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Two boxers, Brutus and Floyd, are training to fight each other. Each boxer is considering whether to take steroids to improve his chance of winning the fight. Assume that the boxing association does not have a policy against steroid use. If both boxers take steroids, neither has an advantage and the payoffs (net of health costs) are $3 million per boxer. If both boxers don't take steroids, the payoffs are $4 million per boxer. If one boxer takes steroids and the other doesn't, the boxer taking the steroids receives a payoff of $6 million (net of health costs) and the other boxer receives a $1 million payoff.
a. Represent the preceding information in a normal-form game (payoff matrix).
b. What is the Nash equilibrium?
c. Would the boxers be better off if the boxing association banned steroids and tested each boxer for steroids prior to a fight? Explain.
Explain the common law system of precedent in the US (based on English law). Differences between common law versus civil law (used in other countries)
A monopolist faces a market demand curve given by Q = 53- P. Its cost function is given by C = 5Q + 50, i.e. its MC =$5. Calculate the profit-maximizing price and quantity for this monopolist. Also calculate its optimal profit. Suppose a second firm ..
When considering the consequences of an action to be the determining factor of its ethical worth, you are employing what type of ethical reasoning?
Let the random variable Z follow a standard normal distribution.
In the following statement identify the dependent and independent variables: "I expect that individuals with high scores on the Racism
Sammy has a drone that he values at? $1,500. Frank values the same drone at? $1,000. The government offers a subsidy of? $800 to the buyers of? drones, and Sammy and Frank agree on a price of? $1,600. The subsidy creates a deadweight loss of how much..
Provide a graphical illustration and interpretation of efficient pricing OR of peak load pricing when there are two classes of visitors to Lory State Park (say, picnickers and climbers in the former case or high season and low season visitors in the ..
When a best-selling book was first released in paperback, the Hercules Bookstore chain seized a profit opportunity by setting a selling price of $9 per book. With paperback demand given by P = 15 - .5Q, the chain enjoyed sales of Q = 12 thousand book..
Suppose your firm produces according to a function in which capital and labor are perfect compliments. The wage rate is currently $120 per day and the daily capital cost is $100. If the wage rate falls to $100, does the substitution effect dominate t..
She argues that this process will make for better utilize of information within the organization. The same concept could be applied beneficially within the corporation.
Given that price elasticity of demand is a real factor that impacts revenue collection as well as behavior modification through social engineering, how 'should' government react?
Show the changes in the demand for tourism as income of a tourist grows when tourism is perceived to be, (a)normal good, (b)superior good, and(c) inferior good. Analyse the demand for tourism overtime using intertemporal analysis.
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