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1) Carefully explain the difference between a strategy (call it X) being strictly dominant over another strategy (call it Y), and a strategy being strictly dominated by another strategy. Also explain how weak dominance differs from strict dominance.
2) Using your own words, explain how the concept of elimination of dominated strategies works.
3) Indicate whether the following statement is TRUE or FALSE and explain your answer: All games can be solved by elimination of dominated strategies.
4) MULTIPLE CHOICE (identify the one best answer below and explain your reasoning for each option): Suppose that if Joe plays action A, then Helena has a payoff of 10 from playing action B, a payoff of 4 from action C, and a payoff of 10 from action D (she has no other actions available). We can then conclude that:
Milliken uses a digitally controlled “dyer” for placing intricate and integrated patterns on manufactured carpet squares for home and commercial use. It is purchased for $400,000. Its market value will be $310,000 at the end of the first year and dro..
Which of these equations describes all combinations of pages of economics, E, and sociology, S, that she could read over the weekend?
The United States Census Bureau reported that household income dramatically increased in 2015. What effect will this have in the quantity demanded and supplied. Also explain how this will impact the equilibrium price and quantity.
Find the equivalent equal payment series (A) using an A/G factor such that the two cash flows are equivalent at 10% compounded annually. First cash flow: Start at -$50 at year zero and goes up every year in increments of $50 so at year five its at $2..
Which of the following statements regarding the rational ignorance effect are true? A rationally ignorant voter may choose a political candidate based simply on party affiliation or public appearances rather the candidate's positions on a wide range ..
Is it always necessary for government to intervene and internalize the profit and the cost externalities? Illustrate your answer using a real world example.
You can buy a machine for $100,000 that will produce a net income, after operating expenses of $10,000 per year. If you plan to keep the machine for four years, what must the market (resale) value be at the end of four years to justify the investment..
Discuss the role of risk and return in the pharmaceutical industry. In the U.S. health expenditures on drugs amount to about 10% of total health expenditures. In Japan, where physicians are legally permitted to sell pharmaceuticals, national expendit..
What are the differences between economic and accounting concepts of cost? How are prices determined under perfect competition? How are prices determined under monopoly?
q1. elucidate how a person who refuses an offer of employment in order to keep looking for a better job is counted by
A justification for job training programs is that they improve worker productivity. Suppose that you are asked to evaluate whether more job training makes workers more productive. However, rather than having data on individual workers, you have acces..
Calculate the elasticity of demand for good X with respect to the price of X, the price of Y, income, and advertising. Calculate consumer surplus at the profit-maximizing price if the marginal cost is $264.
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