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Question: A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but both the winning and losing bidders must pay her their bids. So if Jones bids $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with -$1. If both bid the same amount, the $100 is split evenly between them. Assume that each of them has only two $1 bills on hand, leaving three possible bids: $0, $1, or $2. Write out the payoff matrix for this game, and then find its Nash equilibrium.
How do the economic concepts affect strategic planning
The price of MP4 players has been going down in the past decade. Give an explanation for this consistent drop in the price of MP4 players. Use the model for long run competitive firm to illustrate your answer. Draw two graphs. One is to show the ..
In effect, the CRA and the actions of Fannie Mae and Freddie Mac acted to subsidize home purchases by people who otherwise would not have purchased houses. All subsidies must be financed by taxes, implicit or explicit on someone.
Determine the present worth of 5 annual deposits of $1,200 at the end of years 1 through 5, followed by 4 equal annual withdrawals of $700 at the end of years 4 through 7. Note that both years 4 and 7 will have a depsoit and a withdrawal. Interest..
Clarissa's utility function is U(r, z) = z + 120r - r^2, where r is the number of rose plants she has in her garden and z is the number of zinnias. She has 250 square feet to allocate to roses and zinnias. Roses each take up 4 square feet and zinnias..
Determine the experimental design associated with the dataset he obtained - Write down the model, being sure to define your notation and to articulate any model
Economic factors - gross domestic product, inflation, interest rates, unemployment and what type of presentation do you have in mind, Lester? Elasticity of demand and economies of scale and efficiency
Write the equation of a line that represents the budget constraint. Clearly interpret the slope. Explain the initial position within the context of marginal utility per last dollar spent on each good. Show graphically.
Public employee unions can engage in collective bargaining in al 50 states. Public employee unions cannot engage in collective bargaining in any state. The right of public employee unions to engage in collective barbaining has been under attack in In..
Plot Joy's BMI for age. Scan and attach growth chart when you turn in this assignment. What is her percentile for BMI for age? What micro and macro nutrients do you think Joy is consuming too much of based on her 24-hour recall? List at least 5.
In the grid, graph the aggregate demand and aggregate supply curves (label them AD0 and AS0). What is equilibrium output and the price level?
What is the difference between a change in demand versus a change in quantity demanded? A change in supply versus a change in quantity supplied? Why is it so important to differentiate between these similar-sounding terms?
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