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You and one of your classmates are selected to play a game. In this game, both players would write down a number between 0 and 10 simultaneously. If the sum of the two numbers is 10, each of you can get the same amount of dollars as the number each of you wrote. Otherwise, both of you get nothing. Answer the following questions with game theory knowledge.
(a) Do we have any pure strategy Nash equilibrium in this game? Explain your answer
(b) Which number would you choose and why you choose that number?
Klingon Widgets, Inc., purchased new cloaking machinery three years ago for $8 million. The machinery can be sold to the Romulans today for $6.7 million. Klingon’s current balance sheet shows net fixed assets of $3.1 million, current liabilities of $..
Assume that you have a box with an equal number of $4, $6, $8 chips. Find the population mean and the standard deviation. Taking samples of size n = 2, find the mean of the sample means and the standard deviation of the sample means. Explain the rela..
A contract is valued at $28 000 and it requires payments of $6500 every 6 months. The first payment is due in 5 years and interest is 12% compounded semi-annual
Suppose that the equation given above applies to you and that you currently study 2 hours per week and attend class on average 3 out of 3 possible hours per
An economy has a Cobb–Douglas production function: Y = Kα(LE) 1−α. The economy has a capital share of a third, a saving rate of 24 percent, a depreciation rate of 3 percent, a rate of population growth of 2 percent, and a rate of labor-augmenting tec..
Many less developed countries have a static comparative advantage in the production of one or two primary products.
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables: a. The real interest rate increases. b. Consumer confidence decreases. c. Higher taxes are imposed on business profits. d. The economies ..
What assumptions do you make answering this question. Elucidate distortions do you think would appear in the economy if such a tax were introduced.
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Now consider one such ditch-digging firm that has five backhoes but employs ..
The market inverse demand function is P = 250 -5Q, and the firm's cost function is C(Q) = 6Q. Determine the firm's equilibrium price and corresponding profits.
Let P1 be the price of a box of cookies and P2 be the price of a gallon of milk. a) Draw 2 indifference curves which represent Winnie's preferences.
One of your friends uses the terms ethics and morality interchangeably. You do not think this is correct. How would you explain the difference between ethics and morality? Provide an example of morality and one of ethics in your explanation.
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