Qb) only. The diagram below shows demand and supply curve for Kimchi. The government imposes per-unit of tax on the Kimchi and this is shown by the shift of the supply curve from 50 to$1. Answer the following questions based on the diagram.Price (RM)SO1084Quantity50100a. Define market equilibrium. Determine the equilibrium price and quantity of Kimchi before and after the tax.b. Calculate the amount of tax paidi. by producers and consumersi, to the governmentDO

The initial demand curve is D0 and the supply curve is S0 So the initial equilibrium occurs at the…

The diagram below shows demand and supply curve for Kimchi. The government imposes per-unit of tax on the Kimchi and this is shown by the shift of the supply curve from 50 to $1. Answer the following questions based on the diagram. Price (RM) 50 10 8 DO

The diagram below shows demand and supply curve for Kimchi. The government imposes per-unit of tax on the Kimchi and this is shown by the shift of the supply curve from 50 to $1. Answer the following questions based on the diagram. Price (RM) 50 10 8 DO

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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39 In the following sequential game, person 1 chooses first and person 2 chooses second. Using backward induction, what choice should person 1 make? chooses no if person 2 chooses no chooses yes if person 2 chooses yes chooses yes chooses no
Once your producers understand the “I WANT $3” game, you will present the “I WANT TO BE A MILLIONAIRE” game. Its rules are: There are two contestants/opponents (who do not know each other and cannot communicate with each other during the game). Each player is given $1 million at the start of the game. Independently and simultaneously, each player must choose to add to their award $0, $1, $2, $3, $4, ……$999,999, or $1,000,000. Doing so decreases the other player’s award by twice that amount. Each player ends the game with a payoff based on their initial one million, the additional amount that they announced, and the reduction due to the opponent’s announcement. The game matrix for this expanded game has 1,000,001 rows, 1,000,001 columns, and 1,000,002,000,001 pairs of payoffs. I STRONGLY RECOMMEND THAT YOU DO NOT DRAW IT! But building on what you learned in part (a), answer the following two questions: i) What is the Nash equilibrium of this game? ii) What are the Nash…
(Q1) Many software companies, after years of providing unlimited free telephone technical support for their products, began to charge for these services (typically after an initial start-up period of 90 days). Most companies offer two pricing plans. For instance, Lotus Development offers users of their spreadsheet software the option of paying either (i) $2.00 per minute for telephone support or (ii) a $129 flat charge for a year of unlimited toll-free calls. Question 1: Consider a customer with a yearly (expected) demand for service support of P = 11 – 0.1Q, where P is the price per minute and Q is the number of minutes of calls made per year. How many calls would this customer make under plan (i)? Why? How many calls would he or she make under plan (ii)? What would be the annual cost to this customer under each plan? Explain your answer. Question 2: Which plan would this customer choose? Explain your answer.
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P-TV and QRS-TV are planning their fall line-up. Suppose that sit-coms are more popular than reality shows, and so generate more advertising revenue than do reality shows, but they are more expensive to produce since real actors must be hired. In the following decision tree, QRS-TV announces its decision first and P-TV observes that choice before it decides whether to air a sit- com in the same time slot or a reality show. Both stations know all of the information shown in this diagram when they make their decisions. QRS-TV Sit-com Reality P-TV- P-TV Sit-com Reality Sit-com -QRS-TV eams -$5 million; P-TV earns -$5 million QRS-TV earns +$5 million; P-TV eams +$20 million Reality QRS-TV earns +$20 million, P-TV earns +$5 million QRS-TV earns +$10 million; P-TV cams +$10 million Given the information in this decision tree, this season programming in this time slot on QRS-TV and P-TV will be: Select one: O a. a sit-com on QRS-TV and a reality show on P-TV. O b. only sit-coms. O c. only…
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Hello, please help me to solve part (d) and (e):Charlie finds two fifty-pence pieces on the floor. His friend Dylan is standing next to him when he finds them. Chris can offer Dylan nothing at all, one of the fifty-pence pieces, or both. Dylan observes the offer made by Charlie, and can either accept the offer (in which case they each receive the split specified by Charlie) or reject the offer.If he rejects the offer, each player gets nothing at all (because Charlie is embarassed and throws the moneyaway).(a) Formulate this interaction as an extensive-form game. To keep things simple, players’ payoff is equal to their monetary gain.(b) List all histories of the game. Split these into terminal and non-terminal histories.(c) What are the strategies available to Charlie? What are the strategies available to Dylan? Draw the strategic-form game.(d) Find the pure-strategy Nash equilibria of this game.(e) What do you think will happen?
Three players (player 1, player 2 and player 3) each chooses a positive integer QE {1, 2, 3, . 100}. If all three players choose the same integer Q, each player gets $100/3. If all three players choose different integers, the player with the largest integer gets $100, and the two other players get $0. If two players choose the same integer Q, and the third player chooses a different integer Q', then the player playing Q' gets $0, and the two players who played Q get $50 each. Find 2 Nash equilibriums in this game. ....
The ultimatum game is a game in economic experiments. The first player (the proposer) receives a sum of money and proposes a fair proposal (F - 5;5) or unfair proposal (U - 8;2). The second player (the responder) chooses to either accept (A) or reject (R) this proposal. If the second player accepts, the money is split according to the proposal. If the second player rejects, neither player receives any money. 1 A 5:5 2 F R 0:0 U A 8:2 2 1. Find the subgame perfect Nash Equilibrium using backward induction. R 0;0