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Consider two quantity-setting firms that produce a homogeneous good. The inverse demand function for the good is p = A - (q1+q2). Both firms have a cost function C = q2
(a) Compute and describe the Nash equilibrium (quantities, price and profits) in the game in which both firms choose their quantities simultaneously?
(b) Suppose that firm 1 can switch to a new technology under which its cost function becomes C1= F + q2/2. The cost function of firm 2 remains C = q2. What is the largest value of F for which firm 1 will switch when we assume that both firms will continue to produce the equilibrium quantities computed in (a)?
(c) Compute the Nash equilibrium after firm 1 adopts the new technology. What is the largest value of F for which firm 1 will switch to the new technology?
(d) Compare your answers to (b) and (c). Explain the intuition in detail; that is, why is/isn't there a difference between the two answers?
Strategies against Hostage Takers T ypical Situations Terrorists: usually have several hostages, demands are polit- ical, may be fanatics, location may be public or sec
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How much time you want to spend on this material willdepend on the focus of your course. For many social sciencecourses, a general exposure to the ideas, based on a quick runthroug
A general term for an English auction in which there is no reserve price, guaranteeing that the object will be sold to the highest bidder regardless of the quantity of the bid.
For the section on dynamic games of competition, you can begin by asking if anyone in the class has played competi- tive tennis (club or collegiate or better); there is usually one
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