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Consider the following game: There are 5 pirates on a boat, conveniently named P1, P2 P3, P4 and P5. These 5 pirates have just dug up a long lost treasure of 100 gold pieces. They now need to split the gold amongst themselves, and they agree to do it in the following way:Pirate P1 will suggest a distribution of the coins. All 5 pirates will vote on his proposal. If an absolute majority approve the plan, then they proceed according to the plan. If he fails to pass his proposal by an absolute majority, then P1 must walk the plank, and it becomes P2's turn to propose a distribution of the coins among the remaining 4 pirates. They continue this way until either a) a plan has been approved, or b) only P5 is still alive (in which case he keeps the whole treasure).We'd like to know what happens with the treasure. Before we consider the outcome, there are a few important things we must know about pirates:• Pirates are very smart. They always think ahead.• Above all else, a pirate must look out for his own life. No pirate wants to walk the plank.• After life itself, there is nothing a pirate values more than gold.• All else being equal, pirates enjoy watching other pirates die.Find equilibrium (or equilibria) using rollback. What are the equilibrium payoffs?
Describe and discuss why characteristics of the labor markets should result in the similar wage rate for all jobs requiring the similar level of abilities and skills?
Many retail companies use mark up pricing? Setting price some percentage above variable cost (such as 50% above cost).
How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price?
What is the short run shut down price for each firm and how does this short run shut down price differ from the long run shut down price?
Why would your company have bid with a zero mark-up on some past tenders? Why didn't it win all of those contracts and what is the bid price that maximizes the expected contribution of the contract
Suppose that the one-period rate is 4% and that the two-period rate is 6%. What sort of expectation for the one-period rate next period makes this situation an equilibrium?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
A HR Director for a medium size public company. Under Americans with Disabilities Act are the following workers entitled to a affordable accommodation and, if so, what would be affordable:
find the opportunity cost (in tanks foregone) of producing the first, second, third, fourth, and fifth bridges. the production possibilities of tanks and bridges for a society.
Think the market for personal computers. Assume that the demand is constant : the demand curve does not change. Predict the effects of the following changes on the equilibrium price of computers.
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers.
The Pension Benefit Guaranty Corporation (PBGC) is a government agency that absorbs pension obligations when a company goes bankrupt or otherwise cannot fulfill its pension obligations to current or former employees. Where is the moral hazard in ..
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