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1. Describe the characteristics of an oligopolistic market and explain whether it is socially efficient or inefficient.
2. What are the pros and cons of cost-benefit analysis in evaluating policy options?
3. What is a Herfindahl-Hirschman Index and the Lerner Index? How are the 2 indices related?
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- below cost? That is, explain a rationale of loss leaders, using your U4. The coconut-milk carts from Exercise S7 set up again the next day. Nearly 172 [CH. 5] SIMULTANEOUS- MOVE GAMES a dollars of a pound of cheese. (a) Initially, L'Épicerie runs La Boulangerie and La Fromagerie as if the were separate firms, with independent managers who each try to maximize their own profit. What are the Nash equilibrium quanti- ties, prices, and profits for the two divisions of L'Épicerie, given the new quantity equations? (b) The owners of L'Épicerie think that they can make more total profit by coordinating the pricing strategies of the two Yuppietown divi- sions of their company. What are the joint-profit-maximizing prices for bread and cheese under collusion? What quantities do La Bou- langerie and La Fromagerie sell of each good, and what is the profit that each division earns separately? (c) In general, why might companies sell some of their goods at prices below cost? That is, explain a…22. In order for a set of strategies to constitute a Nash Equilibrium a. Each player must adopt a dominant strategy b. Each player must adopt a mixed strategy c. Players must coordinate to adopt the set of strategies that will maximize their joint payoffs. d. Each player must adopt a strategy that results in the best outcome for the other player. e. Each player must adopt a strategy that is a best response to the strategies of the other players.Game theory terminology Select the term that best describes each definition listed in the following table. Definition Nash Equilibrium Dominant Strategy Collusion Tit-for-tat Strategy Payoff Matrix Prisoners' Dilemma Game A strategy in which a player cooperates until the other player defects and then defects until the other player cooperates again The event that occurs when agents in a game form an agreement about which strategies to implement A player's best choice, if it exists, regardless of his or her opponent's strategy A case in which individually rational behavior leads to a jointly inefficient outcome
- Identify a real-world situation in which you see game theory/strategic behavior in action. Explain the game: Who are the players ? What are the strategies they have at their disposal? How are payoffs determined? What, if any, is the Nash equilibrium? Note, this article from Up Journey might help you come up with an example: https://upjourney.com/game-theory-examples-in-real-lifeSee page 561 02 Question John and Daniel greatly enjoy each other's company but have different tastes regarding the best form of entertainment. John prefers the lowbrow entertainment of professional wrestling that disgusts Daniel. Meanwhile, Daniel likes highbrow opera, which bores John. However, each finds it preferable to spend the evening together rather than disagree about what to do and end up staying home angry. This interaction is modeled in the normal-form game below: Evening Entertainment John Part 1 Wrestling Opera Choose one or more: Daniel Wrestling 12.00, 4.00 0,0 Identify any pure strategy equilibria of this game. A. (wrestling, wrestling) B. (wrestling, opera) OC. (opera, wrestling) Part 2 Opera 0,0 6.00, 18.00 D. (opera, opera) DE. There are no pure strategy equilibria. Find the mixed strategy Nash equilibrium of this game. In it, John will choose wrestling with probability choose wrestling with probability (Give your answers to two decimal points.) See H See Hir ,and…12. To advertise or not to advertise Suppose that two firms, Hatte Latte and Bean Bruuer, are the only sellers of espresso in some hypothetical market. The following payoff matrix gives the profit (in millions of dollars) earned by each company depending on whether or not it chooses to advertise: Bean Bruuer Advertise Doesn't Advertise Advertise Hatte Latte Doesn't Advertise 9,9 3,15 15,3 11, 11 For example, the lower left cell of the matrix shows that if Bean Bruuer advertises and Hatte Latte does not advertise, Bean Bruuer will make a profit of $15 million, and Hatte Latte will make a profit of $3 million. Assume this is a simultaneous game and that Hatte Latte and Bean Bruuer are both profit-maximizing firms. If Hatte Latte chooses to advertise, it will earn a profit of $ does not advertise. million if Bean Bruuer advertises and a profit of $ million if Bean Bruuer If Hatte Latte chooses not to advertise, it will earn a profit of $ does not advertise. million if Bean Bruuer…
- The payoff matrix below shows the possible actions and payoffs of Walmart and Target with respect to a particular product. The non-cooperative solution occurs when: Target Price High Price Low $40 Price High $40 Price Low $50 $15 $50 $15 $30 $30 [15.4.1 Decisions, Decisions-What Price to Charge?] A Walmart prices low and Target prices high. B Walmart and Target both price high. Walmart prices high and Target prices low.. Walmart and Target both price low. Last saved 8:33:38 PM SubmitAs soon as possible . Thank you 1.Show a duopoly diagram with the four boxes and explain the Nash Equilibrium (make up plausible #s for all 4 boxes)3) Amazon and Target both sell the new Xbox, and have a choice whether to charge a high price or a low price. The payoff matrix identifies the profit either store can expect to make (in millions of dollars). Walmart High Price Low Price High Price b. Identify the Nash Equilibrium. 3,6 5,5 Amazon Low Price 2.8 4.3 a. Identify the Dominant Strategy for either player, or write "none" if there isn't one.
- 8. To advertise or not to advertise Suppose that Creamland and Dairy King are the only two firms that sell ice cream. The following payoff matrix shows the profit (in millions of dollars) each company will earn depending on whether or not it advertises: Creamland Dairy King Advertises Doesn't Advertise 9,9 Doesn't Advertise 3, 15 Advertises 15, 3 11, 11 For example, the upper-right cell shows that, if Creamland advertises and Dairy King doesn't advertise, Creamland will make a profit of $15 million, and Dairy King will make a profit of $3 million. Assume this is a simultaneous game and that Creamland and Dairy King are both profit-maximizing firms. If Creamland decides to advertise, it will earn a profit of $ not advertise. If Creamland decides not to advertise, it will earn a profit of $ does not advertise. million if Dairy King advertises and a profit of $ If Dairy King advertises, Creamland makes a higher profit if it chooses million if Dairy King advertises and a profit of $…The payoff matrix represents hypothetical profits that could be earned by two milk sellers who have formed a cartel. Each seller must decide whether or not to cheat on the production quotas in the cartel agreement. Use the payoff matrix to answer the questions. Heifer's Gold Cheat Do not cheat Cheat A Milky Moos $148,000 $148,000 $200,000 $140,000 Do not cheat B a. Does either member have an incentive to cheat? $200,000 D $140,000 $150,000 Milky Moos will cheat, but Heifer's Gold will not. No, neither has an incentive to cheat. Heifer's Gold will cheat, but Milky Moos will not. Yes, both will cheat. $150,000 b. How does cheating impact the other cartel member? O Cheating hurts the member who does not cheat by decreasing its profits. Cheating does not impact the other member. Cheating helps the other cartel member by increasing its profits.Кееp production $200 million $300 million Using what you know about the prisoner's dilemma, what would be the profit for Antel and constant IMD in millions? (cooperate Antel profit Antel profit is $20 million is $200 million Antel options IMD profit is IMD profit is $20 million $100 million Increase production (act independently) Antel profit Antel profit is $100 million is $300 million Antel profit: S million million IMD profit: S What would be the best collective option for both firms? Select all of the reasons Antel and IMD would make more profit at the original constant production level? соорerate Because overall demand for computer chips act independently will increase Because they can both charge more for the product at the given level of production Because it restricts the supply of computer chips