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Suppose two high tech companies, X and Y, are the only producers of a new product that is used my numerous computer manufacturers. The total demand for the new product is fixed and the price is set. Each firm's market share and profits are a function of the size of its advertising and promotional campaigns.If the two firms engage in limited campaigns, each will earn an annual profit of $10 million. If the two firms undertake extensive advertising campaigns, each will earn annual profits of $5 million. In both of the above outcomes, each firm will capture half of the market. If one firm engages in a limited campaign and the other in an extensive campaign, the firm with the extensive campaign will have the larger market share and earn an annual profit of $9 million and the other firm will earn a profit of $3 million.
a. Assuming a simultaneous move, non-repeated interaction game, identify the Nash equilibrium or multiple equilibrium, assuming there is one.
b. Does either of the players have a dominant strategy. If so, what is it?
c. Is this an example of prisoner's dilemma? Explain your answer.
You are a pharmacist in a small town. Explain how can you use this information to your advantage.
Elucidate what the article is about in general which is followed by a paragraph or two explaining how elasticity is implied.
Illustrate what has happened to the value of the real exchange rate over time. What is the significance of this change in value.
Explain and discuss the mechanisms by which this has occurred, and contrast our experience with: a) the recent performance of many NICs (newly-industrializing-countries) in the last few decades
Suppose that price level is flexible both upward and downward and that Fed's policy is to keep price level from either rising or falling.
Show that the government can achieve the social optimum by setting the correct tax prices a, b, and c. What prices should it set?
Prepare a chart that lists three strengths and three weaknesses of the Consumer Price Index calculation.
What is the firm's average variable cost as a function of its output level, y? What is the firm's average total cost as a function of its output level, y? What is the firm's profit maximizing level of output, and what is the resulting profit?
In the following list a number of well-known companies and the products that they sell. Which of the four types of markets (perfect competition, monopoly, monopolistic competition, and oligopoly)
Assume W = 10 000. Draw the aggregate expenditure function on a scale diagram along with 45°line. What is the equilibrium level of national income?
Calculate the cross-price elasticity for the following goods. Are they complements or substitutes?
Pawel spends half of the year working in Britain where he consumes British food q and half of the year in Poland where he consumes Polish food Q.
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