Two restuarants in Bruges, Belgium-Oud Brugge and Den Dijver-engage in price competition. Oud Brugge is located on the central town square, which is the main tourist area. Den Dijver, located on a small side street, is recognized among beer lovers as being one of Belgium's top beer restaurants. Two types of diners patronize these restaurants: beer lovers, who are well-informed about both restaurants, and tourists, who know about Oud Brugge and may or may not know about Den Dijver. Suppose there are 100 beer lovers and 100 tourists. Beer lovers will not eat at Oud Brugge, and their demand function for meals at Den Dijver is DD > 100(1 - 0.02PDD). The tourists' demand function for Oud Brugge is ROB > n(0.333333333 - 0.04POB + 0.02PDD) + (100-n)(1 - 0.02PDD), where n is the number of tourists who know about both restaurants. The tourists' demand function for Den Dijver is Q DD = n(0.666666667 - 0.02PDD + 0.01POB). The marginal cost of a meal at Den Dijver is 20 and the marginal cost of a meal at Oud Brugge is 10. Oud Brugge and Den Dijver simultaneously set prices. What is the Nash equilibrium in prices as a function of n? The Nash equilibrium is PDD = and POB =. (Round all numbers to exactly three decimal places.) (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the ^ character.) If n = 0, what is the Nash equilibrium in prices? The Nash equilibrium is for Den Dijver to charge $ and for Oud Brugge to charge $. If n = 100, what is the Nash equilibrium? The Nash equilibrium is for Den Dijver to charge $ and Oud Brugge to charge $]. Enter your answer in each of the answer boxes. ?a. U(W) = ln(W) b. U(W) = w"-4 c. U(W) = w\" d. U(W) = 7w. The utility function, U(W) = in(W), implies i: because (as a function of W) 02U(W) _ awaw ' . (Properly format your expression using the tools in the palette. Hover over tools to see keyboard shortcuts. E.g., a superscript can be created with the A character.) The utility function, U(W) = w\6 According to a 2016 survey, 41 "/e of single, employed millennials without children would be willing to dump their partner tor a $37,000 raise. Was the survey asking a CV or an EV question? (Hint: See the Application "Compensating Variation and Equivalent Variation for Smartphones and Facebock.\") Click the icon to view the application "Compensating Variation and Equivalent Variation for Smartphones and Facebook." The survey was asking V question. an equivalent variation 3 compensating variation Click to select your answer(s). Vasoo's utility funcon is: U = 10x22 The price ofX is p,l = $10. the price on is pZ = $20, and his income is $60. What is his optimal bundle? (round your answer to M0 decimal places) X 0 units 20 = unis Enter your answer in each of the answer boxes. Mark consumes only cookies and books. At his current consumption bundle, his marginal utility from books is 16 and from cookies is 2. Each book costs $5.00 and each cookie costs $1.00. Is he maximizing his utility? Explain. If he is not, then how can he increase his utility while keeping his total expenditure constant? Mark is O A. UB PB not maximizing utility because MRS = - UC PC O B. UB PB maximizing utility because MRS = - UC PC O C. UB maximizing utility because MRS = - 7 UC O D. UB PB not maximizing utility because MRS = - UC PC O E. UB UC not maximizing utility because PB PC To increase utility without increasing total expenditures, Mark could trade O A. 5 cookies for 1 book. O B. 1 cookie for 1 book. O C. 3 cookies for 1 book. O D. 1 book for 2 cookies. O E. 1 book for 5 cookies. ? Click to select your answer.One reason Gifien goods are rare is that O A. the income elasticity for an inferior good is usually small. 0 B. there are few interior goods. 0 C. consumers usually spend a small share of their budget on inferior goods. 0 D. the substitution elasticity is always negative. Click to select your answer. Fangwen's utility function is U (91,92) =q1 + 92. The price of each good is $1, and her monthly income is $6,000. Her firm wants her to relocate to another city where the price of q2 is $2, but the price of q, and her income remain constant. Fangwen's equivalent variation is $ . (Enter your response as an integer) Fangwen's compensating variation is $ . (Enter your response as an integer) Enter your answer in each of the answer boxes