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Player 2
C
B
A
1,2
3,2
2,3
a, b
Player 1
a. If B is a dominant strategy for Player 1, what do we know about a?
b. If C dominates D for Player 2, what do we know about b?
c. If (B,D) is a Nash equilibrium, what must be true about a and b?
d. What values, if any, make (A,C) a Nash equilibrium?
describe returns to scale and give examples of each.
using the tools of an indifference curve and isoquent, highlight on consumption and production in business economics.
why we study micro econmics?
Maurice has the following utility function: U (X; Y ) = 20X + 80Y ?? X2 ?? 2Y 2 where X is his consumption of CDs, with a price of $1, and Y is his consumption of movie videos, wit
discuss the implications of various market structures(competitive and non-competitive)for price determination
What is the theory of Second Best? Prove the theorem with the help of a diagram.
Draw an indifference curve for consumption and hours of work. (Hint: in class we discussed indifference curves for consumption and hours of leisure, this is different.)
Average Fixed Cost (AFC): AFC is the fixed cost per unit of output. AFC = TFC/y Since the TFC is constant throughout the short run, as y increases AFC will decline. Therefore
define law of demand
a. The diagram above depicts the current position of a hypothetical economy using the Keynesian Income/Expenditure approach. If national income is currently at Y1 explain why this
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