contract curve might look like if Aisha was concerned about very low consumption of food and clothing by Robin, but Robin was only concerned about his own consumption.
If two people have cardinal utility functions, person1 is Utility = XY and person2 is Utility = (XY)^1/3 which bundle would they find to be best Bundle 1: Has an indifference curve of Y = 1/X
If supply is given by Qs = 1000 and the government imposes a tax of 50 on iPhones that must be paid by sellers then Producers will bear the full economic burden of the tax but how come there is no deadweight loss
Suppose that the production function of an economy follows the formula Y = F(K, bN) where b denotes the number of units of "human capital" per worker and bN the "effectiveunits" of labor. Due to effective educational policy, the stock of human cap..
Suppose that the country of Bigu has a population of 127 million, of which 83 million are in working- age population. of those, 2.5 million are not in the labor force and 52 million are employed. Calculate the labor-force participation rate.
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