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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?
explain the relationship between scarcity,choice and opportunity cost
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A control in economics means a steady profit rate that is enhancing. Thus, after one year you could have £1mill profit then the next year £3mill profit etc.
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Explain how Monetarist economics views the role of markets and government intervention in fighting business cycles. Monetarist economics believes that the government should fol
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Traditional inventory control based on the calculation of EOQ At this point, it is worth considering some of the problems faced by companies using the simple inventory model
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Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales
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