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## Economics

 Basic Economics Macroeconomics Microeconomics Business Economics Econometrics International Economics Managerial Economics Game Theory Public Economics

You must decide whether or not to introduce a new product. If you introduce the new product, your rival will have to decide whether or not to clone the new product. If you don't introduce the new product, you and your rival will earn \$1 million each. If you introduce the new product and your rival clones it, you will lose \$5 million and your rival will earn \$20 million. If you introduce the new product and your rival does not clone, you will make \$100 million and your rival will make \$0.

a. Set up the extensive form of this game.
b. Should you introduce the new product?
d. What would you do if patent law prevented your rival from cloning your product?

Microeconomics, Economics

• Category:- Microeconomics
• Reference No.:- M948178
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