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Consider the Ultimatum Game, a two-player game often played in experimental economics labs. In the Ultimatum Game, one player is given an amount of money and then instructed to give some arbitrary portion of it to an anonymous second player. The second player has the option of accepting the offer or rejecting it. If the second player rejects the offer, neither player gets anything.
a. According to traditional economic theory (which assumes that individuals are selfinterested utility maximizers), what should the first player offer the second?
b. What does traditional economic theory suggest the second player should be willing to accept?
c. In experimental settings, the first player often offers the anonymous second player about 50% of the initial amount. Is this result consistent with theory? Can we easily attribute this anomaly to something other than an innate sense of fairness? Explain.
A town has a bakery that sells bread and a cheese shop. It costs $1 to make a loaf of bread and $2 to make a pound of cheese. If the bakery's price for a loaf of bread is p1 and the cheese shop's price for a pound of cheese is p2
Assess the behavior and decisions of individuals and firms for their relation to the microeconomic framework
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Find the sample correlation coefficient between X and Y. How would you decide if a simple linear regression model is appropriate for the relationship between X and Y
janelle aand brian each plan to spend $20,000 on the styling and gas mileafe features of a new car. They can choose all styling, all gas mileage, or som combination of two. Janelle doesnot care at all about styling and want the best gas mileage po..
Include how this Product/Service works differently from the normal supply/demand relationship. ( product choice: Michael Jordan shoes)
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