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Microeconomic Assignment
1. Explain what WTA, WTP are. How are these concepts related to a market for an output good/service and the allocation of the good/service?
2. Often, in marketing one is trying to convince consumers of a product's ‘value.' Using the indifference curve and budget constraint concepts, explain how this ‘value' would be represented in terms of trade-offs, maximizing customer satisfaction, and how this might generate additional sales for a retailer.
3. Under what circumstances might game theory replace a standard profit maximization function? How does a firm's strategic behavior differ between repeated play games and single play games?
4. Why do firms fail to reach their optimal outcomes in the Prisoner's Dilemma? Under what set of circumstances could they reach these optimal outcomes in this strategic game?
What are the solutions to this game and how much is it worth to you to get your casino building permit first
What is the set of Nash equilibria for k m? For k = m = 1, is the game the same (except for the names of the actions) as any considered so far in this chapter?
assume there are two countries involved in a war. country a is considering invading country b through a bridge which is
In a Gallop poll of 1012 randomly selected adults, 9% said that cloning of humans should be allowed. We are going to use a .05 significance level to test the claim that less than 10% of all adults say that cloning of humans should be allowed. The ..
Write down this game's coalitional function.- Compute the bargaining set of this game relative to the coalitional structure {N}.
Find the set of pure strategy symmetric Nash equilibria of the game, and the set of pure evolutionarily stable strategies. What happens if each player has n actions, corresponding to demands of 1, 2, . . . , n units of payo? (and δ 1/n)?
What is the Nash equilibrium in this game? Is there a first-mover advantage or first-mover disadvantage in this game?
For N = {1, 2, 3}, compute the bargaining set of the coalitional game (N; v) relative to the coalitional structure {{1, 2},{3}}, for each of the given coalitional functions:
Mixed strategy equilibrium of game in Figure 1:- - Show that the game in Figure 1 has no non degenerate mixed strategy equilibrium.
Depict this situation as a game with incomplete information.- Are the beliefs of Ronald and Jimmy consistent? -If you answered the above question positively, find the common prior.
1. suppose that the u.s. corn market is characterized by the following demand and supply equationsqd 64- 5pqs 3pwhere
case study1game theorytimemagazine and newsweek are twocompetingnews magazines.suppose thateach
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