"economics"exercise:Nash equilibrium
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Questions 1:
Assume that two firms in a duopoly enter into a collusive agreement in an attempt to form a cartel and restrict output, raise prices, and increase profits. According to the Nash equilibrium, a low price is most likely charged by:
A、 only one firm.
B、 both firms.
C、 neither firm.
Questions 2:
Assume the following consumption basket and prices over 2011 and 2012 (in US dollars):
The Fisher index is closest to:
A、 106.1.
B 、105.4.
C 、105.8.
C is correct. The market outcomes for two firms in a duopoly is shown in the diagram. The lower left hand quadrant is the Nash solution when there is no collusion. However, with collusion, if ArcCo shares at least enough of its profit in the bottom right quadrant to provide BatCo more than it would receive in the lower left, it will be the optimal solution for the pair: the maximum joint profits will arise where both firms charge high prices for the product.
B is incorrect; as per the explanation and exhibit above.
A is incorrect; as per the explanation and exhibit above.
A is incorrect because it calculates the Laspeyres index. B is incorrect because it calculates the Paasche index.
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