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- Can you speculate on what a “vicious circle” might be?6.2The author describes the case of the "Prisoner's Dilemma" to demonstrate which of the following? Competition and the pursuit of unfettered self-interest result in greater efficiency, and benefits everyone involved equally. Effective policy can place incentives in such a manner that the very pursuit of unfettered self-interest of the prisoners results in the desired outcome of getting both to confess to the crime. Just as in the case of the prisoner's dilemma, the pursuit of unfettered self-interest will cause the fishermen who fish Atlantic swordfish (a common resource) to harvest them wisely and limit the number of fish each fisherman catches. Thus the fishermen's ability to pursue unfettered self-interest will allow the population of swordfish to remain stable and even grow. The fishermen trust each other to behave responsibly and in the interest of the common good.
- Describe the four fundamental principles of integrative negotiation.Consider the following simplified scenario. Imagine that the Australian national rugby union (for short, Rugby AU) has exclusive rights to organize the games played by the national team. Rugby AU decides that the next match, between the Wallabies and the All Blacks (i.e., the Australian and the New Zeeland national rugby teams), will be hosted at the Marvel Stadium in Melbourne. Rugby AU has no fixed costs for organizing the game, but it must pay a marginal cost MC of $20 per seat to the owners of the Marvel Stadium. Two types of tickets will be sold for the game: concession and full fare. Based on any official document that attests to their age, children and pensioners qualify to purchase concession tickets that offer a discounted price; everyone else pays the full fare. The demand for full-fare tickets is QF(P) = 120 – 2P. The demand for concession tickets is QC(P) = 80 – 2P. 1. The market for full fare tickets (F)a) Calculate the inverse demand, write the profit maximizing…There are six farmers in Great Britain with access to government land to graze their cows for free. They all must share the land. Each farmer has an individual incentive to put as many of his or her cows on the land to increase their profits but each additional cow depletes the resources for all six farmers and if the farmers put too many cows on the pasture, the grass will be depleted and all the cows will starve. The grass is a limited resource. What strategy do you propose to the farmers?
- You run a donut shop. You have two types of customers – early morning, and late morning. Below are the maximum prices a 6 am customer and a 10 am customer are willing to pay for a cup of coffee, a donut, and a coffee/donut bundle. There are 100 customers in each group per day. 6 am customer 8 am customer Coffee 0.70 0.60 Donut 0.50 1.00 Bundle 1.20 1.60 Your marginal cost of coffee is $0.10. Your marginal cost of a donut is $0.40. Your marginal cost of a bundle is $0.50. Is pricing the products separately more profitable than bundling the two products? If so, how should you price your bundle? Show all your computations.What Is Win-Win Negotiation?Q5.
- Bill Gates, even though no longer a CEO of Microsoft, still cares about the profits of his company. Assume it costs Microsoft $1 per copy of a new WindowsXX, and the inverse demand for this revolutionary product takes the form P(Q) = 60 – 5Q. A. Assume the plan to chip people worked out perfectly and Bill Gates knows exactly the willingness to pay of all consumers. What would be the profit of Microsoft then? B. Assume instead that Microsoft is allowed to do block-pricing with 2 blocks. What happens to its profit? C. Finally, assume Microsoft was able to separate it's consumers into business owners with inverse demand P (Q) = 40 – Q - and others with inverse demand P (Q) = 20 – 4Q. What would be Microsoft's profit?Identify and explain the prisoner's dilemma and how it applies to real-world situations.When Adam Smith talked about “the invisible hand” he argued that: High transaction costs normally prevent markets from achieving equilibrium. Prices, in the long run, end up where both fairness and efficiency are achieved. Changing prices leads to an “end” which buyers and sellers are not totally pleased with, but one that is efficient. Create mutually agreed upon prices over time if the market is subsidized. As prices increase, demand falls, but supply rises, creating an equilibrium outcome. Self-interested activities help eliminate shortages and surpluses if price ceilings and price floors are effectively utilized.