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The payoffs to each firm (in billions of dollars) and an extensive form game between BP and Shell are shown in the figure. BP has 20 percent of the U.S. gasoline market share and Shell has 16 percent market share. BP and Shell are attempting to determine whether to send geologists to explore Oil Track 20.
a) Is there a dominant strategy for Shell? What is the dominant strategy, if any, for Shell? (b) What is the Nash equilibrium or equilibria in this game? (c) Use the above information to advise BP on whether they should pursue a merger with Shell.
Q=4000-4p, where P is selling price per unit and Q is quantity demanded. V= $25/unit which is the revenue per unit and Fixed cost = $10025. (a) Find Breakeven quantity or quantities, (b) find maximum revenue, (c) find the maximum profit.
Note that the firm cannot sell more product than it has produced, and at every period sells as many units as are available, given that availability does not exceed the demand. Given that N=4 and the production during the first period costs $9. Find t..
Josie’s Pussycats sells ceramic kittens. The marginal cost of producing a particular kitten depends on how many kittens Josie produces, and is given by the formula MC = 0.8q. Assume that the ceramic kitten industry is perfectly competitive, and Josie..
The Capital Input Market
The slope of the SP curve is determined in large part by the
Why the coming recovery will hurt like hell? What do you need to know about globalization? What is the best way to prepare for your future so that you can better deal with globalization?
q1. compare the unemployment rate in new mexico to the national average of the past four 4 years. compare the trends in
Suppose the production function for pasta is Q = 4kl. Does this cost function have increasing or decreasing returns to scale?
You run a correlation matrix between Y variables auto sales in units and two X variables auto prices (X1) and car buyer’s income (X2). As expected auto prices had a high negative correlation to auto sales while buyer’s income had a high positive corr..
Which of the following terms defines a preference aggregation mechanism that satisfies the properties of dominance, transitivity, and independence of irrelevant alternatives
Alco Metals just sold 2.5million shares through an IPO offering. The shares were offered at $25.50 a share and all shares were sold. The firm received a total of $67,250,000 for this issue. What was the spread? In a recent IPO, the Sausage Co. offere..
You borrow $500 from a family member and agree to pay it back in 6 months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after 6 months? How much is the interest?
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