Don't use ai to answer I will report your answer ..Solve it Asap with explanation In a small coastal city, the price of coffee per pound affects both the demand and supplywithin the local market. When the price is $2.00 per pound, the demand in the city is for3.5 thousand pounds of coffee, and the local suppliers are willing to provide 1.5 thousandpounds. However, when the price increases to $3.00 per pound, the demand decreases to2 thousand pounds, while the supply rises to 2.25 thousand pounds. Assuming that therelationship between supply and demand is linear,a. determine the equilibrium price. The equilibrium price is $ type your answer...b. determine the equilibrium quantity. The equilibrium quantity is type your answer...per poundpounds of coffee.

To determine the equilibrium price and quantity, we can set up a system of equations based on the…

Answered: In a small coastal city, the price of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A B C
In a contract between a Chinese seller and a Australian buyer, the Incoterm DAP Sydney airport ICC 2020 is used. This implies that: a. the buyer pays the costs from China to Sydney/b. the buyer clears the customs in Sydney / c. the buyer needs an insurance from China to Sydney/d. the seller pays the unloading of the plane in Sydney
Consider a small town with two competing restaurants: Doug’s Diner and Betty’s Bistro. There is 1000profit to be made in the market. Each period, the restaurants simultaneously decide whether to offer high orlow quality food. In order to offer high quality food, each restaurant must hire an expert chef, which incursan additional cost of 100. The restaurants split the profit equally if they offer the same quality of food. Ifone restaurant offers high quality food while the other offers low quality food, the high quality restauranttakes four fifths of the profit and the low quality restaurant takes one fifth of the profit.(a) Draw up the normal form game matrix, showing the players, strategies, and payoffs.(b) Determine the Nash equilibrium of this game.(c) Explain how the restaurant owners could both be better off than in the Nash equilibrium if they wereable to cooperate. Is the town as a whole better off or worse off when the firms cooperate? Why or whynot
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Please no written by hand and no emage Two classmates A and B are assigned a group project. Each student can choose to Shirk or Work. If one or more students chooses Work, the project is completed and provides each with credit valued at 4 payoff units each. The cost of completing the project is that 6 total units of effort (measured in payoff units) is divided equally among all players who choose to Work and this is subtracted from their payoff. If both Shirk, they do not have to expend any effort but the project is not completed, giving each a payoff of 0. The instructor can only tell whether the project is completed and cannot determine which students contributed to the project. A. Write down (draw) the normal form game, with payoff in the format of (player A payoff, player B payoff). Note that we assume students choose to Shirk or Work simultaneously. B. Does either player have a dominant strategy? C. Find the Nash equilibrium or equilibria. D. Explain ‘Prisoners’ dilemma’ using the…
4 Problem: Ticket Exchange Each of two players draw a lottery ticket with a random prize written on it. You can assume that prizes a uniformly drawn from an interval between 0 and 100 (can you solve it without uniform assumption?). Both player simultaneously decide whether to keep the prize or exchange the ticket with another player. If both decide to exchange, then the tickets are swapped and each player collects a prize from the newly acquired ticket. Find the BNE of the game. Hint: consider cut-off strategies, i.e. that prizes above some x are kept, and below z are offered for exchange.
Brown’s TV Production is considering producing a pilot for a comedy series for a major network. While the network may reject the pilot and series, it may also purchase the program for 1 or 2 years. Brown may produce the pilot or transfer the rights for the series to a competitor for $100,000. Brown’s profits are summarized in the following payoff table (profits in thousands). sate of nature reject 1 year 2 years produce pilot -100 50 150 sell to competitor 100 100 100 If the probability estimates for the states of nature are, P(reject)=0.20, P(1 year)=0.30, and P(2 years)=0.5, what is the maximum Brown should be willing to pay for inside information on what the network will do?
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05. Solve the following game. Player A 1 0 5 732 Player B 276 4 8 10
Q59
Q 100 200 300 400 500 44₁ 1 600 35 700 44 800 53 900 62 1000 „71 1100 80 1200 89 1300 98 O $68 SRATC, SRATC₂ SRATC, 80 90 130 71 78 116 62 66 102 53 54 88 42 74 60 48 31 38 45 52 59 66 O $53 Use the information in the Table above to answer the following question. The LRATC for Q = 900 is 38 units O $38 6 None of these answers is correct 30 68 units 18 32 44 56 68 80 92 SRATC4 140 131 122 113 104 95 86 77 68- 59 50 52 54 O not enough information to calculate

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