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Explain how strategic alliances are a substitute for exploiting economies of scope in diversification.
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- What are the forms of strategic alliances and its advantages and disadvantages? In less than 70 wordsThe Cartel Model: Iran and Iraq. For simplicity, let’s look at the production of just two members of the OPEC: Iran and Iraq. For further simplicity, let’s assume that there are only two production levels available: 2 or 4 million barrels of crude oil per day. Depending on their decision, the total output on the world market could be 4, 6, or 8 million barrels. Suppose the price could be $25, $15, and $10 per barrel respectively. Extraction costs are $2 per barrel in Iran and $4 per barrel in Iraq. a. Complete the payoff matrix (values in 000,000). Round up your answers to no decimals. Firm 2 Q = 2 Q = 4 Firm 1 Q = 2 , , Q = 4 , , b. The NE is(are): (Write A, B, C, D, or E) A. (Q = 2, Q = 2) B. (Q = 4, Q = 4) C. (Q = 2, Q = 4) D. (Q = 2, Q = 2) & A. (Q = 4, Q = 4) A. (Q = 4, Q = 2)Assume two countries (US and Germany) are facing the decision of whether to participate in the Paris Agreement or not. The following payoff matrix contains the estimated payoffs for both countries for all possible strategies. Germany US Join Not join Join A: (500, 360) B: (100, 200) Not join C: (450, 300) D: (450, 350) What is the dominant strategy for Germany? Joining Not joining Germany does not have a dominant strategy
- Is communicative action a necessary part of strategic planning? Argue in a four-point.What is the difference between collusion and competition? Group of answer choices 1-Competition is when firms operate independently. Collusion is when firms in the oligopoly market structure try to invite new entrants into the market to make it more competitive. 2-Collusion is when firms act together in ways to reduce output, keep prices high, and divide up markets. Competition is when firms operate independently. 3-Competition firms follow the price changes and product changes of the dominant firm in an oligopolistic market. Collusion is when firms operate independently. 4-Collusion is when firms follow the price changes and product changes of the dominant firm in an oligopolistic market.Competition is when firms operate independently.Using your own words, explain how the concept of elimination of dominated strategies differs from the concept of Nash equilibrium.
- There are two oil producers, Saudi Arabia and Iran (these are countries which we are treating as players in this example). The market price will be $60/barrel if the total volume of sales is 9 million barrels daily, $50 if the total volume of sales is 11 million barrels daily, and $35 if the total volume of sales is 13 million barrels daily. Saudi Arabia has two strategies; either produce 8 million barrels daily or 6 million. Iran has two strategies; either produce 3 million barrels daily or 5 million. Assume for simplicity that marginal cost of production is zero for both countries. Here is the normal form representation of this game (where Saudi Arabia and Iran are players, they can choose strategies over what quantity to produce and they face payoffs in terms of profits). Note that the following paragraph is simply an explanation of this representation of the game. If you are already comfortable with the structure, feel free to skip to the questions below the horizontal line…There are two oil producers, Saudi Arabia and Iran (these are countries which we are treating as players in this example). The market price will be $60/barrel if the total volume of sales is 9 million barrels daily, $50 if the total volume of sales is 11 million barrels daily, and $35 if the total volume of sales is 13 million barrels daily. Saudi Arabia has two strategies; either produce 8 million barrels daily or 6 million. Iran has two strategies; either produce 3 million barrels daily or 5 million. Assume for simplicity that marginal cost of production is zero for both countries. Here is the normal form representation of this game (where Saudi Arabia and Iran are players, they can choose strategies over what quantity to produce and they face payoffs in terms of profits). Note that the following paragraph is simply an explanation of this representation of the game. If you are already comfortable with the structure, feel free to skip to the questions below the horizontal line…There are two oil producers, Saudi Arabia and Iran (these are countries which we are treating as players in this example). The market price will be $60/barrel if the total volume of sales is 9 million barrels daily, $50 if the total volume of sales is 11 million barrels daily, and $35 if the total volume of sales is 13 million barrels daily. Saudi Arabia has two strategies; either produce 8 million barrels daily or 6 million. Iran has two strategies; either produce 3 million barrels daily or 5 million. Assume for simplicity that marginal cost of production is zero for both countries. Here is the normal form representation of this game (where Saudi Arabia and Iran are players, they can choose strategies over what quantity to produce and they face payoffs in terms of profits). Note that the following paragraph is simply an explanation of this representation of the game. If you are already comfortable with the structure, feel free to skip to the questions below the horizontal line…
- There are two oil producers, Saudi Arabia and Iran (these are countries which we are treating as players in this example). The market price will be $60/barrel if the total volume of sales is 9 million barrels daily, $50 if the total volume of sales is 11 million barrels daily, and $35 if the total volume of sales is 13 million barrels daily. Saudi Arabia has two strategies; either produce 8 million barrels daily or 6 million. Iran has two strategies; either produce 3 million barrels daily or 5 million. Assume for simplicity that marginal cost of production is zero for both countries. Here is the normal form representation of this game (where Saudi Arabia and Iran are players, they can choose strategies over what quantity to produce and they face payoffs in terms of profits). Note that the following paragraph is simply an explanation of this representation of the game. If you are already comfortable with the structure, feel free to skip to the questions below the horizontal line…Compare and contrast using a graph the oligopoly models Quasi-Competitive Model, Cartel Model, Cournot Solution Model in terms of the output produced, price charged, welfare to consumers, and associated deadweight lossesA contract is necessary because most firms cannot be trusted to act ethically in a cooperative venture such as a strategic alliance.” Do you agree with this statement? Explain your answer. Does the answer vary by country? Why?
