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American Airlines (AA) and Delta are engaging into the following one-shot game: if AAadvertises for a fair to Chicago and Delta does not, AA will make $20 million in profits andDelta will make $6 million. If Delta advertises and AA does not, AA will make $2 million andDelta will make $6 million. If AA advertises and Delta advertises, each firm earns $10 million. Ifneither firm advertises, Delta will make $8 million and AA will make $4 million.(a) Write the payoff matrix for the above game.(b) Does AA have a dominant strategy?(c) Does Delta have a dominant strategy?(d) What is the Nash equilibrium for the one-shot game?
A manufacturing company has proposed building a new plant in a region. The proposal to the regional government contains the following information: The new plant will employ 1,000 people and it is projected that another 1,500 service support jobs will..
In each case below, please identify the effect on the market for coal and mention briefly the mechanism yielding to this effect.
An economy is initially at the natural level of output. There is an increase in government spending. Use the ISLM model to illustrate both the short-run and long-run impact of this policy change. Be sure to label: i. the axes; ii. the curves; iii. th..
The ABC Construction Company is considering the purchase of a diesel power shovel to improve its productivity. The company finances the purchase by borrowing from a local bank with no origination fee. The pricipal will be repaid with the compounded i..
The federal per unit excise tax on gasoline is increased and an industry analyst predicts that the increase will be entirely passed on to consumers. Show two cases in which the analyst would be correct. How likely is it that either of these two cases..
Use the supply and demand analysis of the market for reserves to explain how primary credit facility puts a ceiling on the federal funds rate and how interest on excess reserves puts a floor on the federal funds rate. (Use Graph)
Elucidate is the efficient yearly output of paper and how can this be achieved.
Discuss your understanding of what policy analysis contains and what policy makers can learn from policy analysis. Provide at least two examples to support your argument
When the actual rate of inflation exceeds the expected rate,?
Consider a principal-agent model in which the principal is the risk- neutral owner of a firm, while the agent is the firm's manager who has pref- erences defined on the mean and the variance of his income w and on his effort level e as follows:
Unemployment occurs even during periods when the economy is growing. An increase in wages will shift the supply curve up and to the left. A decrease in population would shift the demand curve to the left. An increase in demand will cause the equilibr..
Monopolies are generally considered to have disadvantages. However, in certain circumstances, monopolies can have various advantages for consumers and social welfare. Do you agree or disagree with this statement. Defend your answer and use real world..
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