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A case study in the chapter describes a phone conversation between the presidents of American Airlines and Braniff Airways. Let's analyze the game between the two companies. Suppose that each company can charge either a high price for tickets or a low price. If one company charges $100, it earns low profits if the other company charges $100 also and high profits if the other company charges $200. On the other hand, if the company charges $200, it earns very low profits if the other company charges $100 and medium profits if the other company charges $200 also.
a. Draw the decision box for this game.
b. What is the Nash equilibrium in this game? Explain.
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The economists also argued that the technical level of potential output had risen. Show their argument using the AS/AD model.
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Technological advance improves productivity in a purely competitive industry. This change will result in a shift: a.) down of the individual firm's MC curve, causing the market supply curve to shift to the left b.) down of the individual firm's MC cu..
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