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You operate in a duopoly in which you and a rival must simultaneously decide what price to advertise in the weekly newspaper. If you each charge a low price, you each earn zero profits. If you each charge a high price, you each earn profits of $3. If you charge different prices, the one charging the higher price loses $5 and the one charging the lower price makes $5.
a. Find the Nash equilibrium for a one-shot version of this game.
b. Now suppose the game is infinitely repeated. If the interest rate is 10 percent, can you do better than you could in a one-shot play of the game? Explain.
c. Explain how "history" affects the ability of firms in this game to achieve an outcome superior to that of the one-shot version of the game.
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The difference between total costs and variable costs is:
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Who wins, who loses under a wheat tax versus a subsidy? How does the deadweight loss of the tax compare to the deadweight loss of a price support subsidy? Why, in social welfare terms, is a tax a better than a subsidy?
Your uncle comes to you with an investment idea. He tells you that the nominal GDP of Paradisia quadrupled over the past year and suggests that you invest there. Unemployment is at 20 percent and inflation over the last year was 500 percent. This opp..
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