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- 5. Individual Problems 18-5 When a famous painting becomes available for sale, it is often known which museum or collector will be the likely winner. Yet, the auctioneer actively woos representatives of other museums that have no chance of winning to attend anyway. Suppose a piece of art has recently become available for sale and will be auctioned off to the highest bidder, with the winner paying an amount equal to the second highest bid. Assume that most collectors know that Simone places a value of $65,000 on the art piece and that she values this art piece more than any other collector. Suppose that if no one else shows up, Simone simply bids $65,0002=$32,500$65,0002=$32,500 and wins the piece of art. The expected price paid by Simone, with no other bidders present, is . Suppose the owner of the artwork manages to recruit another bidder, Yakov, to the auction. Yakov is known to value the art piece at $52,000. The expected price paid by Simone, given the…1. What percentage of 18-24 years olds had less than a high school education in 2016? 10.7% 20.3% 15.4% 7.0%11. Without excel
- V8 true or false: Any strategic situation can be modeled as a game by using four elements: players, strategies, payoffs, and information. When the structure of the game is common knowledge for all players, the game is said to have imperfect information. A best response is a strategy that produces the highest payoff among all possible strategies for a player given what the other player is doing. A Nash equilibrium is stable, meaning that a player has an incentive to deviate unilaterally to some other strategy. The prisoner's dilemma represents a situation where the Nash equilibrium does not reflect a mutually beneficial outcomeDo you think that there are some industries worldwide disrupted by covid-19? Take example of any 2 industries which have positive impact and at 2 industries with negativeWithin its first three years, the 2012 Chevy Volt fell in value 62 percent to $12,997 in 2015. And a 2012 Nissan Leaf fell in value 66 percent to $10,220. That’s −22 percent a year, whereas the typical gasoline car depreciates −24, −15, and −12 percent its first three years (51 percent) for a −17 percent average per year. Indeed, at the extreme, a Honda Accord is worth fully 64 percent after three years (−12 percent average per year). Clearly, the steep decline in gasoline prices in 2014 contributed to electric-powered vehicles depreciating recently much faster than gasoline powered vehicles. But hybrid-electric vehicles such as the Nissan Leaf and Chevy Volt and all-electric vehicles such as the Chevy Bolt face another problem as well? 1.) What life cycle cost concept begins raising concerns by year 5 with any electric vehicle (EV)? If that issue affected resale value at year 5, would that affect perceived value-in-use? How exactly?
- 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…What are the impact of covid 19 on hotels and bar ?Q56 A Nash equilibrium is an outcome... a. Achieved by cooperation between players in the game. b. That is achieved by collusion where no party has an incentive to change their behaviour. c. Where each player's strategy depends on the behaviour of its opponents. d. That is achieved when players in the game have jointly maximized profits and divided those profits according to market share of each player. e. Where each player's best strategy is to maintain its present behaviour given the present behaviour of the other players.
- Cutey Barber Salon Cutey Barber Salon is a trendy barber salon that is located in a densely populated city called Maple. Demand for the services offered by the salon is fairly high. It offers services such as haircuts, hair styling, scalp massaging and conditioning treatment, straight razor and wet shave, beard sculpting, facials and hair colouring. In addition to these services provided, the salon sells premium hair products to customers. The salon has the ability to produce a maximum of 20,000 haircuts and hairstyling per year. Demand for haircuts and hairstyling over the last five years can be seen in the following table:- Year Demand for haircuts and hairstyling 2017 11,500 2018 12,200 2019 13,400 2020 14,000 2021 14,500 Although the business does not have a written vision and mission statement, it is clear in the minds of management what they want to achieve and what they would like to be in the future. Currently, customers can walk in at…Bargaining power of customers is likely to be the lowest for markets involving Apparel Automobiles Patented drugs InsuranceIn the post lockdown scenario it is expected that with economic activity slowing down,impacting buying power of consumers, demand will shift towards smaller cars or low price carsand first time buyers. MarutiUdhyog Ltd.(MUL) is faced with a dilemma. If it retains its presentlevel of profit margin, it will continue to lose its market share and if it cuts down the price toretain the demand for its car and its market share it loses the profit volume. What in youropinion should be the objective of MUL.