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Every year, two firms that produce renewable fuels compete for a $2 million federal grant, and their proposals are reviewed by an expert panel that chooses the best proposal. One firm will win the $2 million grant while the other firm receives nothing. Each firm can choose to hire, or not hire, an expensive technology lawyer (at a cost of $400,000) who is effective at presenting the proposal in the best light. If neither firm hires a lawyer or if both firms hire lawyers, each side can expect to win about half the time. If only one firm hires a lawyer, it can expect to win three-quarters of the time. The legal fees are not contingent on success and must be paid regardless of the grant outcome.
Question a. Diagram the players, moves, and payoffs for this simultaneous-move game.
Question b. What is the Nash equilibrium of the game?
Question c. Is this game a prisoners' dilemma? Please explain your response.
Question c. Would the firms want to ban lawyers from the grant competition?
Use the Risk free rate in the last column to compute excess returns for the industries - For this entire problem, you can assume that the OLS assumption
Summit Record Company is negotiating with two banks for a $136,000 loan. Fidelity Bank requires a 14 percent compensating balance, discounts the loan, and wants to be paid back in four quarterly payments.
Write the knapsack cuts that correspond to the non-maximal packings I = {1}, {2}, {3}, {4} for constraint (2.3a).
Calculate the project's annual free cash flow (FCF) for each of the next five years, where the firm's tax rate is 35% - If the cost of capital for the project is 12%, what is the projected NPV for the investment?
Suppose the yield to maturity on a one-year zero-coupon bond is 8%. The yield to maturity on a two-year zero-coupon bond is 10%. Answer the following questions (use annual compounding).
Clark Communications has a capital structure that consists of 70% common stock and 30% long-term debt. In order to calculate Clark's WACC, an analyst has accumulated the following information
The required reserves ratio is 10 percent, and no leakages are in the system. - What is the size of the money multiplier (m)? - What will be the system's money supply?
The federal Health Care Financing Administration supports this conclusion through its forecast that annual prescription drug expenditures will reach $366 billion by 2010, up from $117 billion in 2000.
Draw three different indifference curves corresponding to the following three situations:- a free public education would increase the amount of money that is spent on the child's education;
X company is concerned about the high cost of its negotiated financing 12% per annum. The company's principal use of negotiated financing is in connection with operating cycle investments.
Discuss the factual rationale behind this nation's decision to go to war with Afghanistan and Iraq after the 9/11 attacks as well as the response from the international community
An investor can purchase a U.S. T-bill that matures in six months and earns an annual rate of return of 3 percent. What would be the annual return on a similar Japanese investment?
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