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Two firms are considering going out of business and selling their assets. Each considers what happens if the other goes out of business. The payoff matrix below shows the net gain or loss to each firm. Firm A Stays in business Sells business Firm B Stays in business A gains $9 million B gains $7million A gains $7 million B gains $15 million Sells business A gains $15 million B gains $8 million A gains $1 million B gains $3 million Refer to Table 17-24. What is the Nash equilibrium? Question options: 1) B stays in business, A sells 2) Both A and B sell 3) A stays in business, B sells 4) A and B both stay in business
Suppose the price of airfare from SFO to JFK increases from $330 to $360 while no other variables change. In consequence, the quantity of tickets sold decreases from 180 to 14
The data is listed per quarter, and real GDP data was calculated using 2005 as the base year. Fill in the columnns for the GDP deflator and for the percent increase in pri
A consumer has the utility function for leisure (l) and consumption (C) -> U(L,C)=C3/4l1/4. The real wage rate, w, is competitively determined to be ten. The number of hours
Two methods of carrying away surface runoff water from a new subdivision are being evaluated. Method 1 – dig a ditch. This would cost $60,000 and would require $25,000 of re-d
Determine which of the following situations describes games and which describes decisions. In each case, indicate what specific features of the situation caused you to classif
Is GDP a Good Measure of Economic Well-Being? If GDP is a good measure of well-being, why is Switzerland’s GDP so much lower than India’s GDP or China’s GDP? What measures wou
An airplane crashes as the result of a non-negligent defect in an instrument supplied by A. The airplane was manufactured by B from various components, including the instrumen
Glassworks and Clearsmooth compete in the local market for windshield repairs. The market size (total available profits) is $10 million per year. Suppose the two windshield-re
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