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Two suspects are arrested and charged with a crime. The police lack sufficient evidence to convict the suspects, unless at least one confesses. The police hold the suspects in separate cells and explain the consequences that will follow from the actions they take. If neither confesses then both will be convicted of minor offenses and sentenced to one month in jail. If both confess then both will be sentenced to jail for six months. Finally, if one confesses but the other does not, then the confessor will be released immediately but the other will be sentenced to 9 months in jail (six months for the crime and 3 months for obstructing justice).
(a) What is Prisoner 1's dominant strategy? Prisoner 2's?
(b) What is the Nash equilibrium outcome of this game?
Understanding of the elasticity of demand to dispute this claim, assuming that cigarettes have a very inelastic demand. Illustrate with a graph.
What is the difference between a publicly held company and a privately held company? How can the two types of companies be identified?
Describe how each of the following will affect the price and quantity of equilibrium. To find out the new values, describe how the supply and/or demand curves will shift in the following cases (if at all).
Using an aggregate supply diagram and aggregate demand or model of the economy, graphically explain and discuss the short-run and long-run effects.
Illustrate graphically how the detergent cartel would set price and output and do you think this laundry detergent cartel with P&G and Lever will be stable for the next 5 years?
A. Assume that ? = 1. What is the real interest rate, equilibrium level of output, consumption, planned investment, and net exports? B. Suppose the Fed increases r' to r' = 2. Calculate what happens to the real interest rate, equilibrium level of ..
Using a prisoner's dilemma game such as the "wedding game." explain how a positional arms race can occur. In your answer be sure to explain positional arms races, the nature of the wedding game, etc.
Oye and Maxwell's terminology is this an example of a "Stiglerian" or an "01- sonian" regulatory situation? Carefully explain your reasoning.
What are the two firms' best response functions? Show you calculations and what will be the market price, the market output, the output of each firm and the firms' profits?
The firm is considering a quantity discount. The first 400 units can be purchased at a price of $120, and further units can be purchased at a price of $80. How many units will the consumer buy in total?
Explain the law of demand. Why does a demand curve slope downwards? Distinguish between a change in demand and a change in quantity demanded.
What are the strengths of the CPI? What are the characteristics of these strengths? Same for weaknesses?
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