Reference no: EM13207572
Game Theory Suppose there are only two car companies, Ford & Chevrolet. Ford believes that Chevrolet will match any price it sets, but Chevrolet too is interested in maximizing profit. Use the following price and profit data to answer the following questions.
a. What will Ford charge
b. What price will Chevrolet charge once Ford has set its price?
Ford's selling
price in $ Chevrolet's selling
price in $ Ford's profits
in $ (millions) Chevrolet's profits in $ (millions)
4,000 4,000 8 8
4,000 8,000 12 6
4,000 12,000 14 2
8,000 4,000 6 12
8,000 8,000 10 10
8,000 12,000 12 6
12,000 4,000 2 14
12,000 8,000 6 12
12,000 12,000 7 7
|
Observe how the bird activity has changed
: It has been some time since your first field report. Observe how the bird activity has changed. Do you see the same species? More males than females, females than males? Has their behavior changed?
|
|
Explain in terms of elasticity of demand for farm product
: In order to reduce farm output, raise farm prices, and thus raise farm incomes (revenues), the government pays farmers to set aside a portion of their land from production. Using a graph, explain in terms of the elasticity of demand for farm produ..
|
|
How much peanut and jelly will david buy
: David gets $3 per month as an allowance to spend any way he pleases. Since he likes only peanut butter and jelly sandwiches, he spends the entire amount on peanut butter (at $0:05 per ounce) and jelly (at $0:1 per ounce).
|
|
Are functions homogeneous in income and prices
: Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y). Repeat part (b) for the case in which px..
|
|
What price will chevrolet charge once ford has set its price
: Game Theory Suppose there are only two car companies, Ford & Chevrolet. Ford believes that Chevrolet will match any price it sets, but Chevrolet too is interested in maximizing profit. Use the price and profit data.
|
|
Study strategies are textbook use-note taking
: study strategies are: 1) textbook use; 2) note taking; 3) test taking; 4) test anxiety; 5) time management; 6) motivation; 7) improving concentration; and 8) procrastination.
|
|
Determine how much labor will be hired
: a. Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unit b. Draw the demand curve for labor based on the above data and the $3-per-unit product price c. If the wage rate is $15 per hour, how much lab..
|
|
Calculate the total hours per week supplied to the market
: Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market. Hourly Wage Hours per week
|
|
Western industrial powers and traditiona
: Do you agree with Michael Parenti when he says, "Imperialism has been the most powerful force in world history over the last four or five centuries, carving up whole continents while oppressing indigenous peoples and obliterating entire civilizations..
|