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Consider the following game between Sony, a manufacturer of video cassette players, and Columbia Pictures, a movie studio. Each firm must decide whether to use the VHS or Beta format - Sony to make video players, Columbia to release its movies for rental or purchase.
Columbia PicturesBeta VHSSony Beta 20, 10 0, 0VHS 0, 0 10, 20
a) Restrict attention to pure strategies. Does either firm have a dominant strategy? What is (are) the Nash equilibrium (equilibria) of this game?
b) Is there a mixed strategy Nash equilibrium in this game? If so, what is it?
If the vave is left as it is, the probability of a failure of the valve seats, over the life of the project, is 60%; the probabiity of failure of the valve stem is 50%; a,d of failure of the valve body is 40%. If the valve is repaired, the probabi..
In addition, pi* is the central bank's target level of inflation , and b is some positive parameter. This rule states that the central bank raises the real interest rate above its long-run level when inflation is above its target and lower when it..
As a manager of a financial planning organization you have two financial planners.In an hour a person can produce 1 statement or answer 10 calls.
Asssume that a monopolist must choose between two points in its demand curve: it can sell 100 units for $3 or it can sell 140 for $2. Which of the following is true.
Assume a nation has been running a significant expansionary fiscal policy for many years.
Barry earns $20 an hour for up to 40 hours of work per week. He is paid $30 an hour for every hour of work in excess of 40. There are 110 hours a week available for work. Draw Barry's budget line for these facts. Label completely.
Under the Physicians' cooperative model, if the supply price of physicians were to rise, how would this affect the equilibrium staff size in the open-staff case How would it affect the optimal staff size in the closed-staff case
Fit each of the following examples into one of the three reasons for trade: I. Division of knowledge II. Economies of scale/creating competition III. Comparative advantage a. It is the 1950s.The American auto industry makes mediocre cars at high p..
Explain the difference among a price floor also a price ceiling. Provide a situation in which a price ceiling may be used.
Illustrate what are some of the comparative advantages for the companies to operate in the host country.
Some games of strategy are co-operative. One example is deciding which side of road to drive on. It does not matter which side it is as long as everyone chooses the same side. Otherwise, everyone may get hurt.
Suppose that normal workers increase a rm's revenue by $6, while smart workers increase revenue by $A, where A > 6. Firms cannot tell smart workers from normal workers ex ante, but can observe a worker's educational level.
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