Consider a two-player game between Raising Cane’s and Layne’s Chicken Fingers, each of which sells chicken basket combos (a uniform good). Each firm can set either a high or a low price. If they both set a high price, each receives profits of $64,000 per year. If one sets a low price and the other sets a high price, the low-price firm earns profits of $72,000 per year, while the high-price firm earns $20,000. If they both set a low price, each receives profits of $57,000. Suppose the two firms play this game repeatedly forever. Let each of them use a grim-trigger strategy in which they both price high unless one of them “defects,” in which case they price low for the rest of the game. Suppose now that the firms know that there is a 90% probability that the game goes on after any given year. Under these circumstances, a firm has incentives to defect for all r greater than _______ (please enter an exact answer).

A former term of derision and contempt which the Americans took as an honorable appellation was

“Combine ourselves together into a Civill body politick” is from

Consider the following binary route choice game with 12 players. Each player simultaneously decides whether to take the main road or the side road. Let x define the number of commuters that take the main road. The payoff for taking the main road is UM=10+2(8-x) and the payoff for taking the side road is US=10+3. The socially optimal outcome requires that there are _________ drivers in the main road.

Ben Franklin wanted to take some ideas for American government from

“Haste makes waste” is a quotation from

Ben Franklin wanted to take some ideas for American government from

The “People of the Longhouse” were the

Consider the following binary route choice game with 12 players. Each player simultaneously decides whether to take the main road or the side road. Let x define the number of commuters that take the main road. The payoff for taking the main road is UM=10+2(8-x) and the payoff for taking the side road is US=10+3. In the pure strategy equilibrium there are ________ drivers in the main road.

“Call me, Ishmael” is the opening line of which famous American Work