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In the Management-Labor bargaining game, how much does Labor earn if they can move first? (Management payoffs are bold)
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- Only typed answer and don't use chatgpt Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The $50 is divisible up to one cent. The players have one shot to reach an agreement. Management has the ability to announce what it wants first, and then the labor union can accept or reject the offer. Both players get zero if the total amounts asked for exceed $50. Which of the following is true? A There are multiple Nash equilibria. B ($25, $25) is a Nash equilibrium. C A Nash equilibrium is also a perfect equilibrium. D There are multiple Nash equilibria, and ($25, $25) is a Nash equilibrium.Two competing companies, A and B face the same unit cost of a product that is fixed and equal to 15 monetary units. The demand function for company A's product is Pa=65-2.5Qa and for B's product is Pb=60-2Qb.Calculate the Lerner index at the equilibrium position of each company. Comparing the index you found for company A with the index you found for company B what is found? If there is a difference between them, explain why it is due.Consider the wage negotiations between Cricket Australia (CA) and the union that represents the players. Assume that Cricket Australia and the union are bargaining over how much of a $200 surplus will be split. Suppose that the union moves first and suggests an offer p. CA may accept or reject the offer. If the offer is accepted the union gets p and the CA gets 200 - p. If the offer is rejected, CA will now make an offer q for which the union may accept or reject. If the offer q is accepted the Union gets q and CA gets 200 - q. If offer q is rejected, both parties get 0. Assume that the possible offers to be made are $1, $100 or $199. What is payoff for the Union in the subgame perfect equilibrium of this bargaining scenario?
- What are conditions conducive to a natural monopoly? Select one: a. Extensive economies of scale. b. Rapid diseconomies of scale c. Patents Od. Small market size(Dominant Firm with Fringe Competition) The structure of competition in the market for product A follows the dominant firm model with competitive fringes, where there is one company that is a dominant player and there are many fringes companies that compete competitively. The total demand for product A in this market is expressed by P = 1200 - Q, while the supply function of the competitive fringe is expressed by Sf: qf = P - 240. If the dominant firm is known to have marginal costs as follows: MCd = 240 + 0.25qd a. What is the minimum price level required by the competitive fringe to offer output? At what price level will the fringe company supply the entire market? Thank you bartleby!answer quickly
- usiness EconomicsQ&A LibraryTwo firms A and B produce an identical product (Note: Industry Output = Q). The firms have to decide how much output qA and qB (Note: qA = Firm A Output; qB = Firm B Output) they must produce since they are the only two firms in the industry that manufacture this product. Their marginal cost (MC) is equal to their average cost (AC) and it is constant at MC = AC = X, for both firms. Market demand is given as Q = Y – 2P (where P = price and Q = quantity). Select any value for X between [21 – 69] and any value for Y between [501 – 999]. Using this information, calculate the Industry Price, Industry Output, Industry Profit, Consumer Surplus and Deadweight Loss under each of the following models: (a) Cournot Model Two firms A and B produce an identical product (Note: Industry Output = Q). The firms have to decide how much output qA and qB (Note: qA = Firm A Output; qB = Firm B Output) they must produce since they are the only two firms in…Refer to the figure above. The competitive market player will have $____ of profits. A)0 B)100 C)1800 D)4050