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Paper help Economics “margin:0in 0in 0pt .5in;line-heigh… Show more “border:0px

Economics

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“margin:0in 0in 0pt .5in;line-heigh… Show more “border:0px;height:0px;margin:0px;padding:0px;width:707px;”> “margin:0in 0in 0pt .5in;line-height:normal;text-indent:-.25in;” class=”MsoListParagraph”> “font-family:Tahoma, ‘sans-serif’;font-size:12pt;”>1. Now suppose the two doctors play this game twice. Also, suppose each doctor can play one of two strategies: it can play either à ¢Ã¢â€š ¬Ã…“always charge the low priceà ¢Ã¢â€š ¬ or à ¢Ã¢â€š ¬Ã…“tit for tatà ¢Ã¢â€š ¬Ãƒ ¢Ã¢â€š ¬Ã¢â‚¬ that is, it starts off charging the high price in the first period, and then in the second period it does whatever the other doctor did in the previous period. Write down the payoffs to Dr. Fine from the following four possibilities: “urn:schemas-microsoft-com:office:office” ?> “MsoNormal”> “MsoListParagraphCxSpFirst”> “line-height:115%;font-family:Tahoma, ‘sans-serif’;”>a. “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> Dr. Fine plays à ¢Ã¢â€š ¬Ã…“always charge the low priceà ¢Ã¢â€š ¬ when Dr. Feelgood also plays à ¢Ã¢â€š ¬Ã…“always charge the low price.à ¢Ã¢â€š ¬ “MsoListParagraphCxSpLast”> FIRST Period Payoffs SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Charges (high or low) Fine Fine Feelgood Feelgood “MsoListParagraphCxSpFirst”> “MsoListParagraphCxSpMiddle”> “MsoListParagraphCxSpMiddle”> “MsoListParagraphCxSpMiddle”> “line-height:115%;font-family:Tahoma, ‘sans-serif’;”>b. “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> Dr. Fine plays à ¢Ã¢â€š ¬Ã…“always charge the low priceà ¢Ã¢â€š ¬ when Dr. Feelgood plays à ¢Ã¢â€š ¬Ã…“tit for tat.à ¢Ã¢â€š ¬ “MsoListParagraphCxSpLast”> FIRST Period Payoffs SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Charges (high or low) Fine Fine Feelgood Feelgood “MsoListParagraphCxSpFirst”> “MsoListParagraphCxSpMiddle”> “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> “MsoListParagraphCxSpMiddle”> FIRST Period Payoffs SECOND Period Payoffs TOTAL Payoffs Charges (high or low) Charges (high or low) Fine Fine Feelgood Feelgood “MsoNormal”> “MsoNormal”> à ¢Ã¢â€š ¬Ã…“In the long run, there is no difference between monopolistic competition and perfect competition.à ¢Ã¢â€š ¬ “MsoNormal”> “MsoNormal”> “font-family:Tahoma, ‘sans-serif’;font-size:12pt;”>Discuss “font-family:Tahoma, ‘sans-serif’;font-size:12pt;”>whether this statement is true, false or ambiguous with respect to each of the criteria listed under a, b, c, and d. Justify your answers. “MsoNormal”> “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> a. “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> The price charged to consumers “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> b. “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> The average total cost of production “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> c. “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> The efficiency of the market outcome “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> d. “line-height:115%;font-family:Tahoma, ‘sans-serif’;font-size:12pt;”> The typical firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profit in the long run • Show less

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