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Panther Airlines (PA) is the only airline that flies several routes. They have a potential competitor, Leopard Airlines (LA) who are considering entering these markets. PA maintains some excesscapacityas an entry deterrent and is eurrently earning $1 Om profit. PA signals that if LA enters these markets, theywill drop their prices. PA's profits will fall to $2m and LA will make a loss of $5m. If PA drops its prices and LA does not enter the markets, PA will earn $3m in profit. If PA were to accommodatethe new entranl, they would each earn $5m profit.
i. Draw up the payoffmatrix for this game.
ii. Do PA and LA have dominant strategies? Explain your answer.iii. What is the Nash equilibrium? Explain your answer.
In any city at any time, some of the stock of usable office space is vacant. This vacant office space is unemployed capital. How would you explain this phenomenon Is it a social problem
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Write a one-page policy brief that addresses the questions above and write in paragraph form and do not number the paragraphs.
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What difference does it make, if any, if technology is moving very fast in the market so that this game proves to be one-time-only simultaneous play?
Two countries, Sportsland and Foodland, have similar total quantities of labor, capital, and natural resources. Both can produce two goods, figs and footballs. Sportsland’s resources are particularly well suited to the production
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mayo destination water park center offers family fun year-round in the northstar state to locals and out-of-state
Explain the following statement: "Changes in disposable income lead to movements along the consumption function while changes in wealth lead to a shift of the consumption function.
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