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Show the payoff matrix and explain the reasoning in the prisoners' dilemma example where Larry and Duncan, possible criminals, will get one year in prison if neither talks; if one talks, one goes free and the other gets five years; and if both talk, both get two years. (Note: The payoffs are negative because they represent years in jail, which is a bad.)
Assume that two rms (A and B) produce identical products in a market. The (inverse) market demand curve is P = 240 -Q where Q is total output from both firms Q = qA + qB. Firm A has a total cost function TCA = 100qA and firm B has total cost funct..
When consumers do not have enough time or opportunity to aoid price increases, governments can levy sales taxes that distort resource allocations among producers to a smaller degree.
Find the market price if the cost of quality v to a seller is c(v) = v/4.Find the market price if the cost of quality v to a seller is c(v) = 2v^3 Consider case b. and suppose the utility the buyer receives from a car of quality v is U(v).
Due to economies of scale in the industry, entry by new firms is not profitable. Toyota has asked your company and your only rival to simultaneously submit a price quote for supplying 100,000 front and rear windshields for its new Highlander.
If we construct from this mechanism the corresponding game of incomplete information, does this game have a pure strategy Nash equilibrium? Does it have more than one? If there is more than one, is there any reason to think that one equilibrium is..
In the absence of trade, what would the price of apples in terms of bananas be? Why?
a) Fill in the missing items in the following table. I would suggest you complete the table, cut it out, and paste it (either electronically or physically) into your sheet you turn in. b) Find the profit maximizing quantity and profit for firm in ..
At any bundle (x,y), find a formula for the marginal utility of x (which we have called MUx) and a formula for the marginal utility of y(MUy) Frieda, a rational consumer can buy an x-commodity and a y-commodity. Her preferences over alternative
Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function P = 1760 - 12Q It finance department has estimated its total cost function.
Consider a couple's decision about how many children to have. Assume that over a lifetime a couple has 200,000 hours of time to either work or raise children. The wage is $10 per hour. Raising a child takes 20,000 hours of time.
a) Using the 2 step growth model, calculate the price of the 3 stocks. b) Are any of the stocks an obvious buy compared to the current market price c) If you had a stock selected for part b, explain where the analysis may have gone astray.
The Long-Run Industry Supply Curve The following graph shows possible long-run market supply curves for a perfectly competitive industry. Determine which supply curve indicates a constant-cost industry and which an increasing-cost industry.
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