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Sports Authority and Modell's Sporting are engaging into the following one-shot game: if Sports Authority advertises and Modell's Sporting Goods does not, Sports Authority will make $20 million in profits and Modell's Sporting Goods will make $6 million. If Modell's Sporting Goods advertises and Sports Authority does not, Sports Authority will make $2 million and Modell's Sporting Goods will make $6 million. If Sports Authority advertises and Modell's Sporting Goods advertises, each firm earns $10 million. If neither firm advertises, Modell's Sporting Goods will make $8 million and Sports Authority will make $4 million.
(a) Write the payoff matrix for the above game.
(b) Does Sports Authority have a dominant strategy?
(c) Does Modell's Sporting Goods have a dominant strategy?
(d) What is the Nash equilibrium for the one-shot game?
Knowledge of economic theory to describe how these policy responses were expected to reduce the health hazards of alcohol consumption in the community.
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
How are the following demand curves likely to shift in response to the indicated changes?
At one time, it was believed that the way for a nation to prosper was to export as much as possible while importing as little as possible. More money would flow into a country than out of a country. Is this really a sound economic strategy
If everyone were to obtain music and video content for free from websites such as MySpace, instead of paying Universal, what would Universal’s producer surplus be from music sales? What are the implications for Universal’s incentive to produce music ..
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
Herbert spends all $50 of hes paycheck on food and shelter which each cost $5 per unit what is the equation of hes budjet line ? Sketh the budjet line and two possiable indifference curves
assume the following cost data are for a purely competitive
Consider the following graph of a monopolistically competitive firm selling DVDs. A. How many DVDs should be sold to rent per day to maximize profit. B. What is the economic profit for this firm operating where economic profit is maximized.
What is wrong with this statement: Whenever the industry fails to achieve allocative efficiency by producing too little output, the shortage arises.
Give one business example for increasing returns to scale and decreasing returns to scale respectively. How does this characteristic affect its business strategies? Justify your arguments.
Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information. what is the total cost of production when the firm hires 7 workers.
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