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Consider the following game. Player 1 is either "Friendly" (with probability 2/3) or "Mean" (with probability 1/3), and decides to Smile or Not Smile. A Friendly type has no cost of smiling, but a Mean type has a cost of 4. Player 2 decides to Ask or Not ask Player 1 for help. If Player 2 does not ask Player 1 for help, both players get 0 (minus any cost of smiling for 1). If Player 2 asks a Friendly Player 1 for help, both players get +3 units of utility (minus any cost of smiling for 1). If Player 2 asks a Mean Player 1 for help, Player 2 gets -3 units of utility while Player 1 gets +3 units of utility (minus any cost of smiling) because he gets a chance to be mean to the other player. Player 2 does not know if 1 is Friendly or Mean (but Player 1 does). For the case below, (a) draw the extensive form of the game, and (b) solve the game using the appropriate solution concept using pure strategies.
Player 2 does not see whether Player 1 is smiling when he’s deciding whether to ask for help.
A local community voting to raise property taxes to increase school expenditures
Compute the new equilibrium wage and the new number of jobs. Will the number of jobs increase or decrease.
Illustrate what is equilibrium level of Aggregate Expenditures in this economy. At equilibrium, illustrate what is level of Consumption in this economy.
XYZ Computers company has a monopoly on the sale of a specialized color printer. If it sells two of these printers its total revenue is R1,000, and if it sells three color printers its total revenue is R1600. The marginal revenue of the third colo..
none of the employees makes the effort to do so. How would you change the organizational architecture of the firm to raise profitability?
what happened to real output? by how much would the price index have had to rise for real income to remain constant?
Investing in a corporate fitness programme Procal Co. is considering establishing a corporate fitness programme for its employees. The firm currently employs 500 workers, mainly managerial and administrative, in a number of offices in one local area...
A firm under monopolistic competition reaches equilibrium in the short run at a point where:
Should GDP take into account environmental issues, distributional issues also health also welfare issues.
Defend the following terms using graphs or equations to illustrate your answers wherever feasible a. Portfolio feasible set, efficient portfolio, efficient frontier b. Indifference curve, optimal portfolio c. Capital Asset Pricing Model (CAPM) Capita..
Calculate the standard deviation of annual sales. Calculate the coefficient of variation of annual sales.
For each of the following cost-output relationship, describe the shape (U-shape, Decrease, increase, constant) of the average total cost and marginal cost function (C=total cost, Q = output).
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