(Watson 23.2) Consider the following two-country tariff game. There are two countries that are labeled 1 and 2. Let x, be the tariff level of country i (in percent), for i=1,2. If country i picks x, and the other country j selects x₁, then country i gets a payoff of 2000+ 60x₁+xx-x7-90x,. Assume that x₁ and x₂ must be between 0 and 100 and that the countries set tariff levels simultaneously and independently. (a) Compute the Nash equilibrium of the stage game. (b) Find conditions on the discount factor such that zero tariff (x₁ = x₂ = 0) can be sustained each period by a subgame perfect equilibrium. Use the grim-trigger strategy profile.
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- Suppose the prices of the commodities A and B are p1 and p2 respectively. The consumer purchases X1 unit of A and X2 units of B. Suppose, the consumer has an income denoted by M and the consumer would spend the entire amount of M on these two commodities. How are p1, p2, X1, X2 and M related?32. A hardware company sells a lot of low-cost, highvolume products. For one such product, it is equallylikely that annual unit sales will be low or high. Ifsales are low (30,000), the company can sell theproduct for $20 per unit. If sales are high (70,000),a competitor will enter and the company will be ableto sell the product for only $15 per unit. The variablecost per unit has a 20% chance of being $10, a 60%chance of being $11, and a 20% chance of being $12.Annual fixed costs are $20,000.a. Use simulation to estimate the company’s expectedannual profit.b. Find a 95% interval for the company’s annualprofit, that is, an interval such that about 95% ofthe actual profits are inside it.c. Now suppose that annual unit sales, variable cost,and unit price are equal to their respective expectedvalues—that is, there is no uncertainty. Determinethe company’s annual profit for this scenario.d. Can you conclude from the results in parts a and cthat the expected profit from a simulation is…The owner of the ABC Restaurant would like to determine the fixed and variable components of the restaurant's utility expenses. The owner believes that the variable component of the utilities cost is driven by the number of meals served. Meals Utilities served CostJanuary 3,600 P1,560February 2,000 P1,060March 2,900 P1,350April 3,500 P1,500May 3,900 P1,580June 2,100 P1,250July 1,900 P1,100August 1,000 P 850September 1,250 P 990October 1,400 P 880November 2,600 P1,180 Required:Compute the expected utilities cost if 5,200 meals are served, using: 1) THE HIGH-LOW METHOD ANALYSIS 2) USING THE LEASE-SQUARES REGRESSION METHOD.
- The owner of the ABC Restaurant would like to determine the fixed and variable components of the restaurant's utility expenses. The owner believes that the variable component of the utilities cost is driven by the number of meals served. Meals Utilities served CostJanuary 3,600 P1,560February 2,000 P1,060March 2,900 P1,350April 3,500 P1,500May 3,900 P1,580June 2,100 P1,250July 1,900 P1,100August 1,000 P 850September 1,250 P 990October 1,400 P 880November 2,600 P1,180 Compute the expected utilities cost if 5,200 meals are served, using:The Lease - Squares Regression Method3. A housewife wanted to know which soil is best for her pechay plants: the soil purchased from an online seller, soil from her backyard compost or the soil underneath the nearby bamboo tree. She planted 30 pechay seeds into each soil source and then compared the growth of pechay after a month. Independent variable: Dependent variable: Extraneous variable: 4. Jenny is only borrowing the cellphone chargers of her brother, sister and mother because she lost her phone charger. All chargers are of the same specifications as hers even though they have different phone brands. However, she would like to know which charger and charging cable combination would fill her phone battery the fastest. She used the following codes as her reference and charged her phone uninterrupted using the following combination. The charging time of the phone was then compared. Brother's Charger: BB Brother's Cable: bb Sister's Charger: SS Sister's Cable: ss Mother's Charger: MM Mother's Cable: mm Combination…The owner of the Kosher Restaurant would like to determine the fixed and variable components of the restaurant's utility expenses. The owner believes that the variable component of the utilities cost is driven by the number of meals served. Meals Utilities served CostJanuary 3,600 P1,560February 2,000 P1,060March 2,900 P1,350April 3,500 P1,500May 3,900 P1,580June 2,100 P1,250July 1,900 P1,100August 1,000 P 850September 1,250 P 990October 1,400 P 880November 2,600 P1,180 Compute the expected utilities cost if 5,200 meals are served, using:The Lease - Squares Regression Method
- Atlantic hurricanes form off the western coast of Africa. As warm moist air rises, it begins to rotate around a low- pressure system. This rotation is sustained by warm ocean temperatures and a central low pressure. Once a sustained wind speed of 74 miles per hour is reached, the storm is considered a hurricane. As man-made climate change continues to increase the temperature of the Earth's oceans, it is expected that the strength of hurricanes will Typically, a lower central pressure within a hurricane's eye is associated with a higher wind speed. Here, statistical software (R/RStudio) will be used to explore this relationship by applying linear regression methods. Using a database of landfalling hurricanes in the United States, a linear regression will be used to correlate the central pressure of each hurricane to its maximum sustained wind speed. increase. Regression Plot y=942.196-0.884*x R^2=0.768 ----- ----------- -. •... •. 980 1000 940 960 900 920 Independent Variable (x)…Assume that the company produces 100 pound sacks of 35-25-15 fertilizer for lawns and 100 pound sacks of 13-15-15 fertilizer for gardens, where the numbers are the percentage by weight of nitrate, phosphate, and potash, respectively, in each sack. Assume also that the company has on hand 13 tons of nitrate, 11 tons of phosphate, and 10 tons of potash. Assume also that the profit on each sack of lawn fertilizer is $15.00 and the profit on each sack of garden fertilizer is $7.00. How many sacks of each type of fertilizer should the company make in order maximize its profit?X Ltd. is actively considering the following two mutually exclusive project for adoption. Year Project X Cost profit Project Y Cash profit. 1 10 : 5 2 5 25 3 20 45 4 40 30 5 60 30 Which of the two is more risky project (use coefficient of variation)?
- f. A drapper is required to supply two types of shirts type A and type B. The total number of shirts must not be more than 400. He has to supply more of type A than type B. However, the number of type A must not be more than 300 and the number of type B shirts must not be less than 80. Let x be the number of type A shirts and y be the number of type B shirts. If the profits were as follows: Type A Ksh 600 per shirt Type B Ksh 400 per shirt. Formulate a Linear Optimization Model, hence use the graphical method to determine the number of shirts of each type that should be made to maximize the profit.X Ltd. is actively considering the following two mutually exclusive project for adoption. Year Project X Project Y Cash profit Cost profit 1 10 2 25 20 45 4 40 30 5 60 30 Which of the two is more risky project (use coefficient of variation)?2. A sample of 25 families was taken for a study. The objective of the study was to estimate the factors that determine the monthly expenditure (in dollars) on food for families. The independent variables included in the analysis were the number of members in the family (x1), the number of meals eaten outside (x2), and a dummy variable (x3) that equals 1 if a family member is on a diet and equals 0 if there is no family member on a diet. The following regression results were obtained. Coefficients Standard Error Intercept 450.08 53.6 x1 49.92 9.6 x2 10.12 2.2 x3 -.60 12.0 ANOVA df SS MS Regression 3078.39 1026.13 Residual (Error) 2013.90 95.90 Total d. What are the degrees of freedom for the sum of squares explained by the regression (SSR) and the sum of squares due to error (SSE)? Additionally, test whether or not there is a significant relationship between the…