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Consider the following information about Kellogg and General Mills, two breakfast cereal makers, regarding their advertising strategies: If neither firm advertises, each will increase its profit by $2 million. If one advertises and the other doesn't, the firm that advertises will increase profit by $5 million, and the other firm's profits will fall by $2 million. If both firms advertise, profit for each will decline by $1 million.
1) What is the Nash equilibrium in this situation? What will happen to the profits of the firms?
2) What is the solution if the firms are able to cooperate successfully? What happens to profits in this situation? Why is this cooperation difficult to maintain? What might make it easier
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
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In 1939, with the U.S. economy not yet fully recovered from the Great Depression, President Roosevelt proclaimed that Thanksgiving would fall a week earlier than usual so that the shopping period before Christmas would be longer.
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All stratified societies have groups of individuals that do not produce, but still receive a ‘cut' of the social surplus. How does Diamond (in his book) argue that these ‘privileged' individuals manage to convince productive members of society to ..
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The interest rate is tied to the economy. Based on your opinion, will the economy grow or recede for the rest of 2011 and 2012? Will the pace of growth (or recession) fast or slow? The current interest rate is very low. Do you think the interest rate..
Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are?
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