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Consider the following game between Sony, a manufacturer of video cassette players, and Columbia Pictures, a movie studio. Each firm must decide whether to use the VHS or Beta format-Sony to make video players, Columbia to release its movies for rental or purchase.
a) Restrict attention to pure strategies. Does either firm have a dominant strategy? What is (are) the Nash equilibrium (equilibria) of this game?
b) Is there a mixed strategy Nash equilibrium in this game? If so, what is it?
c) Restrict attention again to pure strategies, but now focus on a sequential-move game in which Sony chooses its strategy first. What is (are) the Nash equilibrium (equilibria) of this game?
The elasticity of ticket sales with respect to the size of the local population is estimated to be about 0.7. Briefly explain what this number means. If the local population increases from 60,000 to 61,500,
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Amanda and Blake have found a house, which owing to a depressed real estate market costs only $201500. They will put $22000 down and finance the remainder with a 30-year mortgage loan from Bank of America at 4.65% (compounded monthly).
Once again consider a worker who has a utility function U = √ Y. In a good week he earns $25 and in a bad week he earns nothing. Good and bad weeks each have probabilities of 50%.
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List and explain the deficiencies and omissions in the auditor's report. Organize your answer sheet by paragraph (scope, explanatory, and opinion) of the auditor's report.
The government also doubles the transfer given to each eligible person, so that the total amount of money that it transfers remains the same.
Dixon Shuttleworth has a large sum of money that he wants to invest to finance his retirement. He has been presented with three options. The first investment offers a 5% return for the first five years, a 10% return for the next five years.
The football coach at Midwestern university was given a 5 year employment contract that paid $225,000 the first year, and increased 8% uniform rate in each subsequent year. At the end of the first year the alumni demanded that he be fired.
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