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In a one-shot game, if you advertise and your rival advertises, you will each earn RM5 million in profits. If neither of you advertises, your rival will make RM4 million and you will make RM2 million. If you advertise and your rival does not, you will make RM10 million and your rival will make RM3 million. If your rival advertises and you do not, you will make RM1 million and your rival will make RM3 million.
a. Write the above game in matrix table.
b. Do you have a dominant strategy?
c. Does your rival have a dominant strategy?
The Determination of the Value Money Since money is primarily a medium of exchange, the value of money means what money will buy. If at one time a certain amount of money
Assume that input prices are constant at r = 1, w = 1, with technology which consists of 5 processes having the following properties: Process Inputs Capital (machine hours)
law of demand
explain perspective of managerial economics
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Broader the range of other uses of a commodity, higher the price elasticity of its demand intended for the fall in price though less elastic for the increase in price. As price of
The Microeconomic objectives of government These are the policies which are concerned with the allocation and distribution of resources to maximize social welfare. 1. Allo
distinguish between industry demand and firm company demand
THE LAW OF DIMINISHING RETURNS (LAW OF VARIABLE PROPORTIONS) One of the most important and fundamental principles involved in economics called the law of diminishing return
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