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Problem 1) Two consumers Justin and Cindy of the same product have the following demand curves: Q1 = 500 – 10 P and Q2 = 500 – 20 P. The marginal cost (MC) for the firm is $10. Calculate the prices when the firm discriminates between the two consumers. Is this a good strategy, or should the firm charge the same price to both of them?
Problem 2) The route from New York City to Albany is served by only two airlines, American and Delta. The payoffs from discounting or maintaining high prices are as below. DELTA'S MAINTAIN DELTA’S DISCOUNT AMERICAN'S $26,000 $32,000 MAINTAIN $24,000 $18,000 AMERICAN’S $21,000 $16,000 DISCOUNT $28,000 $12,000 Is there a dominant strategy? (5 points) What is (are) the Nash equilibrium (equilibria)? Explain. (5 points) Is there a mixed equilibrium strategy? (5 points) What behavior would you predict for Delta in a one-play game and why? (5 points) Problem 3) Assume D represents the level of decentralization of corporate decision-making. The benefits of decentralization, denoted B, = 3D and the costs of decentralization, denoted, C = 2D + 2D2. What is the optimal level of decentralization (D)? Explain
Brand X contains 20, 2 and 1 units of the minerals, while Brand Y contains 4, 1, 2 units of the minerals respectively. Brand X costs $18 per kg while Brand Y costs 6 per kg.
What is the multiplier in this model? The d is suppose to be a little below the Y.
Explain is it irrational for an individual to take the time to be completely rational in economic decision making.
The following graph shows the daily market for wine when the tax on sellers set at $0 per bottle. Suppose the government institutes a tax of $5.80 per bottle, to be paid by the seller. (Hint: To see the impact of the tax, enter the value of the tax ..
If Plonk and Brew operated in a Cournot oligopoly, explain how much output will each of them produce in equilibrium.
Calculate the Mean from the following Frequency Distribution:
Describe the organizational structure of your selected organization. Evaluate and difference that structure with two different organizational structures.
What happens to hours of work when non-labor income decreases? Does such a non-labor income change generate a substitution effect? Why might we expect welfare programs create work disincentives? What happens to the probability that a particular perso..
An apparel manufacturer purchases cotton and other raw materials for the production of shirts. Would the sale of cotton from a cotton mill to the shirt manufacturer be included in the calculation of GDP? Why or why not?
Suppose Dell computer Company operates in a perfectly competitive market producing 5,000 computers per day. What is total cost to decrease and profits to increase.
Movies are distributed in a variety of forms, not just first run theatrical presentations. What other ways are movies distributed? What are the different price points
Determine the present worth of 5 equal annual deposits of $1,150 at the end of years 1 through 5, followed by 4 equal annual withdrawals of $700 at the end of years 4 through 7. Note that both years 4 and 5 will have a deposit and a withdrawal. Inter..
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