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Suppose that there are 100 legislators in a bargaining situation, splitting a pie of size 1. Player 1 proposes a split between the 100 players, including himself (in any continuous amount, he can allocate different shares to different players as long as these shares add up to 1). The other 99 players then vote on whether to split the pie in that way or not. If a majority of them (that is 50) vote for the split,then the split is implemented, each player obtaining the proposed share. If a majority vote against the split, then each player obtains 1 percent of the pie.
a) What is a subgame-perfect Nash equilibrium proposal of player 1, and what is the resulting outcome of the game?
b) Suppose now that different players obtain different shares (adding up to 1) when the majority vote is not passed. What happens in a SPNE then? (You can describe the solution to this in words, if that is easier).
Use the method from Section 6.4 to construct a 95% prediction interval for the 2004 unemployment rate. Is the 2004 unemployment rate in the interval?
calculated the price to be $7 and quant to be 5 on first part. After, I thought the price would be $7.67. Is this correct? and if not, please explain. show the changes in the equilibrium price and quantity.
determine the breakeven output and total sales revenues. determine the output that would generate a total profit of $60,000 and the total sales revenues at the output level (Do not draw chart)
The steel industry has been lobbying for high taxes on imported steel. Russia, Brazil also Japan have been producing also selling steel on world markets
What is the impact on the long run adjustment due to this condition. First, look at the impact of the market and then the single firm. What does it do to economic profits or losses, then what happens in the market.
Assuming Mr. Delaney decides to keep the body shop, and the consultant reports that it is feasible to raise prices, should Mr. Delaney do so. If he does, illustrate what general guide can you suggest as to how much price should be increased.
The overarching reason of a measurement system should be to help a team, rather than senior managers, gauge its progress.
Illustrate what will be total effect on M3 money supply. Explain illustrate what steps can be taken by Fed to reduce M3 money supply in economy.
Evaluate how sale of novels would change during a period of rising incomes. Assess probable impact if competing publishers raise their costs.
Winston Churchill once thought that democracy is the nastiest form of government except for all others.
Suppose the market price of tuna is $3.50/pound. Explain how many fisherman should the company use if the daily wage rate is $100.
What is the purpose of economic sanctions? What problems do they pose for the nation initiating the sanctions? When are sanctions most successful in achieving their goals?
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