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Suppose there are two similar firms in a market that are strategically interdependent. Firm A and Firm B. Firm A is a larger firm than firm B. Basically each needs to determine whether to “collude” or to “cheat” in an oligopolistic market. If Firm A colludes and Firm B colludes then Firm A earns 1,000 and Firm B earns 100. If Firm A colludes and Firm B cheats then Firm A earns 800 and Firm B earns 200. If Firm A cheats and Firm B colludes then Firm A earns 1,050 and Firm B earns 50. If both firms cheat, Firm A earns 500 and Firm B earns 20. Present the game in a “tabular” or matrix format. What outcome do you expect in this game? Fully explain. One way to proceed is to say what is Firm A’s best choice if Firm B colludes and what is Firm A’s best choice if Frim B cheats.
The once mighty General Motors, unable to survive by meeting the needs of customers turned to the taxpayers for a bailout in the U.S. In Europe its Opel subsidiary required similar life support from the German government. What are the costs and benef..
Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off
After the horrific terrorist attacks that occurred in the United States on 9/11/2001,a PR firm represented the Allied Pilots Association in that organization's campaign to gain airline pilots the right to carry guns in the cockpit. What type of resea..
Illustrate what was the growth rate of the GDP deflator between 2007 and 2008. What was real GDP in 2007 measured in 2000 prices.
Consider the second stage of competition between Samsung, HTC and Sony. Once Apply has chosen some output level q1, Samsung, HTC and Sony will compete simultaneously over their product quantities. Write down the best response functions for Samsung, H..
Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor and M, materials.; that is, this is a input factor production function. Take the log of the above fun..
If the economy is in a recession, what sort of fiscal policy changes would tend to bring it out of recession? Discuss b) What is the difference between inflation and a relative price increase? Explain c). If the inflation rate is 4% and the nominal r..
q1. a third country fun land also produces food and drinks. in fun land one resource unit produces 8 tons of food and 6
In a market economy,
Assume that economic growth is slower in the United States than in its trading partners. Given a system of floating exchange rates, will the impact of this growth differential be for the United States with respect to exports and the value of the doll..
A storm destroys half the fava bean crop. Is this event more likely to hurt fava bean farmers if the demand for fava beans is very elastic or very inelastic?
Decreasing returns to scale refers to a situation where an increase in a firm's scale of production leads to lower costs every unit produced.
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