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Consider the case where two players (Jeff and Joe) have to decide whether or not to join the Yellowstone to Yukon Conservation Initiative (Y2Y)1. Assume that when both players join the Y2Y conservation initiative they obtain a payoff equal to 45. However, when they do not join Joe's (and Jeff) payoff is 40% the cooperative payoff. If Jeff joins but Joe does not, Jeff's payoff is equal to 10 and Joe's payoff is 15. Finally, if Jeff does not join the Y2Y and Joe does, Jeff's payoff is 40% the cooperative payoff and Joe's payoff is 12. Obtain the Nash equilibrium for the Normal and Extensive Form Game (assume that Joe is the first mover).
Identify a good or service that you've purchased in the past week. Identify a substitute for that good or service.
If the tort system were deemed a method of social insurance rather than one of deterrence of uneconomical accidents, would awards in tort cases be on average higher or lower than under the deterrence rationale?
You are the economist of a firm with market power. The inverse demand for your product is given by P= 200 -10Q and your marginal cost is 5 + Q. What is the profit-maximizing level of output? What is the profit-maximizing price?
Draw the opportunity set of a consumer with an income of $1200 who faces prices of Px = 10 and Py = 5. What is the market rate of substitution between the two goods?
In a natural monopoly, the average cost:
Take a position: Mass marketing is dead versus mass marketing is still a viable way to build a profitable brand. Discussion-with marketers increasingly adopting more and more refined market.
What is happening to the domestic price level? Explain in one sentence.
Why does the neglect of the mainstream/formal economics matter for its ability to grapple with questions of sustainability?
Provide a brief overview of each medium covered as well as your personal, educated viewpoint on the medium and its place in our culture and society. Be sure to address the noted controversies for each medium. How have newspapers as a medium impacted ..
Suppose there are two kinds of people in society who are equally represented —those with 20% chance of developing diabetes next year, and those with 2% chance of developing diabetes next year. Individuals know their own risks but the insurers cannot ..
Jimbob’s Garage is the only auto repair facility in a remote area of the Nevada desert. The proprietor, Jimbob, does not post his prices for services. Knowing his customers are travelers who are desperate to get their vehicles repaired, he sizes each..
The 1990s boom was followed by a recession in 2001. The Fed responded by using the tools of monetary policy. Identify two different monetary policy tools (or “mechanisms”) that the Fed might have used and explain how they work.
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