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Consider the following single-shot static game played between Bill and Ben who are choosing where to go for their summer holiday. Bill does not want to spend much money and would like to have a Staycatl'on. Ben wants to go to Disney World. Bill will always prefer the Steycatl'on rather than going to Disney World. In contrast. Ben will always prefer holidaying in Disney World to the Stayca?on. As neither wants to be alone though the most important consideration for both is that they go to the same holiday destination.
1. Using the numbers 1, 2. 3 and 4 to rank lhe preferences of Bill and Ben. and represent this game in its normal form.
2. With accompanying discussion, identify any pure strategy Nash equilibria in this game.
3. By constructing the best response lines of both players. identify all Nash equilibrium outcomes in the above game.
Treating a patient with congestive heart failure with tPlex rather than Isother increases average life expectancy to 12.3 years from 11.5 years. The added cost of therapy is $14,000. What is the cost per life year? Should you choose tPlex or Isother?
Wildfires destroyed a majority of orange farms, reducing orange production substantially. Explain the effect to the supply and demand curve. Also explain how equilibrium price and quantity would change.
Suppose that a developing country devotes extensive resources towards improving the education and skill level of the labor force.
Which of the following events may increase the marginal revenue product of labor?
Suppose we know that the population standard deviation is 3. We have a sample size of 64. We also have a sample mean of 35. Estimate the population mean with 95
Consider the individual described below. Which type of unemployment would you suggest that they most likely belong to? Explain.
A consumer has a utility function, donuts (A) and peaches (B) given by u(A,B) = squareroot AB suppose donuts and peaches are priced .25 cents a unit, consumer income I is the unknown. Can you say anything about demand for donuts and peaches?
discuss how the company you selected should increase its competitive stance in the marketplace and how management would implement the recommendations. Provide specific examples to support your response.
Many factors affect the demand for a product, which is a concern for management and the decision-making process. To correctly assess the demand for their products, managers must determine the effect of all relevant variables. Discuss how these variab..
Boris budgets $9 weekly for his morning coffee with milk. He likes it if it is prepared with 4 parts coffee, 1 part milk. (Milk and coffee are perfect complements here). Coffee costs $1/oz, and milk $0.5/oz. Draw his budget constraint and indifferenc..
Consider the economy of Arcadia. The households of Arcadia spend 90% of their income. There are no taxes and no foreign trade. The currency of Arcadia is called “Arcs”. The level of potential output in Arcadia is 700 billion arcs. Suppose that actual..
Medium household income in County C is $54,021. Medium household income in Country D is $28,739. In County C, 17.4 percent of residents smoke. In County D, 28.4 percent of residents smoke. What is the arc income elasticity of demand for tobacco use?
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