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Suppose Players 1 and 2 are participating in a first-price sealed bid auction with private, independent valuations. Each player's valuation of the object to be sold, which is assumed to be worth 0 to the seller, is either 100, 60 or 40 with equal probabilities.
Each player knows her own valuation but only the probability distribution on the other player's valuation. Bids are restricted to be either 100, 60 or 40. Remember bids are chosen simultaneously, the highest bidder wins and pays the amount of his bid. If two bidders bid the same amount, one of them gets the object with probability 0.5.
What is a strategy for a player in this game? Describe strategies that are in Bayes Nash equilibrium.
Demonstrate using a consumer's diagram (budget constraints and indifference curves) that a tax on barley that leaves each consumer buying the same amount of barley as before can still create an excess burden.
Health economic theory and practice
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Italy is a large European country with a staggering public debt and underperforming economy.
If Boeing produces 9 jets per month, its long-run total cost is S9 million per month. If produces 10 jets per month, its long run total cost is $9.5 million per month. Does Boeing exhibit economies or diseconomies of scale in producing jets.
Explain the role of monitoring and evaluation in Quality Assurance Discuss Five tools that you can use to effectively monitor the activities of your school
How does economics differ from a natural science like chemistry and formal science like mathematics? How is it similar to other social sciences like anthropology and political science?
Define the economic principle of opportunity cost and locate current GDP expenditures and express the percentages in a graph or a chart.
EconS 323 Problem Set, Assuming that the interior solution for labor supply will dominate the corner solutions, NOW what is Cosmo’s optimal labor supply as a function of the market wage w and the tax rate t?
Theoretical analysis and discussion of economic principles
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