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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.
The following figure shows a histogram of the annual maxima of daily rainfall levels (in millimetres) recorded at Maiquetia international airport, Venezuela, for the years 1952 to
Given the following pairs of random variables and compute the following sums. (NB: show your working table). 3 -7 2 10 6 11 10 12 15 14 (b) (c) (d) ?¦?2y
Standard costing In contemporary price sales, the idea of documenting traditional expenditures was taken further, by assigning the organization''s set expenditures over a given
Unfortunately the 10 questions are timed and when I send them to you, I MUST have back in 3-1/2 to 4 hours. Can you help?
difference between historigram and histogram
Calculate the original price of the bond. Bonds were issued at $200,000 of x% ten-year term bond at an effective annual interest rate (market rate) of x%. The bonds pay interest se
formula for z test.
Atomistic fallacy The fallacy which arises because of the association amongst the two variables at the individual level might differ from the association between the similar two
The skewness is a measure of asymmetry and it is positive at 0.15 meaning that it is greater than zero which reveals that the tail extends to the right slightly indicating the dist
time series use in indian economy
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