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Apple and Samsung have two pricing strategies: Set a high (monopoly) price or set a low (competitive) price. Suppose that if they both set a competitive price, economic profit for both is zero. If both set a monopoly price, Apple makes an economic profit of $100 million and Samsung of $200 million. If Apple sets a low price and Samsung sets a high price, Apple makes an economic profit of $200 million and Samsung incurs an economic loss of $100 million; if Apple sets a high price and Samsung sets a low price, Apple incurs an economic loss of $50 million and Samsung makes an economic profit of $250 million.
Create the payoff matrix for this game.
• What is the equilibrium of this game?
• Is the equilibrium efficient?
• Is this game a prisoners' dilemma?
Equation (7) in Section 20-5 tells us that inflation differentials, interest differentials, and depreciation rates are all approximately equal
The European Engine Corporation is a multi-national producer of small gasoline and diesel motors. European Engine Corporation has estimated the following cost experience for a new 3.5 hp engine over a sample of 122 observations,
On a graph with x on the horizontal axis and y on the vertical axis,draw a typical indifference curve (it need not be exactly to scale, but it needs to reflect accurately whether there is a diminishing MRSx,y ).
Calculate the elasticity of demand for burrito meals with respect to the price of burritos, the price of tacos, and per capita income.
Pacific Homecare has three bond issues outstanding. All three bonds pay $100 in annual interest plus $1,000 at maturity. Bond S has a maturity of five years, Bond M has a 15-year maturity, and Bond L matures in 30 years.
Do you think this model provides a plausible mechanism for generating large income differences across countries? Substantiate your answer with theoretical or empirical arguments.
Suppose we have a single-variable input production function such a Q=f(L), where L is the number of workers and Q the quantity of output per day. Workers are paid a flat salary of $200 per day.
The hunter decides to let each dog choose a path, and if they agree, take that one, and if they disagree, to randomly pick a path. Is his strategy better than just letting one of the two decide on a path?
of this sales revenue he must pay the manufacturer a wholesale cost of $620,000 he also pays wages and utiilty bills totaling $210,000 if he doe not operate this piano business he can work in an accounting firm and recieve an annual salery of $45,..
How does the topics in Chapter 7, Chapter 8 & Chapter 9 link to this case study?
Draw a supply curve and two demand curves to represent the two equilibria described.
Suppose that the residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2008, they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $100, and 500 carrots for $50. In 2009, they buy 75 heads of cau..
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