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In a situation that occurs only once, if you advertise and your rival advertises, you will each earn $5 million in profits. If neither of you advertises, your rival will make $4 million and you will make $2 million. If you advertise and your rival does not, you will make 10 million and your rival will make $3 million. If your rival advertises and you do not, you will make $1 million and your rival will make $3 million.
Set up the situation in a normal form. Do you have a strategy that you will choose no matter what your rival does?
Is there a strategy your rival will choose no matter what you do?
What is the solution or equilibrium?
How much would you be willing to pay your rival not to advertise?
A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in long-run equilibrium. Briefly explain the short-run adjustments for the market and the firm to a decrease in consumer incomes. What happens..
You have just been hired as manager of a new golf club. The golf club has market power over its members. The club owner wants you to come up with a two-part pricing strategy to maximize profits for the club. The average golfer’s monthly demand is P =..
If the seller cannot discriminate, but must charge the same price p1 = p2 = p to each group, what will be her profit-maximizing price? Which, if any, consumer group benefits from price discrimination?
Identify a personal economic decision that was driven by a behavioral bias rather than by pure rational behavior. Given your understanding of behavioral economics, how would your decision differ today?
Consider a production technology that takes three inputs: capital (K), labor (N ), and materials (M ). The production function is given by Y = AKαNβ Mγ , where α, β, γ > 0 and α + β + γ = 1. For this production function,
Do you believe that noncompetition agreements should be allowed in regard to healthcare professionals, and why or why not? Assuming these agreements are allowed, what do you believe are reasonable restrictions as to time and geographical limits?
You are the manager of a firm that receives revenues of $60,000 per year from product X and $90,000 per year from product Y. The own price elasticity of demand for product X is -1, and the cross-price elasticity of demand between product Y and X is 1..
When a firm pursues a predatory pricing strategy, it does so
Consumers are not able to resell good 1. For p
Draw three graphs that shows a perfectly competitive firm in three stages of profit, loss, and break even. Explain the reason for each position the firm might have? Profit , Loss, Break-Even.
Are there any indications that the United States Declaration of Independence or Constitution or the 1689 English Bill of Rights influenced the National Assembly? If so, how?
One strategy I might use to be elected mayor of a university town is to place a binding price ceiling on rent for student apartments. What will happen if I get elected and am able to pass such a law?
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