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Consider a duopoly model where two firms compete in their prices sequentially. Denote firm 1's price by p1 and firm 2's price by p2. Every firm has a constant marginal cost c > 0 but no fixed cost. Demand functions faced by the two firms are, respectively, q1 = a - p1 + p2 and q2 = a - p2 +p1, where a>0
(a) Find the subgame perfect equilibrium outcome. What are firms' strategies in this subgame perfect equilibrium?
(b) Construct a Nash equilibrium where the two firms set the same price, provide firms' strategies to support this Nash equilibrium, and show that this Nash equilibrium is not subgame perfect.
Gross Domestic Product involves a calculation of the total value of the goods and services generated within an economy in a stated or identified time period. The main difference between real GDP and nominal GDP is that nominal GDP does not consider h..
When the incidence analysis of a tax increase incorporates the assumption of an offsetting decrease in another tax, we call the analysis
In the hedonic theory of wages model show how imposition of safety regulation may lead to lower utility for an individual with a strong preference for higher wages.
Jen recently inherited a painting and soon will have it appraised by a professional. Jen believes there is a 75% chance that it is authentic, in which case it's net worth is $400. However, there is a 15% chance that it is a fake, in which case it's n..
Explain due to a growing US economy, the overall market demand for nails will increase by 2%. Based on this information, should you plan to increase or decrease your production of nails.
An EOY Geometric gradient lasts for 10 years, whose initial value at EOY three is $5,500 and average rate f = 8% per year thereafter. The interest rate is 12%/year. What is P0 for the geometric gradient?
Support or contradict this statement: "Given the realities of today's economy and the rapid changes ocurring in business technology, all competitive advantages are short-lived. There is no such thing as a sustainable competitive advantage that lasts ..
Sarah earns $500 per week selling baskets made out of tree vines. With this money she buys sushi and rose bushes. Each piece of sushi costs $1 and each rose bush costs $10. If Sarah spends $170 per week on sushi, the maximum quantity of rose bushes c..
Production functions indicate the relationship between. The production function.
If there are only two goods, if more of good 1 is always preferred to less, and if less of good 2 is always preferred to more, then: indi erence curves slope downwards.
An office of 120 employees must be redesigned to accommodate 30 new employees. At the same time it should be made as effective as possible.
Clearly show on your graph the old equilibrium price and quantity and the new equilibrium price and quantity. Can you tell for certain whether the new equilibrium price will be higher or lower than the old equilibrium price?
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