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Consider a duopoly model where two firms compete in their prices sequentially. Denote firm 1's price by p1 and firm 2's price by p2. Every firm has a constant marginal cost c > 0 but no fixed cost. Demand functions faced by the two firms are, respectively, q1 = a - p1 + p2 and q2 = a - p2 +p1, where a>0
(a) Find the subgame perfect equilibrium outcome. What are firms' strategies in this subgame perfect equilibrium?
(b) Construct a Nash equilibrium where the two firms set the same price, provide firms' strategies to support this Nash equilibrium, and show that this Nash equilibrium is not subgame perfect.
Handy Manufacturing Industry Trade Association recently published the following estimates of Demand and Supply relations for hammers. Calculate the perfectly competitive industry equilibrium price/output combination.
During Great Depression, businesspeople in United States were very pessimistic about future of economic growth and reluctant to increase investment spending even when interest rates fell. How did this limit potential for monetary policy to help al..
Elucidate how an economist could use the slope of the yield curve to analyze the probability that a recession will occur and why the spread may matter.
You are a division manager at Toyota. If your marketing department estimates that the semi annual demand for the Highlander is Q=150,000-1.5P, what price should you charge in order to maximize revenues from sales of the Highlander?
Alter Bridge Mfg., Inc., is currently operating at only 92 percent of fixed asset capacity. Current sales are $640,000. Fixed assets are $490,000 and sales are projected to grow to $730,000. How much in new fixed assets are required to support this g..
Which measure of GDP represents changes in the quantity of goods and services produced in the economy, holding prices constant? Which of the following do we subtract from GNP to obtain NNP? Over time prices may change relative to each other, In order..
What is your interpretation of the phrase “act local, think global”? How would you use this knowledge as a global leader?
Suppose an economy has the following production function, Y=K^1/3 (AL)^2/3. Furthermore, suppose that that the growth rate of capital is 3%, the growth rate of the population is 4% and the growth rate of technology is 2%. Derive the equation for the ..
Identify firms that periodically shut down their operations. What are the conditions that exist when they shut down their operations and the conditions that exist when they resume their operations? Explain your reasoning.
The lower the interest rate, the lower the:
Why are entrepreneurs willing to supply goods and services for consumers at attractive prices? Is it because they care personally about the consumers?
Explain how you would determine the maximum amount you are willing to spend to fight the case, assuming that you will win if you fight
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