Two firms produce and sell identical products. The market demand for the same product is given by the equation Q = 3 − P where Q is the total quantity demanded and P is the market price (same for all consumers and the two firms). Each firm’s strategy is the price it chooses. Each firm must choose a price from four possible values: 0, 1, 2 , or 3 (other price are not allowed). Let p1 be firm 1’s price choice and p2 be Firm 2’s price choice. The market price equals the lowest value of the two price choices. For both firms, production cost equals zero, so profits equal to the revenue they get from selling the product. Specifically, the payoffs (profits) of the two firms are calculated using the following rules:

• If p1 < p2 then Firm 1 receives a payoff equal to (3 − p1)p1 and Firm 2 receives payoff zero. Here is the reason: Firm 1, who has the lowest price, sells a quantity equal to market demand, 3− p1, and gets the profit of (3− p1)p1 , which is quantity 3− p1 times price p1; Firm 2 on the other hand sells zero quantity and receives zero profit because its price is higher than Firm 1’s and the products are the same, consumers only buy from 1 Firm1. Forexample, if(p1 =2,p2 =3)thenFirm1’sprofitequals(3−2)×2=2 and Firm 2’s profit is zero because its price is higher and will sell zero quantity.

• If p1 > p2 then Firm 1 receives payoff zero and Firm 2 receives a payoff equal to (3 − p2)p2. This is just the opposite of the above case.

• If p1 = p2 = p then both firms receive the same payoff (3−p)p . In this case, the two 2 prices are equal, and each firm sells a quantity equal to half of market demand (3 − p)/2, namely they split the total demand equally.

Answer the following questions.

(a) Constructthe4×4payoffmatrix.

(b) Is there any weakly or strictly dominant strategy for either player? If so, find them all.

(c) Is there any weakly or strictly dominated strategy for either player? If so, find them all.

(d) Find all of the Nash equilibria using best responses.

Before you begin to compose a message, you should conduct research to collect the necessary information. to avoid frustration and inaccurate messages, be sure to consider the receiver's position. which questions should you ask yourself before determining what and how to research?

Barbara jones opened barb’s book business on february 1, 2010. the company specilizes in editing accounting textbooks. you have been hired as manager. your duties include maintaining the company’s financial records. the following transactions occurred in february , the first month of operations. a. received shareholders' cash contributions on february 1 totaling $16,000 to form the corporation; issued 1,000 shares of common stock. b. paid $2,400 cash on february 2 for three months' rent for office space. tip: for convenience, simply record the full amount of the payment as an asset (prepaid rent). at the end of the month, this account will be adjusted to its proper balance. c. purchased and received supplies on february 3 for $300 cash. d. signed a promissory note on february 4, payable in two years; deposited $10,000 in the company's bank account. e. on february 5, paid cash to buy equipment for $2,500 and land for $7,500. f. placed an advertisement in the local paper on february 6 for $425 cash. g. recorded sales on february 7 totaling $1,800; $1,525 was in cash and the rest on accounts receivable. h. collected accounts receivable of $50 from customers on february 8. i. on february 9, repaired one of the computers for $120 cash. tip: most repairs involve costs that do not provide additional future economic benefits. j. incurred and paid employee wages on february 28 of $420.required: set up appropriate t-accounts for cash, accounts receivable, supplies, prepaid rent, equipment, furniture and fixtures, notes payable, contributed capital, service revenue, advertising expense, wages expense, and repair expense. all accounts begin with zero balances.tip: when preparing the t-accounts, you might find it useful to group them by type: assets, liabilities, stockholders’ equity, revenues, and expenses.2. record in t-accounts the effects of each transaction in february, referencing each transaction in the accounts with the transaction letter. show the unadjusted ending balances in the t-accounts. 3. prepare an unadjusted trial balance at the end of february.4. refer to the revenues and expenses shown on the unadjusted trial balance. based on this information, write a short memo offering your opinion on the results of operations during the first month of business.

Consider the following three bond quotes; a treasury note quoted at 87.25, and a corporate bond quoted at 102.42, and a municipal bond quoted at 101.45. if the treasury and corporate bonds have a par value of $1,000 and the municipal bond has a par value of $5,000, what is the price of these three bonds in dollars? multiple choice $872.50, $1,000, $1,000, respectively $1,000, $1,024.20, $1,001.45, respectively $872.50, $1,024.20, $5,072.50, respectively $1,000, $1,000, $1,000, respectively