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1.Indicate whether a statement below is true or false by writing either T or Fnext to each. If false, give an example where the statement does not hold.
(i) A Nash equilibrium maximizes the sum of utilities of the players in every game.
(ii) If players are rational and each knows others are rational, a Nash equilibrium willbe played. Remember being rational implies a player will never choose a strictly dominatedstrategy and knowing other players are rational means each player knows others will neverchoose a strictly dominated strategy.
(iii) A Nash equilibrium strategy cannot be weakly dominated.
(iv) A Nash equilibrium strategy cannot be strictly dominated.
(v) A game can have more than one Nash equilibrium
The relative price rule is equivalent to saying the marginal utility per dollar is the same for both goods, or goods should be consumed in the same ra5tion as their relative price.
According to the BLS, the CPI rose 3.8% in August of this year compared to a year earlier. Food prices rose 4.6% and clothing prices were up 4.2%, while new car prices rose 3.8%, and medical care was up 3.2%. What percentage change in the CPI up unti..
Some services marketers strongly maintain that service marketing is fundamentally different from goods marketing and that different skills are involved. Some traditional goods marketers disagree, saying, “good marketing is good marketing.” Take a pos..
Between Q1, 2014 and Q1, 2015 measured Output in the non - farm business sector increased by 3.2%. During this time period the unemployment rate fell from 6.6% to 5.5% and total hours worked in the nonfarm business sector increased by 2.8%. What was ..
To meet increased delivery demands, a Dairy company just bought 15 new delivery trucks. Each truck cost $30,000 and has an expected life of 4 years. The trucks can each be sold for $8,000 after four years. Using CCA Class 10 depreciation, determine a..
The accompanying table shows a boat manufacturer’s total cost of producing boats. Quantity of Boats Total Cost 0 $ 450,000 1 $ 490,000 2 $ 510,000 3 $ 520,000 4 $ 540,000 5 $ 570,000 6 $ 610,000 7 $ 670,000 8 $ 750,000 9 $ 870,000 1. What is this man..
A nation has a tax rate of 20% on the first $20,000 of taxable income, 30% on the next $30,000, 40% on the next $20,000 and then 50% on all taxable income above $70,000. Find the ATR of someone with a taxable income of $100,000. How much is a tax cre..
Identify the point on the budget constraint this worker has chosen. Elucidate how much is he working every day.
Suppose that we have an economy with four workers. Paris H. can teach 3 yoga lessons or make 20 lattes a shift. Kim K. can teach 2 yoga lessons or make 8 lattes a shift. Mike S. can teach 1 yoga lesson or make 40 lattes a shift. And Pauly D. can teac..
Research three different models of competition between firms that are highly interdependent (note: there are over a dozen so you should have no problem finding many different models to examine). Discuss the similarities and differences between these ..
Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100. When you arrive at the tailor shop, ..
When free trade increases market competition, what happens to the ability of a firm to set high prices? What about when trade restrictions are imposed?
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