2) During a routine patrol, Enterprise receives a distress call from Earth outpost 3. It turns out that the Romulans have sent a Warbird to attack the outpost. In the resulting battle, Enterprise and the Romulan come to a point where the commanders can choose from two courses, Up or Down Romulan Commander Up Up Capt. Kirk (1,-1) (3,-3) Down Capt. Kirk and the Romulan each play their strategies with probability 0.5. a) Create a distribution for the payoffs to Captain Kirk (4) (2,-2) Down (2,-2)
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- A craft chocolate producer considers hiring one extra worker in production. Currently, the shop is selling 200 chocolate bars per day at a price of $6. With one extra worker, the manager estimates that they would be able to increase the output to 250 chocolate bars per day and that they would need to lower the price to $5.50 in order to sell them. The daily salary of this new employee would be the same as for the existing ones: $150. What should the manager do? Group of answer choices Reduce the number of workers working in his chocolate place Increase its selling price Turn down the new worker and maintain the same number of employees Increase the salary of all employees Hire the extra workerRail Tours, Inc., sells packaged tours on rail lines, including gourmet meals and a reserved bed. The most popular tours are in the autumn, when foliage colors are at their peak. The overnight package for Saturday and Sunday morning are especially heavily booked. A market survey firm has just completed a study in which they conclude that if the package cost is $200 per couple, then Rail Tours can expect to sell 400 spaces on a typical Saturday. If the price is raised to $225, then unit sales will drop to 390. If the price is raised further to $250, unit sales drop to 380. a) From the data given, write down the demand equation and determine its intercepts. Are there any precautions needed when operating at the extreme ends of the demand curve?b) The survey firm also reports that if per capita income changes, Rail Tours can expect a large change in bookings. In particular, if per capita income falls by 1%, then bookings will tend to fall by about 2%. Are tour packages a normal good?…1. Draw tree of the game clearly, handwritten is preferable.
- Cameron and Luke are playing a game called ”Race to 10”. Cameron goes first, and the players take turns choosing either 1 or 2. In each turn, they add the new number to a running total. The player who brings the total to exactly 10 wins the game. a) If both Cameron and Luke play optimally, who will win the game? Does the game have a first-mover advantage or a second-mover advantage? b) Suppose the game is modified to ”Race to 11” (i.e, the player who reaches 11 first wins). Who will win the game if both players play their optimal strategies? What if the game is ”Race to 12”? Does the result change? c) Consider the general version of the game called ”Race to n,” where n is a positive integer greater than 0. What are the conditions on n such that the game has a first mover advantage? What are the conditions on n such that the game has a second mover advantage?Nn3 Suppose an incumbent monopoly firm currently earns a profit of $50,000 per period. A potential entrant could enter and make a profit of $15,000 per period while also lowering the incumbent’s profit to $20,000 per period. The monopoly firm could seek to engage in predatory pricing, which would lead to both firms earning a loss of $5,000 per period. (a) Is there a Nash Equilibrium in this game? If so, what is it? (b) Discuss how this game might play out in the real world?Question Management of AG Travel and Tour has identified two groups of individuals thatwould be interested in the vacation package consisting of room and board and/orentertainment. The maximum amount that group 1 is willing to pay for room andboard is GHC 2500 and for entertainment is GHC 500. For group 2, the maximumamount they are willing to pay for room and board is GHC 1800 and forentertainment is GHC 750. Although AG Travel and Tour is not able to identifymembers of either group, it does know that each group values the components ofthe package differently. Assuming there are an equal number of members in eachgroup and that the total membership in each group is a single individual. If themarginal cost of providing the service (room and board and/or entertainment) toeach group is GHC 1000. i. How much will the hotel charge members of each group for the vacationpackage if it could identify the members in each group?ii. How much will the profit for AG Travel and Tour be? iii. Since AG…
