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Duopoly quantity setting firms face the market demand P=150- Q. Each firm has a marginal cost of £60 per unit. What is the Stackelberg equilibrium when Firm 1 moves first? i). Q1 =30, Q2 =30, P=90. ii). Q1 =45, Q2 =22.5, P=82.5. iii). Q1 =35, Q2 =30, P=100. iv). Q1 =40.5, Q2 =25.5, P=70.
a. What is the advantage to mixed strategies? They i). allow a player to be unpredictable. ii). allow a player to raise his maximin payoff. iii). are needed to guarantee the existence of equilibrium. iv). all of the above.
s. Lotteries A and B have the same expected value, but B has larger variance. Which of the following is true? i). some risk averse decision makers bill prefer lottery A while others will prefer lottery B. ii). all risk averse decision makers will prefer lottery B to lottery A. iii). some risk neutral decision makers will prefer lottery A while others will prefer lottery B. iv). none of the above.
c. Which of the following is the present value of £1 payable in three years is: i). £1 ii). £1/(1+3r) iii). £1/(1-3r) iv). £1/(1+r)3
Suppose that the equilibrium wage in industry A is $39,000. Industry B is riskier with workers having a 6% greater chance of dying on the job; the wage in industry B is $59,000. What is the implied valuation of a life year?
The economy has seen the unemployment rate increase from 6 percent to 9.5 percent, the inflation rate decrease from 2.8 percent to 1.2 percent, and there has been a 24 percent decline in consumer spending and a 45 percent decline in investment spendi..
The most disruptive supply shocks in recenthistory were caused by OPEC, the Organization of PetroleumExporting Countries. In the early 1970s, OPEC's coordinatedreduction in the supply of oil nearly doubled the world price.
Consider illegal immigration. How would illegal immigration be affected if all countries had property ownership rights as well defined as in the United States?
Suppose a market is in equilibrium. Then a change occurs and the equilibrium price decreases while the equilibrium quantity increases. What change occurred in the market to cause these changes to price and quantity?
Suppose that Jenna’s preferences over baskets containing petrol (good x), and food (good y), are described by the utility function U(x, y) = xy + 100y. The marginal utilities for this function are, MUx = y and MUy = x + 100. Find Jenna’s petrol deman..
q.a competitive firm sells its product at a cost of 0.10 per unit. its total cost function istc 5 - 0.5q 0.001q2a
Studies indicate that the price elasticity of demand for beer is about 0.9. A government policy aimed at reducing beer consumption changed the price of a case of beer from $10 to $20. According to the midpoint method, the government policy should hav..
Peggy is a single mother who currently does not work and has a two year-old child named Bud. Peggy’s concerned parents give her $30/day (non-labor income) to support her and Bud. Peggy has just interviewed for a job as a cashier at Whole Food’s groce..
Suppose a firm faces the demand curve which gives a constant price elasticity of demand of -2. (Lerner Index) If the firm's marginal cost is constant at $2, what is the profit-maximizing price and quantity? If the firm's marginal cost increases to a..
Suppose that the developing countries like China and India start promoting consumption, and as a result there is sudden decline in world savings. What happens to the investment in a small open economy like Singapore? What happens to the trade balance..
Elucidate how much in revenues do businesses receive in the product marketplace.
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