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Explain why the payoff matrix in Problem indicates that firms A and B face the prisoners' dilemma.
Problem states: from the following payoff matrix, where the payoffs are the profits or lesses of the two firms, determine (a) whether firm A has a dominant strategy, (b) whether firm B has a dominant strategy, and (c) the optimal strategy for each firm
firm B
Low Price High Price
Low Price (1,1) (3, 21)
Firm A High Price (21,3) (2,2)
explain whether the following scenarios shift the aggregate supply or aggregate demand curves. Illustrate what happens by using a graph. Finally, state in what direction the price level and the quantity move. a.) Households decide to save a l..
We would like to determine if Candidate 1 will win the upcoming mayor race. A randomly sampled poll shows candidate 1 ahead of candidate 2. Candidate 1 is projected to win 45% of the votes and Candidate 2 is projected to win 43% of the votes.
Illustrate what are monthly fixed costs, quasi-fixed costs, and variable cost for Exquisite Portraits Inc.
A mathematically fair bet is one in which amount won will on average equal the amount bet,for example, when a gambler bets say, $100 for a 10% chance to win $1000
The demand for watermelons is highest during summer and lowest during winter. Yet watermelon values are normally not bigger in summer than in winter.
Dr Leona Williams a well know Plastic Surgeon, has reputation for being one of best surgeons for reconstructive nose surgery. Dr Williams enjoys a rather substantial degree of market power in this market. She has estimated demand for her work to b..
Illustrate what would happen to the costs if the growth rate was half as much as expected. This does not need to be a detailed economic analysis.
You are employed as a business consultant to a Senator. She heard the association in unemployment rate and economic growth, and asks you to find the relationship so that she could propose a policy to decrease the unemployment rate.
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
Derive LM curve through one of the standard methods used in Macroeconomics. Be sure to label all axis and curves on your graph. Describe in writing to what your derivation brings equilibrium and how it accomplishes this.
Suppose that in Question 1, the government rather than using a tariff, decides to limit the quantity of imports to 4. All the quota licenses are given to the nephew of the minister of finance (no rent seeking). Show on a new graph the outcome of t..
Ten competitive saw mills currently supply lumber to a market whose demand q, depends on lumber price, p, as follows,
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