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Axelrod and Hamilton in "The Evolution of Cooperation" discuss the stability of the reciprocal strategy TIT FOR TAT. Is TIT FOR TAT an evolutionary stable strategy (according to the technical definition of ESS - see Skyrms, "Evolution" on blackboard) in the repeated Prisoner's Dilemma? Explain your answer with reference to the definition of ESS.
What are the characteristics of a PC firm? Using Hot Dogs, Graph the market and the individual supply, demand and costs for Hot dogs side by side. Make sure to include the S.R. and L.R profits.
Is the idea of demand useful in healthcare, given the important role of agents? Should medical services be free? Justify your answer. Why might a consumer be “rationally ignorant” about the proper therapy for gallstones? Why do demand curves slope do..
Which would be considered to be one of the factors that shift the aggregate supply curve? A change in: consumer spending. net export spending. government regulation. consumer expectations on investment projects.
Using diagrams show what changes in price and quantity would be expected in the beer market under the scenarios given. Indicate what happens to equilibrium price and quantity and state whether the effect is a change in demand/supply or quantity deman..
According to a Wall Street Journal article "MCI, in New Phone War Skirmish, Files Suit over AT&T Ad Claims," MCI was upset with AT&T over allegedly false claims that AT&T's service is cheaper than MCI's. Based on this data, estimate the equation for ..
Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. With a PcPt per unit tariff, the quantities sold by foreign and domestic producers respectively will be
In 2010, The Fed reduce the Discount rate by eleven times, to 1.50%, the reason for this action was to:
You won a free ticket to see a Bruce Springsteen concert ( assuming the ticket has no resale value) U2 has a concert the same night, and this represents you next best alternative activity. Tickets to the U2 concert cost $80, and on any particular day..
Consider Solow's model when the production function is Y = 1000K0.3 L0.7 . The population growth rate is 2%, ? = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Suppose this economy was in its steady state when unexpectedly Total Facto..
Explain, in economic terms, how this arrangement with Delta and United could have caused the value of SkyWest to increase so dramatically even though it limited the amount of profit the company could earn.
Some restaurants are open only for breakfast and lunch but are closed for dinner. What economic factor's determine if it is better to close the restaurant for dinner or leave it open for all three meals times. What general costs (Fixed and/ or variab..
The first demand-side elasticity discussed in class and the readings was the price elasticity of demand (ED). It is defined as the
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