HW5 Answers - ECON 1014 HOMEWORK#5 Name Pawprint ID Chapter...

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ECON 1014 HOMEWORK #5 Name: ______________________________ Pawprint ID:__________________ Chapter 16 1. Select one of the following for each scenario: (1 pt. each) i. Network good ii. Prisoner’s dilemma _ ii _a. Pepsi and Coca-Cola sell similar products. Each firm must decide a pricing strategy. They best exploit their joint market power when both charge a high price, but if one sets a competitive low price, it earns additional profit. _ ii _b. Local rival nations are both better off when they avoid stockpiling nuclear weapons, yet either will benefit from military expansion regardless of what the other nation does. _i _c. In 2011, Google introduced its social networking site, Google+. Even though Google+ is cleaner and more straightforward than its nearest competitor, Facebook, it still has trouble competing with Facebook. _ i _d. Tom and Jerry are working on an economics presentation together. Each independently decides whether to prepare his slides in Microsoft’s PowerPoint or in Apple’s Keynote. (Hint: It will be much easier to merge their slides together if they choose the same software.)
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