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Q1. GAME THEORY: Colonel Blotto has three partitions through which to defend 2 mountain passes. His challenger also has three partitions. Blotto effectively defends a pass if as well as only if he distributes an equal or greater quantity of partitions to it as his opponent. Blotto wins if he successfully defends both passes, in addition to lose otherwise. Blotto pay is 0 if he loses and 1 if he wins. Illustrate the mixed Nash equilibrium of the game.
Q2. In 2003, when music downloading first took off, Universal Music slashed the prices of CDs from an average of $21 to an average of $15. The company said that it expected the price cut to boost the quantity of CDs sold by 30%.
Compare the effects of these two policies in terms of their implications for the current account.
Solve for equilibrium real output and also solve for the equilibrium interest rate.
Alex's Furniture Mart produces and sells tables in a perfectly competitive market. When Alex's Furniture Mart produces and sells 250 tables.
Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues.
Competition in the market is such that each of the firms independently produces a quantity of output.
The municipal swimming pool charges lower entrance fees to local residents than to non-residents. Conclude that non-residents must have for swimming at the pool than residents.
Explain the essential distinctions among the stages-of-growth theory of development, the Structural change models of Lewis and Chenery.
If the marginal cost of planting and harvesting an acre is $7000 per acre for each of the five acres, how many acres should the farmer plant and harvest.
Some economists argue that only unanticipated increases in the money supply can affect real GDP.
Explain how it will affect the number of employees you schedule. All other things being equal, what will happen to prices of the Galaxy and the iPhone.
If the foreign country enters the market first, determine the equilibrium price and quantity. Will both countries produce. Show both average cost curves and the equilibrium.
Gains from trade will result if a country specializes.
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