In a two good two trader model, there are 1000 units of commodity-1 and 800 units of commodity-2. Explain what additional information is required to determine the contract curve and the competitive equilibrium (if any). Explain with the help of diagram.
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- Consider trade relations between the United States and Mexico. Assume that the leaders of the two countries believe the payoffs to alternative trade policies are as follows a. What is the dominant strategy for the United States? For Mexico? Explain. b. Define Nash equilibrium. What is the Nash equilibrium for trade policy? c. In 1993, the U.S.Congress ratified the North American Free Trade Agreement, in which the United States and Mexico agreed to reduce trade barriers simultaneously. Do the perceived payoffs shown here justify this approach to trade policy? Explain. d. Based on your understanding of the gains from trade (discussed in Chapters 3 and 9), do you think that these payoffs actually reflect a nation's welfare under the four possible outcomes?Table A shows the pricing options for two drone operators, Andrew and Jasmine, as an oligopoly in a local market. Which of the following pricing strategy scenarios does Table 2 depict, when there are at least two pricing periods expected? Table A Drone Operator Jasmine LOW Price Drone Operator Jasmine HIGH Price Drone Operator Andrew LOW Price Andrew Low Jasmine Low Drone Operator Andrew Charges LOW Price: gets $1,000 profit Drone Operator Jasmine Charges LOW Price: gets $1,000 profit Drone Operator Andrew Charges LOW Price: gets $2,000 profit Drone Operator Jasmine Charges HIGH Price: gets $0 profit Table 2 Pricing Strategy Scenario TABLE 2 First Period First Price Choice Period (High or Profit Low) $1,000 $1,000 Drone Operator Andrew HIGH Price Drone Operator Andrew Charges HIGH Price: gets $0 profit Drone Operator Jasmine Charges LOW Price: gets $2,000 profit Drone Operator Andrew Charges HIGH Price: gets $1,500 profit Drone Operator Jasmine Charges HIGH Price: gets $1,500 profit…11. Application: Elasticity and hotel rooms The following graph input tool shows the daily demand for hotel rooms at the Peacock Hotel and Casino in Las Vegas, Nevada. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. (Note: All values are hypothetical.) Demand Factor Initial Value Average Canadian household income $50,000 per year Round trip airfare from Toronto (YYZ) to Las Vegas (LAS) $100 per round trip Room rate at the Grandiose Hotel and Casino, which is near the Peacock $250 per night Use the graph input tool to help you answer the following questions. You will not be scored on any changes you make to this graph. оп апy Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field…
- Suppose Tasty Cakes is deciding its pricing strategy: it is debating whether to offer a single linear price for its sheet cakes or to offer non-linear pricing. Suppose on any day, it gets 2 customers–who are of Type A and TypeB with the following maximum willingness-to-pay for the cakes: Units Type A Type B 1 $100 $90 2 $75 $40 Suppose it costs $10 to bake each of the cakes. (a) If Tasty Cakes decides to pick a linear pricing strategy, what will be the profit-maximizing price it should choose? How many cakes will it end up selling and what will be its total profit? (b) If Tasty Cakes decides to pick a non-linear pricing strategy where it may offer a different price depending on the number of cakes purchased, what should be the profit-maximizing set of prices? How many cakes will it sell and what will be its total profit? (c)Comparing Tasty Cakes’profits in (a) and (b), explain IN WORDS why we see this difference in profitsAssume Tea brands ChotooChai and BaraChai are competing brands in the market. With arrival of winter season, ChotooChai announces good promotional deals. Using ‘Comparative Statics Analysis’ of demand and supply model: How will the managements of the two brands study the short-run and long-run impact on Tea Sales, after the announcement of promotions in the market of Tea? Demonstrate and explain, with clearly labelled two panel diagrams, the ‘Rationing Function’ and the Allocating or ‘Guiding Function’ of Price.Two brands ABC and XYZ are competing brands in the market. With arrival of winter season, ABC announces good promotional deals. Using ‘Comparative Statics Analysis’ of demand and supply model. How will the managements of the two brands study the short-run and long-run impact on Tea Sales, after the announcement of promotions in the market of Tea? Demonstrate and explain, with clearly labelled two panel diagrams, the ‘Rationing Function’ and the Allocating or ‘Guiding Function’ of Price?
- Discuss competitive pricing model in a market economyYou and your rival must simultaneously decide what price to advertise in the weekly newspaper. If you each charge a low price, you each earn zero profits. If you each charge a high price, you each earn profits of GH¢3. If you charge different prices, the one charging the higher price loses GH¢5 and the one charging the lower price makes GH¢5.i. Find the equilibrium when there are no repeated transactions.rituo? A. Identify the pure-strategy Nash equilibrium/a in the game below, and identify the Pareto efficient strategy combinations. (You may simply state these, you do not need to show how you derived your answer.) B. Identify the mixed-strategy equilibrium to the game. Show your work. You may use the equations from the "generic" 2X2 game if you wish. Doing it the long way is fine, however. C. State the payoff for each player in the mixed-strategy equilibrium. Is the mixed-strategy combination Pareto efficient? Player 1 U D 20 Player 2 L (10,15) (1,5) R (0,6) (1,6)
- Select the term that best describes each definition listed in the following table. Tit-for- Prisoner's Nash Equilibrium Payoff Matrix Dominant tat Dilemma Definition Strategy Collusion Strategy 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 case in which individually rational behavior leads to a jointly inefficient outcome A visual representation of a game showing all possible strategies for each player and all potential outcomes and payoffsJuan Valdez, a coffee farmer in Colombia, sells his coffee to Cafe Emporium, a U.S. firm which specializes in gourmet coffee blends. a. What must be true of this arrangement? While this arrangement is good for Juan, he would be better off if the government had negotiated the contract for him because the government could have gotten a better price. Juan and other farmers in Colombia who make such transactions are made better off as a result. Juan believes he is better off with this contract, but in reality, the wealthy American buyer is taking advantage of Juan's naiveté. When Juan and other farmers in Colombia sell their coffee beans to foreigners, their nation as a whole gains in the long run, as countries gain from trade.How are the elements of competition force affecting the willingness to pay for a product? What are the components Apple sources from Japan for iPhone?