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You and your roommate are in a tough position. Both of you value a clean apartment at 100, and a dirty apartment at 30. The total cost of cleaning the apartment is 80. This means that, if you both clean the apartment, you both get a payoff of 60. If you clean the apartment and your roommate doesn’t, you get 20 and your roommate gets 100. If your roommate cleans the apartment and you don’t, you get 100 and your roommate gets 20. If neither of you clean the apartment, you both get a payoff of 30. (a) Layout this situation as a simultaneous move game. (b) What is the equilibrium? (Hint: Assume that if you both clean, you split the cost of cleaning.) (c) What type of game is this? Explain.
Draw the firm's MC, AVC, and AC curves. Add a downward sloping demand curve, and show the profit maximizing quantity and price. Indiate the profit as an area on your diagram. Show the deadweight loss.
Consider three alternative ways of helping poor people get housing: government-subsidized housing costing $6,000 per year, a housing voucher worth $6,000 per year toward rent on an apartment or a house, or $6,000 per year in cash. Which would you pre..
Assist on writing a 1 page paper on political also legal influences. A research paper- Illustrate what's economics issue or problem seen in behavior we observe in the world around us.
Using short-run cost theory, explain the impact of this additional patient on the SAVC and SATC. Do they increase or decrease.
the achievement of which will not selectively also materially benefit the membership or the activities of the organization" are called.
Trace a copy of this diagram. Graphically depict the substitution and income effects. 2.2. Which effect is strongest? How can you tell?
Does neoclassical economics focus more on long term economic growth or on recessions? Explain your answer. Does neoclassical economics view prices and wages as sticky or flexible? Why? Does neoclassical economists tend to focus more on cyclical unemp..
Explain how is the equilibrium level of national income determined in the Keynesian cross model? What are the major limitations of this model.
The time to complete the construction of a soapbox derby car is normally distributed with a mean of three hours and a standard deviation of one hour. Find the probability that it would take more than five hours to construct a soapbox derby car
Elucidate how much income did this represent for each of the 300 million U.S. citizens. Illustrate what was the largest GDP decline in a postwar U.S. recession.
Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. CC estimates that on an average day there are 1,000 sunbathers evenly spread along the beach and that each sunbather wi..
As before pleasing the job, you admit a surprise offer from a competitor. Elucidate how much producer surplus have you earned, if you actually earn $2600 during the month.
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