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The following payoff matrix illustrates the problem. Does a Nash equilibrium exist ? (Answer yes or No). If a nash equilibrium exists, give the payoffs.
Problem 1: What effect does the Nash equilibrium have on consumers and over time on the industry itself? Problem 2: Are there any real world (historic or current) examples of this?
Explain the following a. What is a firm's Total Revenue? b. What is a firm's Total Cost? c. What is a firm's Total Profits?
Use the following payoff matrix for a simultaneous-move one-shot game to answer the accompanying questions. a. What is player 1's optimal strategy? Why? b. Determine player 1's equilibrium payoff.
Could FIFA increase its total revenues by selling tickets at prices below the ticket revenue maximising level? Would this also be profit maximising?
Q1. What is the dominant strategy for the US? For Mexico? Q2. Define Nash equilibrium. What is the Nash equilibrium for trade policy?
Problem 1: Construct a payoff table, where you and your classmate both have Work and Shirk as possible actions you could take. Problem 2: What is the likely outcome?
Problem: Little Kona is a small coffee company that is considering entering a market dominated by Big Brew. Each company's profit depends on whether Little Kona enters and whether Big Brew sets a hi
Without loss of generality, suppose firm 1 locates at 0 (=60). (1) Where should firm 2 locate? (2) Where should firm 3 locate? (3) Is there an advantage or disadvantage—in theory—to going
If Company X has only one rival, and if its rival too makes such an announcement, does this change the payoff matrix? If so, in what way?
a. Does Coke have a dominant strategy? If yes, what is it? b. Does Pepsi have a dominant strategy? If yes, what is it?
As we begin to consider some parallels between the business world and the natural world, we can identify some very similar patterns in extinction, adaptation, and supply and demand in both.
1) Does Player A have a dominant strategy? Explain why or why not. 2) Does Player B have a dominant strategy? Explain why or why not.
Problem: Below is a payoff matrix for Intel and AMD. In each cell, the first number refers to AMD's profit, while the second is Intel's.
If Ben chooses strategy X and Diana chooses strategy Y, then Ben earns $0 and Diana earns $130. If Ben chooses strategy Y and Diana chooses strategy X, then Ben earns $130 and Diana earns $0. 1) Wri
The marginal cost of producing oil is constant and equal to $40 per gallon in either family. There is no fixed cost. The table below gives the market demand schedule for olive oil.
Problem: Below is a payoff matrix for Intel and AMD for PC microprocessors. The first number per cell is AMD's profit while the second is Intel's.
If they have the same number of stores the companies will share the total sales equally; if one company has one more store than the other it will have 55% of the total sales; if one company has two
If neither hires lawyers or if both hire lawyers, each side can expect to win about half the time. If only one side hires a lawyer, it can expect to win three- quarters of the time. (a) Diagram thi
Read two or more perspectives on this argument from both sides (support minimum wage increase, oppose minimum wage increase) and describe the authors perspectives on raising the minimum wage to redu
The monopolist's total revenue function is TR = 1400Q-7Q^2. His short-run total cost function is STC = 1500+140Q. a. Calculate the profit-maximizing, price quantity combination.
Consider the distribution of income before taxes and transfers in a country. Suppose that the bottom 4 quintiles of the population in the country each hold 5% of the total income, leaving the fifth
Q1. What possible variables could be used? Eg. for labour could I used wages? For wealth could I use profits or interest? Q2. Could you include several suggestions because if I can't the data for one
Writers' Pleasure, Inc. produces gold-plated pen and pencil sets. It has a fixed annual cost of $50,000, and the average variable cost is $20. It expects to sell 5,000 sets next year. 1. In order to
Cooperation and trade are common in the natural world. Based on the cost of production and the constraints presented by the environment, an organism may be more successful by trading for a product t