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For the following situation, come up with a game (in normal form – the matrix representation we have been using) to describe the situation. Determine the pure strategy Nash equilibria. a. Two gentlemen are engaged in a duel. They each have two choices: shoot straight (to try to kill the other) or duck (to try to avoid being killed). If they both shoot straight, they both die; if they both duck, they live, but both lose some "face". If one ducks and one shoots straight, they both live, but the one who shoots earns "honor" and "respect" from his peers, while the one who ducks loses "face" and is branded a coward. Shooting and living gives a higher reward than ducking and living, regardless of what the other person does.
Suppose that investment decline by 40 units to a level of 60. What will be the new level of equilibrium income.
Consider a firms per-period (e.g., hourly) production process. If it employs 1 unit of labor, then 5 units of output will be produced; if it employs 2 units of labor, then 12 units of output will be produced; and if it employs 3 units of labor, then ..
The U.S. market for hand sanitizer is controlled by a monopoly (firm I, for incumbent) that has a total cost given by TC(qi) = 0.025qi^2. The market demand for hand sanitizer is given by P = 50 – 0.1Q. What are the incumbent’s profits if it commits t..
q.in 2020 ahmed decides to invest in a wind turbine that would produce and sell electricity to the local electric
How does the price faced by a profit-maximizing competitive firm compare to its marginal cost? Explain. When does a profit-maximizing competitive firm decide to shut down? When does a profit-maximizing competitive firm decide to exit a market?
Assume a US saver with $1,000 to place in a domestic or European bank CD. The interest rate for US and European savings equals 4%. If the saver keeps her money in the US, her return equals ____. If the saver moves her money to Europe with a forward t..
You have been asked to evaluate the proposed acquisitions of a new clinical laboratory test system. The system’s price is $50,000, and it will cost another $10,000 for transportation and installation. The system is expected to be sold after three yea..
Explain why a nation that imposes tariffs on imported goods may find its welfare improving should the tariff result in a favorable shift in the terms of trade.
How do successful businesses sustain competitiveness in a highly fierce business environment? What's the best strategy to maintain business leadership relative to competition?
Which of the following terms express a person who risks his or her financial resources by investing it in the hope of making a profit.
1. To be able to complete budget reporting on time, how should accountants approach new project reporting in a manufacturing business?
Explain the difference between a positive and negative externality. In your analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What ..
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