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The market for taxi services in a Midwestern town is monopolized by firm 1. Currently, any taxi services firm must purchase a $40 thousand "Medallion" from the city in order to offer its services. A potential entrant (firm 2) is considering entering the market. Since entry would adversely affect firm 1's profits, firm 1 is planning to call to request that the city changes the medallion fee by $F thousand. In the following extensive game, "C and NC" represent firm 1's strategies "call to change fee and don't call to change fee"; "E and NE" represent firm 2's strategies "enter and not enter". (all payoffs are in thousands of dollars and include the current medallion fee of $40 thousand). Determine the change in the medallion fee that maximizes firm 1's profits.
For example, suppose an improved version of a product increases customer value added by $25 per unit. (In effect, the demand curve undergoes a parallel upward shift of $25.) a. If the redesign is expected to increase the item's marginal cost by $3..
You need to hire some new employees to staff your start-up venture. You know that potential employees are distributed throughout the population as follows, but you can't distinguish among them: Employee Value Probability What is the expected v..
Suppose that the market price for a bottle of vitamins is $2.50 and that at that price the total market quantity demanded is 75,000,000 bottles. How many firms will there be in this industry d.Suppose that, instead, the market quantity demanded at ..
Suppose that individual demand for a product is given by QD = 8000 - 10P. Marginal revenue is MR = 800 - 0.2Q, and marginal cost is constant at $20. There are no fixed costs. The firm is considering a quantity discount. The first 300 units can be ..
Two airlines, A and B, are deciding to choose whether Atlanta or Chicago should be their major hub. Given the diagram here, find all equilibria of this game. Airline A Atlanta..
A Study of pharmacies in the San Fran. area found the prices charged for 100 tablets of medicine to be approx. normally distributed, with a mean price of $8.50 and a standard deviation of $2. Find the probability that a particular San Fran.
Suppose you make 30 annual investments in a fund that pays 5 percent compounded annually. If your first deposit is $7500 and each successive deposit is 5 percent greater than the preceeding deposit, how much will be in the fund immediately after t..
General creal is using a regression model to estimate the demand for Tweetie Sweeties, a whistle-shape, sugar-coated breakfast cereal for children The following(multiplicative exponential) demand function is being used. Qp=6,280P-2.15A 1.05N3.70.
Suppose a family's annual disposable income is $58,000 of which it saves $8000. if their income rises to $64,000 and they paln to ave a total of $9,500 at this income level, calculate the MPS and MPC for this family
A professor's rule of thumb is that students should spend 2 hours studying for each 1 hour spent in class. Professor Bob teaches a class that meets 3 hours per week. He randomly selects 8 students and finds that they study the following amounts pe..
People end up tossing 12% of what they buy at the grocery store (Reader's Digest, March, 2009). Assume this is the true population proportion and that you plan to take a sample survey of 540 grocery shoppers to further investigate their behavior.
Consider a 6500 piece of machinery, with a 5 year depreciable life and an estimated 1200 salvage value. The projected utilization of the machinery when it was purchased, and its actual production to date as follows.
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