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American Airlines (AA) and Delta are engaging into the following one-shot game: if AAadvertises for a fair to Chicago and Delta does not, AA will make $20 million in profits andDelta will make $6 million. If Delta advertises and AA does not, AA will make $2 million andDelta will make $6 million. If AA advertises and Delta advertises, each firm earns $10 million. Ifneither firm advertises, Delta will make $8 million and AA will make $4 million.(a) Write the payoff matrix for the above game.(b) Does AA have a dominant strategy?(c) Does Delta have a dominant strategy?(d) What is the Nash equilibrium for the one-shot game?
Why do some low-wage countries, such as China, pose a threat to manufacturers in industrial countries, such as the United States, whereas other low-wage countries, such as Haiti, do not?
Derivative products: Which of the following does not describe the Byzantine Empire?
Suppose that a certain country has an MPC of 0.9 and a real GDP of $400 billion. If its investment spending decreases by $4 billion, what will be its new level of real GDP?
Suppose the government sets an effective price floor (that is, a price above equilibrium) in the market for oranges and agrees to buy all oranges that go unsold at that price. The oranges purchased by the government are discarded. Illustrate the numb..
If import spending were the ONLY leakage from an economy and the marginal propensity to import is one-third, what fraction of any change in income will survive the leakage and go on to start the next round of spending?
Monopoly is inefficient as it charges prices higher than marginal costs. Is it feasible for the government to regulate a natural monopoly by setting prices equal to marginal costs? Roche plans to sell Tamiflu at higher prices in Europe and North Amer..
You decide today that given the current price level (i.e. cost of living) you would be willing to accept any job that pays at least $50, 000. You will not accept any o?er below this. Currently, the CPI is 238 (recall, the base year for the CPI is 198..
A consumer buys only two goods, X & Y. a) If the MRS between X and Y is 2 and the marginal utility of X is 20, what is the marginal utility of Y?
The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day
Many service industries such as restaurants, night clubs, movie theatres, and hair dressers experience much higher demand during weekends compared to weekdays. Explain a pricing strategy which would increase profits compared to a single price profit ..
Elucidate the law of demand. Why does a demand curve slope downward. How is a market demand curve derived from individual demand curves.
Describe each country's reaction function. Does a Cournot equilibrium exist? If so, find the outputs and prices of crude oil in the two countries.
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