Decision under monopolistic competition‚ Role of selling cost Oligopoly-Price output determination under oligopoly‚ Price leadership‚ Price rigidity‚ Application of Game theory to deteremine optimal outcome under oligopolistic competition Oligopoly vs. duopoly SESSION PLAN Session Downloads Assignments LinksCase Analysis Course Objective The primary objective of this course is to develop an understanding on various micro economic concepts. It deals with the application of those concepts in the process
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SMRT Corp Ltd : LTA – SMRT Tabletop Exercise to improve Emergency and Crisis Management Procedures 02/28/2012 | 04:43am US/Eastern Joint News Release Date of Issue: 27 February 2012 LTA - SMRT Tabletop Exercise to Improve Emergency and Crisis Management Procedures 1 This afternoon‚ the Land Transport Authority and SMRT jointly carried out a tabletop exercise to examine the comprehensiveness of LTA’s and SMRT’s plans to manage train service disruptions. Chaired by Mr Chew Hock Yong‚ LTA’s Chief
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Ensure decisions lead to good outcomes. | c. | Avoiding decisions leading to bad outcomes. | d. | Reduce the role of luck in a decision. | __A__ 3. Which of the following summarizes the final outcome for each decision alternative? a. | payoff matrix | b. | outcome matrix | c. | yield matrix | d. | performance matrix | __A__ 4. Which decision rule optimistically assumes that nature will always be "on our side" regardless of what decision we make? a. | maximax decision rule
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Porter’s 5 Forces Low Threat of Entry Ryanair benefiting from large economies of scale and have massively reduced long run average costs. They have struck deals with Boeing and Airbus for reduced prices (1/3rd of listed price) on 737 aircraft in bulk buying therefore new entrants to the market will not get these reduced prices as they do not hold a similar relationship and they will not be able to order in bulk. Ryanair have struck deals with many local airports over flight paths and
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Analysis Example Consider the following problem with three decision alternatives and three states of nature with the following payoff table representing profits: States of Nature s1 s2 s3 d1 4 4 Decisions d2 0 3 d3 1 5 Which decision do you choose? -2 -1 -3 Problem Formulation • A decision problem is characterized by decision alternatives‚ states of nature‚ and resulting payoffs. • The decision alternatives are the different possible strategies the decision maker can employ. • The states of nature refer
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Discussion Paper No. 2010‐21 Daniele Nosenzo‚ Theo Offerman‚ Martin Sefton and Ailko van der Veen December 2010 Inducing Good Behavior: Bonuses versus Fines in Inspection Games CeDEx Discussion Paper Series ISSN 1749 ‐ 3293 The Centre for Decision Research and Experimental Economics was founded in 2000‚ and is based in the School of Economics at the University of Nottingham. The focus for the Centre is research into individual and strategic decision‐making
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market competition and the pricing strategies of these firms. Marketing‚ on the other hand‚ concentrates its focus on consumer behaviour. Basically there are four major market structures – perfect competition‚ monopolistic competition‚ oligopoly‚ duopoly and monopoly. Market Structures categorize companies based on different characteristics like the number of sellers in the overall market‚ the kind of product‚ market share‚ barriers to entry‚ pricing power‚ efficiency and profits. Each of these specific
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Possibility 1: VA < 110 < VB ‚As per the terms of second price auction B wins the auction with a payoff 110- VA‚ which is the same payoff that he would have received had he bid 110. Possibility 2: VA > VB >110‚ B loses the bid and his payoff equals 0.This is again the same payoff he would have received on bidding 110. Possibility 3: VB > VA >110‚ B wins the bid but his payoff (110- VA ) is negative.Thus he would have been better off if he had bid 110. Now Assume that B bids
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Chapter 13: Chi-Square Applications SHORT ANSWER 1. When samples of size n are drawn from a normal population‚ the chi-square distribution is the sampling distribution of = ____________________‚ where s2 and are the sample and population variances‚ respectively. ANS: PTS: 1 OBJ: Section 13.2 2. Find the chi-square value for each of the right-tail areas below‚ given that the degrees of freedom are 7: A) 0.95 ____________________ B) 0.01 ____________________ C) 0.025 ____________________
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the landlord who employs labourers in his land. Both the players take decision individually and not collectively. Neither of the players communicates with one another to influence the decision of the other. Each player’s aim is to maximise his payoff. Hence‚ it is assumed that players are flawless followers and perfect calculators of their best strategies. They not only focus on their immediate income but possible future cash inflows as well. As the players are unskilled‚ wage determination is
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