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Two stars-the 100-meter gold medalist and the 200- meter gold medalist-from the a past Olympic Games have agreed to a 150-meter duel. Before the race, each athlete decides whether to improve his performance by taking anabolic steroids. Each athlete's payoff is 20 from winning the race, 10 from tying, and 0 from losing. Furthermore, each athlete's utility of taking steroids is Model this scenario as a game in which the players simultaneously decide whether to take steroids.
a. What is the Nash equilibrium? Is the game a prisoners' dilemma? Explain.
b. Suppose that one athlete's utility of taking steroids is while the other's remains What is the Nash equilibrium? Is the game a prisoners' dilemma?
Assume a depository institution holds vault cash of $3 million, reserve deposits at the Fed of $25 million, and has borrowed $2 million from the Fed's discount window. If that institution holds $300 million in transactions deposits and is subject ..
Pat and Kris are roommates. They spend most of their time studying (of course), but some time for their favorite activities: making pizza and brewing root beer. Pat takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza.
1-national parks are typically considered to be common national resources. since each national park has a gated
Based on both research and the above figures, briefly discuss whether the country you have been assigned to and Australia was hurt more by the GFC in terms of changes in real GDP and unemployment.
Per capita GDP in country A and country B is $10,000. Country A's government creates policies and institutions that result in economic growth of 1.5% per year. Country B's government creates policies and institutions that result in 3% economic gro..
Suppose an economy's real GDP is $38,000 in year 1 and $41,200 in year 2. What is the growth rate of its real GDP (Instructions: Round your answer to two decimal places.) The growth rate of the economy's real GDP = % Assume that population is 100 in ..
Calculate the inflation rate in the CPI and create a scatterplot that has the unemployment rate on the X axis and the inflation rate on the Y axis. Does your graph look anything like a Phillips curve? Try to do the same for another country. If you..
In an economy with reasonably flexible prices and wages, full employment is almost always maintained. Explain why that statement is true.
Why are industries like computers not good candidates for infant industry protection?
Why would neoclassicists expect rising productivity to lead to higher wages? Has higher productivity actually led to higher wages?
What agreement will the mill and the farmer negotiate if the mill has the right to pollute? What if the farmer has the right to clean water?
Annual maintenance of the vehicle is estimated to cost $700 per year. The cost of recharging the batteries is estimates at $0.015 per mile. The salvage value of the batteries and the vehicle at the end of 12 years is estimated at $2000. Consider t..
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