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You are in a class with one other student. It is the end of the semester and final exams are in one week. Your teacher has said the final exam will be graded so that anyone who scores the class average on the final exam will receive a B in the class. Anyone who scores above the class average will receive an A in the class. Anyone who scores below the class average will fail the class. You would certainly score higher on the exam than the other student. You and the other student have made an agreement not to take the final exam so that the class average is zero and you both receive a B grade.
a. Determine the basic elements in this game.
b. What are the strategies for each player.
c. What are the payoffs for each player.
d. Create a payoff matrix for this game.
e. What is your dominant strategy?
f. What is your classmate's dominant strategy?
g. Which choice will result in the best outcome? Why?
A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95. The marginal revenue is $2.75. What would you recommend that the monopolist..
Newspaper vending machines are designed so that once you have paid for one paper; you have access to all the papers in the machine and could take multiple papers at a time. However, other vending machines dispense only one item (the item you bought)...
q1. a new public to complete works project requires 200000 hours of labor. but if the labor market is competitive and
What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.
Jade Larson Antiques owes $20,000 on a truck purchased for use in the business. The company makes principal payments of $5,000 each year plus interest at 8%. Which of the following is true?
please answer all questions.nbsp to get partial credit for incorrect answers please show your work.nbsp to get full
The data in the first four columns represent price (P) and quantity demanded (Qd) in time 1 (before change in price) and time 2 (after change in price) for a specific good. Note that results should be expressed in absolute terms. For example, -1..
q1.in signaling model assume high school graduates are paid a stream of income whose present value is 200000. college
What is "monopolistic" about monopolistic competition? What is "competitive" about a monopolistically competitive market? Please explain.
alternative is thought to be overly optimistic. A more realistic estimate is $400,000. If the MARR s 20%, what is the recommendation now?
hould the measure of imports used in the GNP accounts therefore be defined to include only imports of FINAL goods and services from abroad. What about export.
An automobile factory sold $10,000,000 in automobiles to final consumers. Given these events, calculate the GDP of Autoland using a. the final goods approach. b. the value-added approach.
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