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There are two firms competing in quantity. Firm 1 and 2 set their quantities supplied, q1 and q2, respectively. The production costs are zero. The market price is given by
where a ∈ (0,1/2) and b ≥0. Note that the inverse demand function is kinked at the point (1 - a, a).
This is a simple one-shot game. The firms simultaneously set their quantities. The objective of each firm is to maximize its profit, that is,
1. Derive the pure strategy Nash equilibrium and the equilibrium profits when b = 0.
Ans. 0.5 each
2. Derive the pure strategy Nash equilibrium and the equilibrium profits when b > 0. Note that two pure strategy Nash equilibria may exist.
Ans. All or nothing
3. Dose an increase in b benefit the two firms? This means that you should explain whether or not at increase in the demand size benefits the firm.
1. Generate a large dataset ( at least 1000 observations) µ with a known mean, µ between 20 and 40 and variance s = 9 using rnorm(). identify it as D. Use the functions mean() and
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Now imagine that consumption is given as: C = 400 + 0.9YD - 1,750i And as above: Y = PE = C + I + G + NX (Income identity)
Simple Linear Regression One measure of the risk or volatility of an individual stock is the standard deviation of the total return (capital appreciation plus dividends) over
While the differences between IFRS and GAAP are reducing, there still are significant differences between the two. While the IFRS has been developed by the IASB (International A
1. Suppose that a population has mean, µ, and standard deviation, σ. What does the central limit theorem tell us about the distribution of the sample mean?
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Example and formula of Quantity Index
Employer's FICA tax rate for 2012 The employer's FICA tax amount for 2012 involves 1) the Public Protection tax amount of 6.2% of each individual's first $110,100 of income, inc
What is an adjusted trial balance
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