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Question: Consider the following workplace situation. A boss can implement an incentive scheme (I) or not (NI). Following observing this a worker can put in High effort (H) or low effort (L). The payoffs are as follows. If I and H are chosen by the boss and worker, respectively, the payoffs are 20 to the boss and 8 to the worker. If I is chosen by the boss, then L by the worker the payoffs are 12 to the boss and 5 to the worker. If the choices are NI then H, the returns are 23 and 7 to the boss and worker respectively. Finally following NI and L the payoffs are 16 (boss) and 9 (worker) a. What is the subgame equilibrium of the game? Explain your answer in the context of the principal- agent incentive contracts. b. Now assume that the worker, through their union workplace agreement has a veto right on any incentive scheme, and there is no incentive scheme currently in place. If the worker agrees to have an incentive scheme the game outline above is played. If the worker does not agree, the subgame following NI is played (that is no incentive scheme can be implemented).
Suppose that 50 units of a good are demanded at a price of $1 per unit. A reduction in price to $.20 results in an increase in quantity demanded to 70 units. Show that these data yield a price elasticity of .25. By what percentage would a 10 percent ..
Lindner Congress Bookstore sells a unique calculator to college students. The demand for this calculator has a normal distribution with an average daily demand.
Go to the Bureau of Economic Analysis on the Department of Commerce's Web site, and look up the latest new release for real GDP. Where are we in the business cycle What is the real GDP today What is the nominal GDP todayWhat is the difference between..
According to a University of Florida wildlife ecology and conservation researcher, the average level of mercury uptake in wading birds in the Everglades is declining (UF News, December 15, 2000). Last year, the average level was 15 parts per mill..
At a price of $24, should a perfectly competitive firm operate or shut down in a the short run if its TC is given as:
Identify whether the copy center is facing a cost-push or demand-pull inflation and provide a rationale for your answer. Suggest a policy that could help the business in the short run and long run.
nbspnbspnbspnbspnbspnbspnbspnbsp 1 the above figure shows the isoquants for producing steel. increasing returns to
The law of diminishing marginal returns states that if one increases, say, labor input by more and more units, then eventually one reaches a point where additional units increases production by fewer and fewer units. For example, because of conges..
What is the opportunity cost facing each country? [Fill in the table *and* describe in words] b) Does either country have an absolute advantage
Does the cost of producing another unit of output decline when the marginal product is falling? Is the same true when average variable is rising?
Explain the relationship between self-regulation and positive outcomes and identify practices that contribute to children's stereotyped gender behavior and strategies in order to address stereotypical behaviors
What are three situations that might prompt early termination and why? What are the minimum activities (at least three) that need to be performed to properly terminate a project early?
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