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Category > Economics Posted 05 Jun 2017 My Price 8.00

The payoff matrix

(1 pt ea) The payoff matrix presents the monthly profits resulting from pricing strategies being considered by two competing businesses.

  1. Does Nathan have a dominant solution? Please explain why.
  2. What combination of strategies does the payoff matrix predict Nathan and Simon will follow?

Screen Shot 2017-05-29 at 8.10.30 PM.png

 

Given the information in the table below and assuming monopolistic competition:

a. (1 pt) What is this firm's optimal level of output? 

b. (1 pt) Is this firm in long run equilibrium? Please explain.

c. (1 pt) If this firm could practice perfect price discrimination what would its output be?

Screen Shot 2017-05-29 at 8.11.55 PM.png

 

Given the graph of a firm under monopolistic competition:

a. (1.25 pt) Is this firm making a profit, taking a loss, or making zero profit? Please explain how you know.

b. (1.25 pt) With your answer to question part "a" in mind, would you expect the demand and marginal revenue curves on this graph to shift right, stay where they are, or shift left. Please explain why. 

Screen Shot 2017-05-29 at 8.12.58 PM.png

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SuperTutor
(15)
Status NEW Posted 05 Jun 2017 07:06 AM My Price 8.00

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