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Consider the following game: There are 5 pirates on a boat, conveniently named P1, P2 P3, P4 and P5. These 5 pirates have just dug up a long lost treasure of 100 gold pieces. They now need to split the gold amongst themselves, and they agree to do it in the following way:Pirate P1 will suggest a distribution of the coins. All 5 pirates will vote on his proposal. If an absolute majority approve the plan, then they proceed according to the plan. If he fails to pass his proposal by an absolute majority, then P1 must walk the plank, and it becomes P2's turn to propose a distribution of the coins among the remaining 4 pirates. They continue this way until either a) a plan has been approved, or b) only P5 is still alive (in which case he keeps the whole treasure).We'd like to know what happens with the treasure. Before we consider the outcome, there are a few important things we must know about pirates:• Pirates are very smart. They always think ahead.• Above all else, a pirate must look out for his own life. No pirate wants to walk the plank.• After life itself, there is nothing a pirate values more than gold.• All else being equal, pirates enjoy watching other pirates die.Find equilibrium (or equilibria) using rollback. What are the equilibrium payoffs?
on a graph this is demonstrated by a series of hills and valleys corresponding to the expansion and contraction of
Assume that the The World Steel industry wants to expand and that its only option is a merger. Now the industry is confronted with government regulations to oversee the merger.
Last year, the United States imported approximately $100 billion worth of oil. Many people believe we should simply stop importing all oil (about half of our domestic consumption). One argument in favor of this is that this oil is only about 1%
Find out the optimal crude oil allocation in the preceding example if the profit associated with fiber were cut in half, that is, fell to $0.375 per square foot.
BudgetSurplus: The amount by which government revenues exceedgovernment expenditures in a given year. PublicDebt: The total accumulation of the FederalGovernment's total deficits and surpluses which have occurredthrough time.
The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor that this profit-maximizing firm will hire,or what wage rate will it pay.
a. increase aggregate demand by cutting government spending or raising taxes.b. decrease aggregate demand by cutting
1-) Which step of the personal selling process has been most impacted by Internet technology 2-) Should marketing or sales be responsible for generating leads 3-) How does the salesperson determine whether the lead is good prospect
in 2009 the fed initiated a program called qe or quantitative easing to try and stimulate the economy. using a fully
1. construct a numerical example to show that as marginal product mp rises marginal cost mc falls. explain your answer
1. when the government increases taxes to provide traditional public goods such national security there tends to bea.
The latest economic news was not very positive. Unemployment rates were higher than expected, consumer confidence had fallen, and companies were reporting layoffs were in order. The Federal Reserve chairman acknowledged the economy was in a recess..
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