Moving to another question will save this response.Question 8High litigation costs for the Plaintiff (Victim) and Defendant (Injurer)O A. encourage too little precaution because the Injurers know that the litigation costs will discourage Victims from suingB. encourage too much precaution because the Injurers wish to avoid the high costs of litigationOC. either A or B could be correctOD. None of the above are correctQu2 poi

The correct answer is A. encourage too little precaution because the Injurers know that the…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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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A major distinguishing characteristic of consumer convenience products is that the consumer is willing to make a special effort to buy them. O they are often costly and bear well-known brand names. O the consumer usually does a great deal of comparative shopping prior to making the purchase. the products are usually exclusive brands and have full warranties. O they are usually inexpensive and available in many locations.
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Multiple Choice Questions Read each question carefully. Choose the letter with the answer that responds the best to each o 1. Which of the following is a disadvantage of a partnership? A. limited liability B. shared decision making and talents O C. potential for disagreements O D easy start up 2.ABC Pedliatrics.is a orivately owned practice by a groun of doctors What
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2. In Sacramento there are 1000 used cars for sale, half of them are good and half of them are lemons. Owners of lemons are willing to sell them for $200. Owners of good used cars are willing to sell them for prices above $1,100 but will keep them if the price is lower than $1,100. There is a large number of potential buyers who are willing to pay $500 for a lemon and $1,500 for a good car. Buyers can't tell good cars from bad, but original owners know. Pick the correct answer from the following options and briefly explain. a. There will be an equilibrium in which all used cars sell for $650. b. There will be an equilibrium in which lemons sell for $200 and good used cars sell for $1,100. c. There will be an equilibrium in which all used cars sell for $1,000. d. The only equilibrium is one in which all used cars on the market are lemons and they sell for $500. e. There will be an equilibrium in which lemons sell for $500 and good used cars sell for $1,500.

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