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An incumbent firm may be a low-cost type, with constant marginal cost of production 10, or a high-cost type, with marginal cost of production 20, with probabilities t and 1 t, respectively. The incumbent's type is private information. The incumbent produces as a monopolist in the first period. An entrant who has marginal cost 15 may enter the market between periods. Entry requires at least a small fixed investment. If the entrant comes in the market, it learns what the incumbent's marginal cost is, and firms engage in Bertrand competition in homogeneous products in the second period (see Chapter 14 for a discussion of Bertrand competition). Consumer demand is the same in each period. Suppose there is no discounting between periods, so the incumbent's objective is to maximize the sum of first- plus second-period profit.
a. What is the Nash equilibrium of the secondstage game if the entrant enters? Solve the game for each type of incumbent.
b. Argue that the entrant would not enter if it believes the incumbent is certainly low cost but would enter if it believes the incumbent is certainly high cost.
c. Assume that the low-cost type's monopoly price is greater than 20. Use your answer from part b to argue that 20 is the highest possible price that the low-cost type of incumbent can charge in a separating equilibrium.
Define and list the different activities of the project - define the dependency between the project activities and choose duration for each activity.
Justify the influence of stakeholders in the project management plan and their role in communication planning.
Discuss the five ways to create A-plus convenience for customers. Explain the concept of "emotional labor" and how it can contribute to workplace stress
You are a manager of Circuit Town, which sells Xbox2010. The demand of Xbox2010 in the holiday season is 200 units with probability 0.8 and 400 units with probability 0.2. You have to make an order from MSFT in advance. You can either purchase 200 un..
What are the pros and cons of great lakes coating's not having formalized policies regarding employees behavior?
To evaluate relevant cash flows associated with a project, the analyst should exclude sunk costs, interest, expenses, dividend payments and accounting depreciation
1you are the assistant to the cfo of abc inc. divisions a b and c have ach proposed projects that require a 1000000
unforeseen restraintswhat steps can a project manager take to minimize the possibility of unforeseen restraints
what are some techniques to speed up a project and under what circumstances might they be implemented? is hiringadding
Project Manager in the middle of a project and find that one of your project resources is unavailable, what can you do to keep your project one course?
Should be succinct and to the point describing what the project is about. It is generally a one sentence statement and provide a brief statement on the issue and a concise outline of the paper content and structure.
discuss about article obama administration criticizes jpmorgan over mortgagesthe article i chose this week obama
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