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Consider the toy problem of section 18.2. Imagine that the government institutes the following procedure: The two firms are asked to bid (simultaneously and independently) on the prices they will charge. They may not name a price greater than 4 or less than zero. (Of course, each knows its own unit cost when it does this.) If they name the same price, the order is split between them. If they name a different price, the order is given entirely to the firm naming the lower price. In both cases, the firm is paid per unit what it bids.
(a) If we construct from this mechanism the corresponding game (between the firms) of incomplete information, does the game have a pure strategy Nash equilibrium?
(b) If not, can you find a symmetric mixed strategy equilibrium?
(c) If you find any equilibrium, what is the corresponding direct revelation mechanism?
How does what we know about actual people and their limitations alter the importance of stability and gradual change?
A quality control inspector chooses a part to be tested. The part is then declared acceptable, repairable, or scrapped. Then another part is tested.
Given the following annual information about a hypothetical country, answer questions a through d. Billions of Dollars Personal consumption expenditures $200 Personal taxes 50 Exports 30
Movies and videos provide opportunities for critical reflection and the development of media literacy. This activity will provide you with the opportunity to practice being a critical consumer of films as a form of media.
d. explain why the production possibility frontier of part c is concave. e. sketch the realtive price of food as a function of its output in part c. f. if consumers insist on trading four units of food for five units of cloth, what is the relative pr..
What are the special features of Russian property? How do Russian property rights differ from those assumed in perfect competition?
Does a peace dividend or a reversal to more military spending represent a possible shift of the production possibilities curve (new curve) or a movement along it(going from one point to the other on the same curve)? Analyze why and support your an..
Use the concept of unplanned investment to explain adjustments toward equilibrium from both the $380 billion and the $300 billion levels of domestic output.
Productivity now doubles in the Poor land TV industry, all else equal. How many days does it now take for Poor land workers to make a TV? What happens to the wage in Poor land? The price of haircuts? The CPI?
Karla wants to grow spinach. 1 pound of Fertilizer(F) produces 20 spinach or 1 pound of Manure(M) produces 30 spinach. They are perfect substitutes. So we know Q=20F+30M Now Karla wants to produce 300 spinach at the least possible cost.
A verbal, everyday argument enables academic readers to access summaries other viewpoints.
the price elasticity of demand for heroin is .27. suppose that half of the existing heroin users support their habits
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