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Paul and John are working on a project for which they will receive the same grade. The utility to each of them would be their grade minus their own effort. If Paul puts in x units of effort and John puts in y units of effort their grade will be equal to the higher of the two effort levels, x and y. So for a given choice of x and y Paul's utility is given by 2 max{x, y} - x while John gets a utility of 2 max{x, y} - y. The possible choices for effort level are 1 and 2. Write down the payoff matrix for this game. a) Which outcomes are Pareto efficient? b) Find the best response functions. c) State all Nash Equilibria of the game.
nbsphelen makes cheesecakes using equipment that she rents for 30 and cheese and butter that cost 4.55 a cake.nbsp she
suppose that jake considers two alternative investment plans of 1000 for one-year. investment a is a no-risk plan
As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil.
Label the substitution and income effects.
Which of the following groups most suffers the costs of minimum wage laws?
Draw a graph similar to the one in part (a) to show the effect of the open-market operation on output and the price level. Explain in words why the policy has the effect that you have shown in the graph.
Airlines practice price discrimination by charging leisure travelers and business travelers different prices. Different customers pay varying prices for essentially the same coach seat because some passengers qualify for discounts and others do no..
Suppose that the reserve requirement is 10 percent and the balance sheet of the People's National Bank looks like the accompanying example. • What are the required reserves of People's National Bank Does the bank have any excess reserves
On average, does an increase in taxes raise or lower real GDP If taxes as a percentage of GDP go up 1 percent, by how much does real GDP change Are the decreases in real DDP caused by tax increases temporary or permanent
What is the most important factor leading to rising health care costs in the United States since 1980? a)The increased use of expensive medical technology b)Teh aging U.S. Population
1. which of the following is an example of a two-part tariff? a. a regulated firm uses marginal cost pricing for some
Suppose that you are on the board of directors of a firm which is the dominant firm in the industry. That is, it lets all of the other firms, which are much smaller, sell all they want at the existing market price. In other words the smaller firms..
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