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The following matrix shows strategies and payoffs for two firms that must decide how to price:
Firm 2Firm 1 Price HighPrice LowPrice High400, 400-50, 700Price Low700, -50100,100
a. Does either firm have a dominant strategy, and if so, what is it?
b. What is the Nash equilibrium of the game?
c. Why would this be called a prisoner's dilemma game?
Car Depreciation problem: A common complaint is that a new car will depreciate by 25% as soon as the new owner drives it off the lot. This information comes from resale price data from cars sold just months after the initial purchase. How does advers..
Bob and Karl are deciding how to split their time between writing music and lyrics for their new album. Their PPFs for 72 hours of work are shown below. Bob and Karl have to write music for 8 songs and lyrics for 12 songs (4 songs already have music)..
Illustrate what must the saving rate be to achieve the Golden Rule level of capital.
Chinese private-sector wages rose 14 percent in 2012. This trend in rapidly rising wage rates might hurt its manufacturing dominance. Explain the effect of the rising wage rates on the supply of manufactured goods.
Using a demand/supply diagram, illustrate and explain the effects of the imposition of an export tax on a good Y by a home country’s government on (i) the home country’s consumers of Y, (ii) the home country’s producers of Y, and (iii) the home gover..
In the eclectic economy of Ecentricitia, their currency is the Ecentric dollar (ED). 0.05 of each ED earned by Ecentricites goes to taxes. 0.09 of each ED earned is spent on imports. After taxes, they save 0.15 of each ED. What is the Government spen..
What many of us may not realize is that there is a market for currency (money) just like any other market. So let's consider the demand for money. Class, what are the two primary determinants of demand for money?
Should courts play a direct role in evaluating such administrative performances as the funding and operating of a prison system? Of a public school system?
The second question on the Fair Labor Standards Act involves the criteria that make a job EXEMPT and the criteria of jobs that are NON EXEMPT. What Along with this you need to include two examples of jobs that are exempt and two that are nonexempt an..
Interest rates have been at record low levels since 2008. The most recent normal year in the US economy was 2007, the eve of the onset of the global financial crisis. What was the effect of the increase of the supply of loanable funds by the federal ..
Illustrate what would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production.
The cross elasticity between two goods has been measured at -1.2. How are the goods related? Explain
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