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Consider the following game: There are 5 pirates on a boat, conveniently named P1, P2 P3, P4 and P5. These 5 pirates have just dug up a long lost treasure of 100 gold pieces. They now need to split the gold amongst themselves, and they agree to do it in the following way:Pirate P1 will suggest a distribution of the coins. All 5 pirates will vote on his proposal. If an absolute majority approve the plan, then they proceed according to the plan. If he fails to pass his proposal by an absolute majority, then P1 must walk the plank, and it becomes P2's turn to propose a distribution of the coins among the remaining 4 pirates. They continue this way until either a) a plan has been approved, or b) only P5 is still alive (in which case he keeps the whole treasure).We'd like to know what happens with the treasure. Before we consider the outcome, there are a few important things we must know about pirates:• Pirates are very smart. They always think ahead.• Above all else, a pirate must look out for his own life. No pirate wants to walk the plank.• After life itself, there is nothing a pirate values more than gold.• All else being equal, pirates enjoy watching other pirates die.Find equilibrium (or equilibria) using rollback. What are the equilibrium payoffs?
Some politicians in countries that are the recipients of large numbers of immigrants advocate adopting laws requiring immigrants to learn the local language within a specified period of time.
Draw a graph showing hte above situation. Include in that graph, the monopolist's cost curves, demand and marginal revenue curves and the price and quantities that are indicated by the situation described above.
Given an imperfectly competitive firm in the output market where: P = P(Q) = price function where: P' 0, C'' > 0. (a) State the firm's profit function in terms of Q. (b) Find the F.O.C. that maximizes profits at Q*. (c) Interpret the F.O.C.
Illustrate price as well as quantity will maximize revenue. Elucidate the total revenue and price elasticity at this point.
Create three Microsoft PowerPoint slides in which you summarize the following data, Include an evaluation of impact of past and current fiscal policies, monetary policies, budget deficits or surpluses on economy and on the airline industry industry.
Nobel Laureate Paul Samuelson said that comparative advantage is one of the few ideas in economics that is both "true and not obvious." Since it's not obvious, we should practice with it a bit. In each of the cases below, who has the absolute adva..
In 1980s, 1990s, and the 1st decade of the 21st century, the US experienced a significant inflow of capital from abroad. Use a diagram of the United States capital market, demonstrate the effect of this inflow on rental price of capital in the US and..
Joe Donaldson deposited $80,000 in his new business. Prepare all entries related to above transactions.
What are the key differences between relationship selling and traditional methods of selling? Which types of products or services do you think would be conducive to relationship selling.What are the main forms of trade sales promotion.
Compute the optimal bundles of consumption. The total use of each good is independent of the rate of consumption of the other good.
Use the following data for a firm's output at various levels of employment to calculate: (a) its marginal physical product of labour (MPPL) schedule.
Explain why user cost, or scarcity rent, arises in the intertemporal allocation of a depletable resource such as minerals, and some types of energy and aquifer water resources.
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