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Represent the following game in the extensive form. There are three players, numbered 1, 2, and 3. At the beginning of the game, players 1 and 2 simultaneously make decisions, each choosing between “X” and “Y.” If they both choose “X,” then the game ends and the payoff vector is (1, 0, 0); that is, player 1 gets 1, player 2 gets 0, and player 3 gets 0. If they both choose “Y,” then the game ends and the payoff vector is (0, 1, 0); that is, player 2 gets 1 and the other players get 0. If one player chooses “X” while the other chooses “Y,” then player 3 must guess which of the players selected “X”; that is, player 3 must choose between “1” and “2.” Player 3 makes his selection knowing only that the game did not end after the choices of players 1 and 2. If player 3 guesses correctly, then he and the player who selected “X” each obtains a payoff of 2, and the player who selected “Y” gets 0. If player 3 guesses incorrectly, then everyone gets a payoff of 0.
All other things remaining equal, which of the following changes would cause the AD curve to become steeper? To become flatter? an increase in the interest-rate responsiveness of autonomous consumption? an increase in the interest-rate responsiveness..
A gardener can use one of the three brands of fertilizers during the next growing season. The following decision table shows the expected gross income per acre for each fertilizer brand and weather condition for the growing season. The chance of a dr..
Suppose that it take $100,000 of steel to produce $2,000,000 of cars. If the nominal tariff on steel is 10% for the steel and 20%for cars, what is the effective rate of protection for the steel industry?
A firm has a short run cost function of c=y^3-10y^2+35y. What is the minimum price at which the firm will supply output?
Using the characteristics of the monopoly structure to help you, discuss the arguments for and against monopolies. Explain the moral hazard problem and the adverse selection problem. Describe the difference between them, and discuss instances where t..
Please help with f) and g) determined the correct answers consider the following economy.Derive the equation of the aggregate demand curve AD. [Hint: Replace the equilibrium interest rate in either the IS or LM function. This should give you the AD c..
illustrate what dollar amount will the profit margin.
Considering that the beekeeper gets that amount, what range of payments will the farmer admit.
Suppose that you buy, and one year later sell, a foreign (British) bond under the following circumstances
Read the opening case on Boeing 787s, and research for the updated information on the Boeing 787s. Identify the pros and cons of assembling a plane with many different parts and manufacturers as Boeing did with the 787. Assess whether Boeing’s approa..
Graphically show deadweight welfare loss due to monopolies and then explain what it means. How can we see or feel this deadweight welfare loss?
the impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following
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