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Which of the following statement is true concerning a 2x2 game matrix in which every cell has different paryoffs (the are no "ties") ?
a- A dominant Strategy Solution might not be a Nash Equilibrium
b- A Nash Equilibrium must also be a dominant Strategy Solution
c-The game can only have one Dominant Strategy Solution
d- None of the above statement are true.
Suppose the economy has a natural rate of unemployment of 6%. Suppose short-run output over the next 4 years is +1%, 0%, -1%, and -2%. According to Okun’s law, what unemployment rates would expect to see in this economy?
In the 2010 article Giving Credit Where It Is Due by A. Banerjee and E. Duflo, the authors present a number of facts and interpretations on the workings of informal credit markets in less developed countries. What are the sources of inefficiency in c..
Consider a homogenous good market with the following market demand curve: Two firms produce output at constant marginal cost = 10. Derive the Nash equilibrium outcome in terms of prices, outputs and the profits of the two firms under the following al..
Assuming you are the chief executive officer (CEO) of wal mart , describe a situation in which you would use marginal analysis to make a business decision. In creating your response, consider the following questions: What type of business decision w..
Two microprocessor manufacturers, one in Japan, one in US selling products to only the US customers. Initially, 1 US dollar equals to 100 Yen (e = 100 Y/$) and the market price for a microprocessor is $20. The marginal cost of producing an extra unit..
ABC Slippers has the following production function for producing pairs of slippers: q = K L. Its input prices are pK = $80 and pL = $20. It faces a demand curve given by P = 25 – (q/100). a. For q=1024, fill out the following table for combinations o..
A small fitness center that offers only personal training services has the following demand and cost parameters: Demand: The fitness center has found that it has some discretion in pricing¬¬—that is, it can raise price marginally without drastic redu..
Since your safety officer is insisting that each of your drivers must maintain an average speed of 55mph, what would be the vehicle operating cost of your company for each semi-truck in cent per mile?
Which of the following items are not considered resource costs even though they are counted as income paid to persons?
A firm is producing where its marginal costs are at the lowest level. What can one most likely infer from this?
How does Ticketmaster's "dynamic pricing" affect ticket sales, total revenue and profit? Does Ticketmaster provide a valuable service, or is it a necessary evil to purchasers of event tickets?
If investors expect a decrease in the value of the South African rand vis-à-vis other currencies, their actions will cause
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