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Question 1. Libertyville has two optometrists, Dr. Smith (S) and Dr. Jones (S). Each optometrist can choose to advertise his service or not. The net revenue to each optometrist, in thousands of dollars, is listed on the payoff matrix below. Answer questions a through c:
a. Does Dr. Smith have a dominant strategy? b. Does Dr. Jones have a dominant strategy? c. Does a Nash equilibrium exist for this game?
Question 2. Suppose the market for cigarettes is characterized by the following information:
Qd = 70 - 5P [Demand] Qs = 3P - 10 [Supply]
Suppose the government imposes a sales tax of $2 per unit. Answer questions (i) through (v) below: i) Calculate the magnitude of the consumer surplus and producer surplus in the pre-tax equilibrium. ii) Calculate the tax revenue in the post-tax equilibrium. iii) Calculate the change in consumer surplus due to the sales tax. iv) Calculate the change in producer surplus due to the sales tax. v) Calculate the Dead-Weight-Loss due to the sales tax.
Which of the following is (are) most likely to be produced under conditions resembling perfect competition - automobiles, beer, corn, diamonds, and eggs. Defend your answer in economic terms.
The company estimates the probability of no damage to be 0.60, the proof damage between $0 and $10,000 to be 0.25, and the probability of damage between $10,000 and $25,000 to be 0.12. If the company wants to make a profit of $200 above the expect..
Consider now that the entrant, if fought, has the possibility of withdrawin from the industry (at a loss of 1 for the entrant and a gain of 8 for the incumbent), or staying (at a loss of 5 for each player).
An owner can lease her building for $120,000 per year for three years. The explicit cost of maintaining the building is $40,000, and the implicit cost is $55,000. All revenues are received
What is the relationship between the average variable cost and marginal cost and relation between average product and average variable cost?
Suppose also that her utility function is given by the equation u(M, P) = 2M + P. What combination of meat and potatoes should she buy to maximize her utility? (Hint: Meat and potatoes are perfect substitutes.)
What must an entrepreneur do to earn a profit? How do the actions of firms earnings profits influence the value of resources? What happens to the value of resources when losses are present? If a firm making losses goes out of business, is this bad? W..
Assume you are a U.S. citizen and currently you can exchange $180 (USD) for 125 GBP (British Pounds). What is the indirect quote relating the USD to the GBP?
The output effect of an increase in the wage comes about because higher wages:
Mr. Smith is president of a firm that is the industry price leader; that is, it sets the price and other firms sell all they want at that price. The other firms act as perfect competitors.
In attempt to increase revenue and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising.
My problem needs to be presented in paragraph form and reflected in a LP equation, showing the objective function and the constraints.
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