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Consider the simultaneous move game between a taxpayer and a tax inspector. The taxpayer chooses whether or not to underreport their taxable income. The tax inspector chooses whether or not to audit the income report. The cost of auditing is c > 1 and the fine (including tax payment) imposed if the taxpayer is caught cheating is F (with F > c > 1). With a truthful report the taxpayer has to pay a tax of 1 unit of income. The payoffs are given in the matrix where the first number in each cell denotes the tax inspector's payoffs and the second number is the taxpayer's payoffs. Find the Nash equilibria of this game, considering both pure and mixed strategies.
Are wars good for the economy?
Some people argue that the MINIMUM WAGE by pricing many unskilledteenagers out of the labor market, cause them to turn to sellingdrugs. After all, if a person can't get a job legally, they willget one illegally. The alternative is to starve.
A clinic uses doctors and nurses optimally and is servicing the maximum number of patients given a limited annual payroll. The last doctor hired treated 1,600 extra patients in a year, while the last nurse hired treated 1,000 extra patients in a y..
A delivery company is considering adding another vihicle to its delivry fleet, all the vehicles of which are rnted for $100 per day. Assume that the additional vehicle would be capable of delivering 1500 packages per day
a Calculate the percentage return on the security if the payoff to the security in one year is $1,000, $1,500, $2,000, or $2,500. (Note: This is the total amount returned to the investor, so you may just calculate the total return and not worry
MPS= 40 with no government and no foreign trade a 10 billion dollar increase in investment will enventually result in an increase in consumption or spending and how much
Albert Einstein once noted that" compounding of interest is one of humanity's greatest inventions". to illustrate the mind-boggling effects of compounding suppose $100 is invested at the end of each year for 25 years at i=50% per year. In this cas..
a. Graph the short run total product curves for each production function for 0 L 25 in the case where K is fixed at 4. b. Graph the marginal product of labor curves for each production function for 1 L 25. c. Do these production functions exh..
Notice that average product (that is, output per worker) continues to rise after marginal product has fallen. Why How can it be that output per worker can rise after the point of diminishing returns has been encountered
Consider the market for gasoline. In the initial equilibrium, the price is $2.00 per gallon and the quantity is 100 million gallons. The price elasticity of demand is 0.70, and the price elasticity of supply is 1.0.
The bond fund manager forecasts that, in four years, the 15-year bond will sell at a yield to maturity of 6.45% and the 20-year bond will sell at a yield to maturity of 6.70%. The bond fund manager also expects that the coupons can be reinvested a..
Suppose a firm produces its output in two different plants. Production costs at plant 1 are given by C1 = 4(Q1)2, where Q1 is the amount of production at plant 1. The production costs at plant 2 are given by C2 = 2(Q2)2
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