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Suppose there are two similar firms in a market that are strategically interdependent. Firm A and Firm B. Firm A is a larger firm than firm B. Basically each needs to determine whether to “collude” or to “cheat” in an oligopolistic market. If Firm A colludes and Firm B colludes then Firm A earns 1,000 and Firm B earns 100. If Firm A colludes and Firm B cheats then Firm A earns 800 and Firm B earns 200. If Firm A cheats and Firm B colludes then Firm A earns 1,050 and Firm B earns 50. If both firms cheat, Firm A earns 500 and Firm B earns 20. Present the game in a “tabular” or matrix format. What outcome do you expect in this game? Fully explain. One way to proceed is to say what is Firm A’s best choice if Firm B colludes and what is Firm A’s best choice if Frim B cheats.
How would you go about estimating the different probabilities of three alternatives occuring if you have little empirical data on which to base your estimates?
Economists argue about the potential benefits and costs of diversification. For instance, while diversification can certainly help company to promote new products, at the same time through the merger of two firms it can be more expensive to develop c..
You win the lottery and are promised by the Lottery Commission $12,000 a year for 6 years, starting next year. Assume the interest rate is 9%. What is the present value of this prize?
It appears that Very Vegetarian financial statements follow a very strict form. Why must accounting reports be prepared according to specific procedures (GAAP)? Is it permissible for businesses to be allowed some flexibility or creativity in p..
Economists frequently point out that factor movements between two countries can be a substitute for goods movements between the countries in terms of the impact on relative factor prices in the countries. Explain why the two types of movements can be..
A perfectly competitive firm faces a:
If you were a manager in a company that operates in many countries, what criteria would you use to determine whether an application should be developed as a global application or as a local application?
Quality in medical care may be defined as achieving the greatest benefit at the lowest risk. How have the priorities of our health care system and the allocation of resources addressed this goal?
Explain how a price increase could be better for society than not raising the price of a product or service. Why does central planning not work efficiently?
Why does the entry of firms into an industry decrease the economic profits of the existing firms? Why does the exit of firms from an industry increase the economic profits of the existing firms?
Determine the returns to scale, that is, briefly show whether the following productions exhibit DRS, CRS or IRS.
Consider a shrimp restaurant at Fisherman’s Wharf in San Fransisco. The chef at the restaurant chooses whether to use farm-raised or wild-caught shrimp to produce the main dish – shrimp balls. Draw the ten shrimp ball isoquant curve. Add to this gr..
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