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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.
Question: (a) Packs of food have weights that are distributed with standard deviation 2.3 g. A random sample of 200 packets is taken. The mean weight of this sample is found t
need to define one statistic and calculate value
The abstract is a one-paragraph [200-300 words] summary of what will be presented in the paper. The content that is required for the abstract includes [1-2 sentences each component
meaning
The elevator in the Math and Computer Building can stop at one of six ?oors. Four riders get on the elevator at the ?rst ?oor and the elevator heads up. Each rider picks a ?oor at
A retail store has recently hired you as a consultant to advise on economic conditions. One important indicator that the retail store is concerned about is the unemployment rate.
1. Mention the characteristics of Statistics. Explain any two applications of Statistics.
report
is about deductions
One measure of the risk or volatility of an individual stock is the standard deviation of the total return (capital appreciation plus dividends) over several periods of time. Altho
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