Details of this Paper

What is the firm?s Total Revenue

Description

solution

Question

a. What is the firm?s Total Revenue?;b. What is the Total Cost?;c. What is the firm?s Total Profits?;d. If the above monopolist were to behave like a perfectly competitive firm (operating in the long run), determine its output.;The second problem please look at diagram 1. Some games of strategy are cooperative. One example is deciding which side of the road to;drive on. It doesnt matter which side it is as long as everyone chooses the same side. Otherwise;everyone may get hurt.;Driver 2;Driver 1;Left;Right;Left;0,0;-1000, -1000;Right;-1000 -1000;0,0;a. Does either player have a dominant strategy? None of the players have a dominant;strategy. Both left and right can result in a higher payoff.;b. Is there Nash equilibrium in this game? Because none of the players have a dominant;strategy, this game does not have a nash equilibrium. Nash Equilibrium exists when both;players have a dominant strategy and thus one outcome is optimal for both the players.;c. Why this game is called a cooperative game? This is called a cooperative game because;both players need to cooperate with the other and choose the same side. If both end up;choosing a wrong side, then both will have a huge negative payoff. Thus, it is in the best;interest of both to cooperate and choose the same side.;2.;2;a. What is the firms Total Revenue?;b. What is the Total Cost?;c. What is the firms Total Profits?;d. If the above monopolist were to behave like a perfectly competitive firm (operating in the;long run), determine its output.

Paper#25792 | Written in 18-Jul-2015

Price : \$27