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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?
3.Cost Minimization for Cobb-Douglas. Suppose the Acme Gumball Company has the produc- tion function of q=LK. Given that the MPL=K, MPK=L and MRT S=MPL/MPK. Part a-b, we are anal
Gross Domestic Product and Growth Rates: The rate of growth of the secondary and tertiary sectors has been more than double that of the primary sector, with the secondary sect
what is the differences between utility theory, indifference theory and revealed preference theory
2 i) Explain what are the key assumptions by the welfarist approach. ii) Define and discuss the properties of a Generalized Utilitarian social welfare function and represent it
is south african economic system more allocative efficient?
The End of the Productivity Slowdown As computers improved and spread throughout the U.S. economy in 1970's and 1980's economists kept waiting to see the wonders of computing
What are subsidies? Almost in all market systems, government plays its role to stabilize the price of certain commodities, which are of public interest like medicines and edib
edge worthmodel
How the inflation effect on the Import and Export of the country? When general price level enhances in an economy, local currency is devalued. Economy has to spend more on imp
a) Microeconomics is concerned with decision-making within the firm, household or on the individual level, but macroeconomics is concerned with the behavior of the whole economic s
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