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Two amusement parks that are located on either side of a highway are considering promotional advertising campaigns to stimulate demand. If both parks advertise, then both will experience a $20 thousand increase in profits. If Park A advertises and Park B does not, then Park A will experience a $10 thousand dollar increase in profits and Park B will experience a $5 thousand increase in profits. If Park B advertises and Park A does not, then Park A will experience a $30 thousand increase in profits and Park B will experience a $10 thousand increase in profits. If neither park advertises, then profits will remain constant. Use this information to construct a payoff matrix. Determine each parks optimal strategy. Is this a prisoners dilemma? Does either park have a dominant strategy? Is there a Nash equilibrium and, if there is, what is it? How is the concept of credible threat relevant to this game?
Question: What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.)? What fiscal policies and monetary policies would be appropriate at this time?
calculate the price elasticity of demand for each product and compare with your teammates' elasticities.
In 1870, the U.S had an average income of about #2758 and the U.K of about $3463. In 1999, the figures were $30,600 and $22,640, respectively. If each country grew at a constant rate over these years, in which year did the U.S. overtake the U.K. in t..
Canada increased from 7,500 kg per month to 8,000 kg per month. Use calculated elasticity to comment on substitutability or complementarity of coffee and tea
Find out industry's profit-maximizing cost and quantity. Illustrate what is its profit. industry's production manager claims that industry's average cost of production in minimized at an output of 40 units.
q1. the government is considering a policy to reduce air pollution by restricting the use of dirty fuels by factories.
Clearvoice, a wireless telephone monopolist has 100 consumers, each of whom has a monthly demand curve for wireless minutes of Q=300-100P where P is the per-minute price in dollars. The marginal cost of providing wireless service is $0.30 per minute..
Why would consumers demand 0 minutes in the long run if the price was $.30 every minute.
Compute the upper and lower limits within which marginal cost may vary without affecting the profit maximizing output or the price.
Why does the percentage gain in earnings observed when worker gets one more year of schooling measure the marginal rate of return education?
In what conditions will an increase in the price of a product lead to a reduction in total spending for that production.
Using the list below, identify each item in the list. Employee training problems. Employee/company operating process and procedure problems
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