Refer to the payoff matrix below. If Cruise R Us uses a mixed strategy, what probability for offering Specials should the firm use to equate Cruise the World's expected profits from offering a Special or not offering a special (No Special)?
Cruise R Us and Cruise the World compete in the cruise line industry. Each firm needs to determine if they are going to offer special cruise packages with special rates or not offer the specials. The above payoff matrix shows the firms' net economic profit for each set of strategies.
A) 0.33 B) 0.25 C) 0.75 D) 0.50
D) 0.50
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If the quantity of soccer balls demanded is represented by the demand equation QD = 80 - 2P, then to solve for the price of soccer balls, the equation would be rewritten as
A) P = 40 - 0.5QD. B) P = 1.6QD + 80. C) P = 80 - QD. D) P = QD + 160.
The ________ is the ratio of the number of people in the labor force to the total adult population
a. unemployment rate b. labor force c. labor force participation rate d. employment rate