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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 topropose 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?
Illustrate what is the estimated size of the union salary advantage. How might this advantage diminish the efficiency with which labor resources are allocated.
Elucidate why this strategy may, in fact, be rational. Also, identify at least two other strategies that might permit Argyle to earn higher profits.
Illustrate the factors comprises in making decisions about pricing tobacco products indicating which would be the most influential.
Canada, the US and Mexico are clearly separate countries. Does this information alone imply a lower standard of living in each of three nations compared to the condition where they are united into a single new country?
Assume that you have drawn a total product curve for labor given a technology. Now let some sort of technological change rise in the productivity of labor.
Discuss the short-run movement toward equilibrium in the currency markets in a flexible exchange system.
According to CPI's estimation and in context of valuation of the major consumer products firms, do you believe analysts think the company is undervalued?
If consumer incomes rise to $30,000, illustrate what will be the new equilibrium price and the new equilibrium quantity.
Different races now or likely to be in workforce of the future depends on the US populations racial demographic changes.
discuss the different economic theories of Milton Friedman. Why was he important? Has he helped or hurt our economy? If he were alive today, what do you think he would suggest as an economic plan for our economy? Would he agree or disagree with th..
If there are 150 million people in the labor force and 10 million of them do not have jobs but have looked for work in the last month what is the unemployment rate? 2)If next month 5 million people who have been discouraged workers start looking fo..
Illustrate what is the efficiency factor. Elucidate these factors in terms of the production possibilities curve.
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