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Two partners start a business. Each has two possible strategies, work full time or secretly take a second job and work only part time on the business. Any profits that the business makes will be split equally between the two partners, regardless of whether they work full time or part time for the business. If a partner takes a second job, he will earn $60,000 from this job plus his share of profits from the business. If he works full time on the business, his only source of income is his share of profits from this business. If both partners work full time on the business, total profits will be $200,000. If one partner works full time on the business and the other takes a second job, the business profits will be $80,000. If both partners take a second job, the total business profits are $20,000.
(i) Draw the payoff matrix for this game.
(ii) Elucidate any possible Nash equilibria in pure strategies for this game.
Suppose at Columbia University, grade point average (GPA) and SAT scores are related by the conditional expectation
A firm in a perfectly competitive market invents a new method of production which lowers its marginal costs. Illustrate what happens to its output.
Explain how meeting-competition clauses may serve as an enforcement mechanism for price-fixing agreements of cartels.
Explain how demand for time travel, as well as marginal income, long-run marginal cost also long-run average cost.
Which in turn depends on the animal's access to grazing which depends on the number of llamas sent to the commons.
Then do similar for every of the determinants of supply in Equation 2.2. In every instance, would equilibrium market price increase or decrease.
Does a persistent balance of payment deficits result in a pressure to devaluate the currency.
Discuss the capture of the regulatory agency and your prediction as to the capture of the replacement regulatory agency and the politicians in the future.
Consider what you have learned about the root causes, as identified by leading economic thinkers and policymakers.
Walmart.com announced that it wants to be "the most visited, most valued online retail site." Suppose you were hired by an outside consulting firm to evaluate Walmart.com's potential to achieve this goal.
Analyze the characteristics which make any transaction possible and justify the importance of each of the characteristics.
Illustrate what are the five specific events that can be expected to cause the equilibrium price of ice cream to increase.
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