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Recall the espresso machinecontribution game discussed in class. You and your roommate may by an espresso machine for $50. Your value for havingthe espresso machine is $40 and your value for not having it is zero. You andyour roommate (i = 1; 2) will write down an amount of money ci, an integerbetween zero and $50.If the sum of your two numbers c1 +c2 is at least $50 you will buythe machine. The amount roommate i pays is given by: ci - (c1 + c2 - 50)/2
That is, he pays his pledged contribution minus half of the surplus contribution.(a) Is pledging $50 a dominated strategy for you?(b) Is pledging $40 a dominated strategy for you?
A grocery store notices that the cross-price elasticity between ice cream and chocolate syrup is -.3. The store is advertising a sale with ice cream prices reduced by 20%. By how much should they expect chocolate syrup sales to increase
To get an idea of how much those government rebate checks have spurred spending-and who's benefiting from the buying-business school professors Jonathan Parker (Northwes t ern) and Christian Broda (University of Chicago) analyzed the spending of 3..
People hold $400 million of bank deposits but no currency. Banks have made $380 million dollars of loans and only hold enough reserves to satisfy reserve requirements. Because of uncertainty, banks choose to hold $10 million more in reserves.
What output, price, and profit levels would prevail following expiration of the company's monopoly franchise assuming that vigorous competition evolves between the local cable TV company, voIP firms, and Big Phone, Inc. Assume that a long-run perf..
MexicoTech, a Mexican company is offering ADRs in the US stock market. Presently its stock is traded in Mexico at 440 pesos per share while the peso exchange rate against the US dollar is 11 pesos per dollar. There are 500 shares of stock in each ..
Suppose that as the economic recovery strengthened consumer expectations of annual inflation increased from 2% to 3.5 % and, at the same time, the expected real rate of return required to equate investor demand to the existing supply of 1 year.
Ellen is downloading labor marke data for the most recentmonth, but her connection is slow and so far this is all she hasbeen able to get: UnemploymentRate: 5.0% ParticipationRate: 62.5% Not in the labor force: 60mil..
You are appointed secretary of the treasury of a recently independent country called rugaria. The currency of rugaria is the lav. The new nation began fiscal operations this year
A person has an expected utility function of the form U(w)=w^1/2.He has an initial wealth of $25.He also has a lottery ticket that will be worth $75 with probability 1/2 and will be worth $0 with probability 1/2.
There are economies of scale in ranching, especially with regard to fencing land. Suppose that barbed-wire fencing costs $10,000 per mile to set up. How much would it cost to fence a single property whose area is one square mile
The scores of students on the ACT college entrance examination in a recent year had a normal distribution with a mean of 18.6 and a standard deviation of 5.9. A simple random sample of 60 students who took the exam is selected for study
a. What is the dollar value of Jackie's assets that are considered part of the monetary aggregate M1 b. What is the dollar value of Jackie's assets that are considered part of the monetary aggregate M2
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