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Two firms, A and B, are situated next to a lake, and it costs each firm €1,500 per period to use filters that avoid polluting the lake. However, each firm must use the lake's water in production, so it is also costly to have a polluted lake. The cost to each firm of dealing with water from a polluted lake depends on how many firms are polluting the lake. The cost to each firm is €1,000 multiplied by the number of polluting firms. Assume that the firms do not communicate with each other. Each firm is facing a choice of either buying a filter or not
a. Write out this situation in normal form (i.e. matrix form).
b. Does either firm have a dominant strategy? Explain your answer carefully.
c. What is the Nash equilibrium of this game if it is played once?
d. Is this game an example of a Prisoner’s Dilemma game? Explain your answer carefully.
e. Suppose this game was played repeatedly. Discuss whether the equilibrium outcome of the game would be the same as when it is played once, referring to both finite and infinite games in your answer.
In a competitive market, consider supply and demand elasticities at the point at which supply equals demand. (You may think of these curves as linear and measure slopes and elasticities in absolute values.)
Suppose there is an early freeze in California that reduces the size of the lemon crop. Elucidate what happens to consumer surplus in the market for lemons.
Which of the following is likely to cause an outward shift of a production possibility curve?
Suppose Chinese factory workers start a strike and unionize. Also, suppose Adidas releases a statement claiming Nike hires children under the age of 12 to work in their factories. Graph the shift in supply and/or demand. Be sure to label the new equi..
q1. assume which parliament passes a law to permanently cut taxes starting the next year. assuming which consumers are
The fed believes the conium is moving into a recession. Which of the following policies is the fed likely to pursue?
For the Pittsburgh Development Corporation problem in Section 4.3, the decision alternative to build the large condominium complex was found to be optimal using the expected value approach. Consider the small complex decision. How much could the payo..
In 2009, the United States imposed a tariff of 35% on radial car tire imports from China. The tariff caused imports of these tires to drop from 13 million tires to less than 6 million tires in one quarter, and the average price of these tires to incr..
If the cost of rare earth (a resource for producing smartphones) increases, then supply for Samsung smartphones will _____, and quantity will _____.
Basically, speculators borrowed pesos also after that sold pesos for dollars in the open marketplace.
Throughout the company’s franchises, the probability is 0.60 that a meal lwill be served with in 45 seconds. What is the expected number of coupons a counter employee will receive when serving the regional manager?
Money Demand =8750-500i Loanable Funds Demand = 2000 –100i Initial Reserves: $500 Y1=15600 Y2=14000 Reserve Ratio: 8% MPC=0.8 Tax Revenue: $1100 Govt Purchases: $1000 Suppose the Government is implementing fiscal policy. What is the new level of Gove..
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