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1. Consider the discrete Bertrand game described in the Oligopoly lecture notes/video. According to the rules of this game each student selects a number from the set {0,1,2, 3, 4, 5, 6, 7, 8, 9, 10} and is randomly matched with another student. Whoever has the lowest number wins that amount in dollars and whoever has the high number wins zero. In the event of ties, each student receives half their number in dollars. What number would you select if you played this game in our online class? Explain your reasoning.
2. Continue to consider this discrete Bertrand model, but now assume that each student has a constant cost of 5 that is deducted from all payoffs. So whoever has the low number wins their number, minus 5. Whoever has the high number loses 5 total. In the event of a tie, each student wins an amount equal to their number divided by two, then minus five. Find any Nash equilibria in this game. Explain your reasoning
An apple farmer must decide how many apples to harvest for the U.S. market. He knows that there is a one-half probability that the world price will be $6, a one-quarter probabaility that it will be $8, and a one-quarter probability that it will be $1..
Assuming a basic four sector spending model ( Y = C+I+G+X-M) does an increase in exports have the effect of increasing, decreasing, or not changing the size of autonomous spending multipliers (that is, the investment or government spending multiplier..
We observe financial capital moving in two directions, i.e., funds move from the United Kingdom to the United States at the same time that funds move from the United States to the United Kingdom. Can this be explained by funds seeking the higher rate..
In the U.S, the capital share of GDP is about 50 percent, the average growth in output is about 3 percent per year, the depreciation rate is about 4 percent per year, and the capital-output ratio is about 2.5. What must the saving rate be in the init..
How well do the monetary policies enacted by the Fed regulate the national economy? Which of the monetary policy tools -- Open Market Operations, Discount Policy and Reserve Requirements -- seems to be most effective?
Explain short-run and long-run effects on the US GDP and the price level for the following events. Assume that policymakers take no action.
a finn purchased some equipment at a price of $30000, the resulted in an annual net saving of $1000 per year during the 8 year period. at the end of the 8th year, the equipment was sold for $40000. assuming interest of 8%. did the equipment purcha..
Which statement most accurately captures the state of money today?
Explain why a nation that imposes tariffs on imported goods may find its welfare improving should the tariff result in a favourable shift in the terms of trade.
The average avoidable cost for a fringe firm is AAC(q) = 20/q + 5q . The marginal cost function for a fringe firm is MC = 10q . There are 10 fringe firms. The marginal cost of the dominant firm is 2 and the demand function is Q = 100 − P. What is the..
You are an assistant to a senator who chairs an ad hoc committee on reforming taxes on telecommunication services. Based on your research AT&T spends $15 million on related paper work and compliance costs. Depending on the locale, telecom taxes can a..
Suppose firm 1 and firm 2 each produce the same product, and face a market demand curve by Q=5000-200P. Firm 1 and 2 have the same unit cost of production c=10. Write down each firm’s derived demand functions, profit functions and best response funct..
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