- A clothing store and a jeweler are located side by side in a shopping mall. If the clothing store spend C dollars on advertising and the jeweler spends J dollars on advertising, then the profits of the clothing store will be (36 + J )C - 2C 2 and the profits of the jeweler will be (30 + C )J - 2J 2. The clothing store gets to choose its amount of advertising first, knowing that the jeweler will find out how much the clothing store advertised before deciding how much to spend. The amount spent by the clothing store will be Group of answer choices $17. $34. $51. $8.50. $25.50.Player 1 is an Internet service provider and Player 2 is a potential customer. They consider entering into a contract of service for a period of time. The provider decides between two levels of service: High or Low. The potential customer decides whether to Buy or Not Buy. When the potential customer calls customer service, the Internet service provider makes the initial offer.The potential customer then decides whether to Buy or Not Buy. Let’s say that the interaction ends after the potential customer makes their decision. Please set up the extensive form according to the following outcomes: i. If the Internet service provider offers Low and the potential customer doesn’t buy, they both make off with 1. ii. If the Internet service provider offers Low and the potential customer buys, the Internet service provider makes off with 3, and the customer receives 0. iii. If the Internet service provider offers High and the potential customer doesn’t buy, the Internet service provider makes…Critics of command-and-control policy often argue that regulationsare costly to business and industry, yet cost-benefitanalyses (p. 94) repeatedly show that regulations bring citizensmore benefits than costs, overall. Each year the U.S. Officeof Management and Budget assesses costs and benefits ofmajor federal regulations of administrative agencies. Resultsfrom the most recent report, covering the decade from 2003to 2013, are presented in the table (shown are averages fromranges of estimates). Subtract costs from benefits, and enterthese values for each agency in the third column. Divide benefitsby costs, and enter these values in the fourth column. For how many of the agencies shown do regulations exertmore costs than benefits? For how many do regulationsprovide more benefits than costs?
- Critics of command-and-control policy often argue that regulationsare costly to business and industry, yet cost-benefitanalyses (p. 94) repeatedly show that regulations bring citizensmore benefits than costs, overall. Each year the U.S. Officeof Management and Budget assesses costs and benefits ofmajor federal regulations of administrative agencies. Resultsfrom the most recent report, covering the decade from 2003to 2013, are presented in the table (shown are averages fromranges of estimates). Subtract costs from benefits, and enterthese values for each agency in the third column. Divide benefitsby costs, and enter these values in the fourth column. What percentage of total benefits from regulations comesfrom EPA regulations? Most of the benefits and costs fromEPA regulations are from air pollution rules resulting fromthe Clean Air Act and its amendments. Judging solely bythese data, would you say that Clean Air Act legislationhas been a success or a failure for U.S. citizens? Why?Critics of command-and-control policy often argue that regulationsare costly to business and industry, yet cost-benefitanalyses (p. 94) repeatedly show that regulations bring citizensmore benefits than costs, overall. Each year the U.S. Officeof Management and Budget assesses costs and benefits ofmajor federal regulations of administrative agencies. Resultsfrom the most recent report, covering the decade from 2003to 2013, are presented in the table (shown are averages fromranges of estimates). Subtract costs from benefits, and enterthese values for each agency in the third column. Divide benefitsby costs, and enter these values in the fourth column. Which agency’s regulations have the greatest excess ofbenefits over costs? Which agency’s regulations have thegreatest ratio of benefits to costs?India’s Tata Motors was moving forward with a strategy focused on small inexpensive cars, even though this was a highly competitive market segment, dominated by Japanese auto makers. The company’s aim was to design a small car that would be significantly cheaper to make and buy than any other model, and thus to satisfy India’s mass market demand for low – cost transportation. The result was the Nano, with a sales price of 100, 000 rupees (US$2,500), which was half the price of its closest competitor in India. Tata Motors achieved this by designing everything from scratch, deleting features that were taken for granted by other auto makers (for example air conditioning, power brakes, radios), using lightweight steel and an aluminium engine, and building in fuel efficiency. Being the part of such a large TATA group is itself a competitive advantage. This affiliation provides the company with the needed knowledge and technology resources for taking their business to various parts of the…