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Your firm must decide whether or not to introduce a new product. If you introduce the new product, your rival will have to decide whether or not to clone the new product. If you don’t introduce the new product, you and your rival will earn $1 million each. If you introduce the new product and your rival clones it, you will lose $5million and your rival will gain $20 million. If you introduce the new product and your rival does not clone, you will make $100 million and you rival will make $0
Set up the extensive form of this game
Should you introduce the new product?
How would your answer change if your rival has “promised” not to clone your product?
What would you do if patent law prevented your rival from cloning your product?
Draw a graph with arcade games on the horizontal axis also newspapers on the vertical axis. Joe has $10 every week to allocate between these commodities.
Assume that Mei has $100 per month to divide between dinners at a Chinese restaruant and evenings at Zanzibar, a local pub. Assume that going to Zanzibar costs $20 and eating at the Chinese costs $10. Draw the budget constraint and show that she can ..
There is nothing like reading a good book or watching a great movie for a little escapism and entertainment. With all of the television channels out there and access to the internet, you can watch just about anything you want at any time. When you he..
You decide to open a retirement account at your local bank that pays 7%/year/month (7% per year compounded monthly). For the next 20 years, you will deposit $500 per month into the account, with all deposits and withdrawals occurring at month’s end.
In what ways do you think their behavior would differ from comparable doctors in a not-for-profit hospital in the US?
Critically evaluate the following statement: Playing the stock market is like gambling. Such speculative investing has no social value, other than the pleasure people get from this form of gambling.
Suppose the output per effective worker is production function is y=10k1/2, where k equals the amount of capital per effective worker and the capital lasts an average of 10 years. Calculate the growth rate of total capital income and the growth rate ..
Some economists believe that creeping inflation cannot be accepted because a gradual increase in prices leads to an ever-rising rate of inflation. Other economists argue that in order to achieve economic growth, some moderate price increases are nece..
Graphically illustrate the total surplus associated with 2 randomly chosen quantities in the market (put this on two separate diagrams).
q1. would elasticity be constant for the demand curve represented by the equation q5000-0.5p?whyq2. if the cost
The manager of Big Oil Company in Mandeville tells investors that at the end of 2006 they had gasoline in inventory worth $457. In 2007, Big Oil produced gasoline worth $462 and sold gasoline worth $307. What was the change in Big Oil inventories in ..
Determine if each of the following value functions is loss averse. (a) v(x) = 0.25x for x > 0 and v(x) = 0.5 for x ≤ 0 (b) v(x) = √x for x > 0 and v(x) = 0.5x for x ≤ 0 (c) v(x) = ex for x > 0 and v(x) = −√−x for x ≤ 0 (d) v(x) = √x for x > 0 and..
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