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- Little Chicken farm (LCF) discovered that a common Asian plant has leaves that have antibiotic functions in fowls and are particularly effective in preventing some infections in ducks. To prevent such infections, duck farms have been adding antibiotics to duck feeds for ten consecutive days when the ducks are young. LCF’s research shows that by feeding a duck one pack of softgels of processed shredded leaves of the plants, ducks will not get infections even without using any antibiotics in feeds. The current antibiotic supplements used in duck feeds create severe side effects that kill 10% of the ducks. With this innovative LCF herbal solution, the mortality rate of ducks is reduced to 2%. It costs a duck farm $2 to buy and replace a dead duckling. Each surviving duck will lay an average of 30 dozen Problem Set #2 Due September 28 eggs in its lifetime on the farm; each dozen eggs sell at $0.80 per dozen on the wholesale market. LCF estimates that, because of its organic antibiotic…Jane and Bill are apprehended for a bank robbery. They are taken into separate rooms and questioned by the police about their involvement in the crime. The police tell them each that if they confess and turn the other person in, they will receive a fighter sentence. If they both confess, they will be each be sentenced to 30 years. If neither confesses, they will each receive a 20-year sentence. If only one confesses, the they will receive 15 years and the one who stayed silent will receive 35 years. Table 10.7 below represents the choices available to Jane and Bill. If Jane trusts Bill to stay silent, what should she do? If Jane thinks that Bill will confess, what should she do? Does Jane have a dominant strategy? Does Bill have a dominant strategy? A = Confess; B = Stay Silent. (Each results entry lists Janes sentence first (in years), and Bills sentence second.)what is author “Craig VanGrasstek,” definition of WTO
- If a store decides to sell its products online (in addition to the traditional in-store), how would it impact the implied demand uncertainty? Assuming Amazon is operating on the efficient frontier, give two examples of how Amazon can shift the whole efficient frontier curve. Discuss how Amazon can use the information lever to predict demand. What is Amazon’s scope of strategic fit?Don't Give Ai Answer.How can an increase in net benefits to society be generated from the systematic destruction of fims leaving the market?
- Briefly explain....Two athletes of equal ability are competing for aprize of $10,000. Each is deciding whether to takea dangerous performance-enhancing drug. If oneathlete takes the drug and the other does not, the onewho takes the drug wins the prize. If both or neithertake the drug, they tie and split the prize. Taking thedrug imposes health risks that are equivalent to a lossof X dollars.QuickQuiz Answers1. d 2. c 3. a 4. d 5. c 6. b 7. d 8. ba. Draw a 2×2 payoff matrix describing the decisionsthe athletes face.b. For what X is taking the drug the Nashequilibrium?c. Does making the drug safer (that is, lowering X)make the athletes better or worse off? Explain.Two firms, A and B, are each considering trying to develop a newwidget. Whichever firm is first to develop the new widget wins a patent worth $20 million plus a penny.Developing a new widget involves several ‘steps’. The firms alternate moves, with A moving first, until oneof them wins the patent. All moves are observed. In each turn, a firm can choose whether to take 0, 1, or2 development ‘steps’. Taking 0 steps in a turn costs that firm $0. Taking 1 step in a turn costs $4 million.And taking 2 steps in a turn costs $11 million. For simplicity, assume a zero discount rate. Initially, eachfirm is 4 steps away from completing development.(a) Describe and explain carefully what will happen in this patent race and why. [Hint: it may help toread Dutta ch 12 (but notice I changed the numbers).](b) Very briefly explain what is the economic rationale for granting ‘intellectual property rights’ such aspatents. What are some disadvantages for society of granting such rights?
