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In an infinitely repeated game between two firms, suppose that each earns a payoff of 20 if they collude on price and 20 if they compete on price. If one firm sets the collusive price and the other "cheats", the cheater gets 25 for one period, after which the non cheater invokes the grim trigger punishment strategy.
a) What is the range of discount rates over which cooperation (collusion is a Nash equilibrium?
b) Suppose this were a one-shot game with the above payoffs. What would be the Nash equilibrium prices?
What is the own price elasticity of demand when Px = $154? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $154.What is the cross-price elasticity of demand between good X ..
Suppose that some variable is growing at constant rate. a. Prove that the natural logarithm of that variable is a linea r function of time. b. Find the intercept and slope of the linear function in part a.
The production function F(L) = 6L^(2/3). Suppose that the cost per unit of labor is $8 and the price of output is 4, how many units of labor will the firm hire?
Since Fall of 2011, the price of oil has shown a sharp increase again as continuation steady rise in oil price attributed to the Arab Spring (the political uprising in the Middle Eastern and North African countries) started in the beginning of 201..
Suppose annual salaries for sales associates from a particular store have a mean of $32,500 and a standard deviation of $2,500. Calculate and interpret the z-score for a sales associate who makes $36000. Suppose that the distribution of annual sa..
Suppose McDonalds puts up five new stores in San Francisco using exactly the same floor plan, capital equipment, and number of workersthen the long run average cost curve of McDonalds would be and the company experiences
Picabo borrows $1000. To repay the amount, she makes 12 equal monthly payments of $90.30. Determine the effective monthly interest rate, the nominal annual interest rate, and the effective annual interest rate
A demand curve is given by QD = 600 20P. Draw the demand curve. You don't have to draw to scale. Clearly show what happens on this demand curve when the price rises from $6 to $8. Label all appropriate points, as well as numerical values for pric..
Use a Keynesian 45-degree diagram to show the effect of an increase in government spending and how could a reduction in tax rates increase government's tax receipts?
Assume that a regulator assigns property rights on the externality, i.e. right to make noise or to enjoy an environment free of noise. Show that by agreeing on the airport traffic and on compensations, the two firms reaches the efficient outcome (..
An asset with a cost basis of $100,000 and an ADS* recovery period of five years is placed in service and is expected to generate net cash flows of $30,000 per year during its 6 years useful life. Its salvage value is expected then to be negligib..
A typical 2,000 sq. ft. home using standard concrete forms costs $120 per square foot to construct and uses $300 per month average to heat and cool. Calculate the IRR on a home using your company's insulated concrete forms on a typical 2,000 sq. f..
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