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Question 1: Mars and Hershey's dominate the domestic chocolate candy bar business. In this mature market, advertising by individual firms does little to convince more people to eat candy. Effective advertising simply steals sales from rivals. Big profit gains could be had if these rivals could simply agree to stop advertising. Assume Mars and Hershey's are trying to set optimal advertising strategies. Mars can choose either row in the payoff matrix defined below, whereas Hershey's can choose either column. The first number in each cell is Mars payoff; the second number is the payoff to Hershey's. This is a one-shot, simultaneous-move game and the first number in each cell is the profit payoff to Mars. The second number is the profit payoff to Hershey's.
The four kinds of free-market competition are perfect competition, monopolistic competition, oligopoly, and monopoly. The following list contains various examples of industries, products, and services. For each, decide on its degree of competition by..
The Widget Company has estimated the following revenue possibilities for the year: Sales Probability 100 0.15 150 0.20 220 0.30 290 0.20 310 0.15. Find the expected revenue. Find the standard deviation. Find the coefficient of variation.
Explain why product differentiation leads to differences between monopolistic competition and perfect competition.
Illustrate what are the pros and cons of using expansionary and contractionary fiscal policy tools under the following scenarios: depression, recession, and robust economic growth.
If we open up the market to free trade so that the world price dominates, what will be the quantity imported? Suppose the government placed a tariff of $10 per unit imported on this good. How much revenue would they raise?
Two alternative designs are under consideration for a tapered fastening pin. The fastening pins are sold for $0.70 each. Either design will serve equally well and will involve the same material and manufacturing cost except for the lathe and drill op..
Consider Romer’s growth model of Chapter 6 and let A0¯ = 100, l¯ = 0.06, What is the growth rate of output per person in this economy? What is the initial level of output per person?
q1. if you are the chief economist of a country experiencing high unemployment as well as flat gdp what macroeconomic
Discuss the three branches of government and the role each has to play in our system, including the checks and balances that each has on the others. Analyze and evaluate the various issues presented while arguing and debating the connections between ..
What are the basic assumptions of utility theory? In terms of price ratios and ratios of marginal utilities, how can we know when a consumer has maximized his utility from consuming two goods?
Suppose that you are holding US currency (denoted by USD) and are planning a trip to visit either Brazil or Bolivia. To assist in computing the currency conversions, create a VI that uses the currency exchange rate for the Brazilian Real (denoted by ..
Make a list of your human capital. Be sure to point out what occupations, situations where your human capital is valuable. Also, make some statement of the relative scarcity of each of your talents and skills and the wage differential it offers. Keep..
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