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Two contractors are competing for a sequence of contracts to provide the government with military supplies. Each month there is a new contract put out for bids for the two contractors. The cost to a contractor for providing the supplies a given month is a positive integer C, and the cost is the same for both contractors and the same in all months. The contractors can submit costs to the government in a given month that are nonnegative integers, with a maximum bid of M > C+4. Thus, their bids must be a nonnegative integer in {0,1,2,3,...,M}. The government picks the contractor with the lowest cost in order to provide the supplies in a given month, flipping a fair coin if the bids are tied. The contractors arrange to collude, agreeing that contractor 1 will bid M-1 and contractor 2 will bid M in odd months, so that contractor 1 will win the contract in odd months, and then they will reverse these in even months so that contractor 1 will bid M and contractor 2 will bid M-1 in even months, so that contractor 2 will win the contract in even months. The contractors agree to enforce this via a grim-trigger strategy of simply both bidding C forever after if the agreement is broken. a. If a contractor decides to deviate from this agreement, what would the optimal deviation be? b. Suppose that M = 10 and C = 1. For which values of "delta" is this a subgame perfect equilibrium of the infinitely repeated game?
firm's marginal cost curve crosses marginal revenue curve at an output level of 1,000 units. Illustrate what is firm's current profit. Illustrate what is likely to occur in this market and why.
Illustrate what is the size of the labor force. Illustrate what is the official unemployment rate.
An industry's marginal abatement cost is MAC=2000-e. regulator controls emissions by selling 500 permits. Though, industries are also given option of paying a fee of $1000 per unit of emissions for which y do not hold a permit. Draw a diagram illu..
Elucidate each of his major points and decide whether you consider it valid or invalid. Be sure to justify your position.
Explain how does the subsidy affect consumer surplus, producer surplus, tax revenue, and total surplus. Does a subsidy lead to a deadweight loss. Explain
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As an analyst at the Treasury Department, you have been asked to predict the behavior of key macroeconomic variables for different scenarios on the state of policy between the US and Europe.
Illustrate what matters is not the absolute abundance of factors, but their relative abundance. Poor countries have an abundance of labor relative to capital when compared to more developed countries.
Illustrate what happens to official measure of GDP when air quality improves significantly in united states but there are no effects on aggregate production or on market prices of final goods and services.
Suppose that U.S. citizens start saving more. What does this imply about the supply of loanable funds and the equilibrium real interest rate. Explain what would happens to the real exchange rate.
Illustrate what is the value of goods and services purchased by the government of Numidia.
A company manufactures radios. If x is the number of radios that retailers are likely to purchase. Elucidate the revenue function of the manufacturing company.
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