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Economics: Game Theory.
Suppose a student's beliefs as to what the other 9 students will do as follows: with a probability of 0.2, three of them will apply to JPM and six of them to LM; with a probability of 0.5, four of them will apply to JPM and five of them to LM; and with a probability of 0.3, five of them will apply to JPM and four of them to LM. Assume the student chooses so as to maximize his expected utility, where will he apply?
Suppose that a Toyota Camry costs $25,000 in the U.S. and €20,000 in Europe, while the nominal dollar-euro exchange rate is 0.9€/$. a. Describe how an arbitrageur could profit from this situation (What would they buy? What would they sell?
Easterly (2012) presents the tale of Thomas Cresap in “Intermezzo: In Search of a River” (pages 16-19) and concludes that Cresap was pulled out of poverty. Please discuss the economic growth detailed in the story and how poverty was reduced.
There are some economists that defend the notion that government works against competition within certain industries and as a result, the industry becomes less competitive AND much more smaller. For example, the government may put up new regulations,..
Assume that the marketplace for engagement rings is in equilibrium.
For the utility function U(x,y) = 8 ln(x) + 2y a price of X equal to $1 and a price of Y equal to $1, what is the elasticity of Y with respect to income? Using your answer from part 9 (or whatever you think the correct answer was), how would you desc..
The Fed was initially created in response to a series of bank runs in the early 1900s. How do you assess the potential of such crises in today's financial world? Do you think that the regulating tools used by the Federal Reserve are enough to prevent..
The nominal interest rate on a savings account is 4%, compounded monthly. what is the actual monthly interest rate? & is the effective annual interest higher, lower, or the same as the nominal interest rate?
Which of the following are reasons that economists use to explain the decrease in the natural rate of unemployment between the 1980s and the early 2000s in the United States? Each bin contains more than one correct answer and all items should be plac..
The City of Milwaukee is considering suing the manufacturers of handguns and other firearms, on the basis of a “public nuisance.” “Nuisance” is defined under Wisconsin statutes as “any source of filth or cause of sickness.” Does such a lawsuit have m..
1. If GDP is growing at a rate of 5% per year, in how many years will GDP double? 2. What is the rate of inflation from year 1 to year 2?
Its total assets were $10,000,000. What is the company's return on assets for the fiscal year?
A firm sells its product in a perfectly competitive market where other firms charge a price of $70 per unit. The firm’s total costs are C(Q) = 50 + 10Q + 2Q2. How much output should the firm produce in the short run? units. What price should the firm..
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