4 qustions

Anwser
those questions below. At least 300-400 words each
1. Explain what WTA, WTP

are

. How are these concepts related to a market for an output good/service and the allocation of the good/service?
2. Often, in marketing one is trying to convince consumers of a product’s ‘value.’ Using the indifference curve and budget constraint concepts, explain how this ‘value’ would be represented in terms of trade-offs, maximizing customer satisfaction, and how this might generate additional sales for a retailer.
3. Under what circumstances might game theory replace a standard profit maximization function? How does a firm’s strategic behavior differ between repeated play games and single play games

?

4. Why do firms fail to reach their optimal outcomes in the Prisoner’s Dilemma? Under what set of circumstances could they reach these optimal outcomes in this strategic game

?

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