User Account

All Pages

Microeconomics, Microeconomics

Assignment Help:
Five identical people live in a small town and can earn a living either by having cattle $100 or by becoming a singer. If one person competes their expected payment is 210, if two compete then it is 340, 3 people = 450, 4 people = 500, 5 =550. The expected payoff for one contestant is 210, for two it''s 170, for 3 it''s 150, for 4 it''s 125, and for 5 it''s 110. How many villagers will compete to become a singer? What will be the total income of the villagers? What is the socially optimal number of villagers to enter the competition? How much would village income be if only the optimal number entered?

Related Discussions:- Microeconomics

Production Possibility Curve, How does production possibility curve help so...

How does production possibility curve help solve central problems?

Defination, short run equilibbrium

short run equilibbrium

Capitalism vs socialism, differance between capitalism and socialism

differance between capitalism and socialism

Theory of production, how to calculate tc,tvc,tfc,afc and mr

how to calculate tc,tvc,tfc,afc and mr

Short run production period and long run production period, Short run produ...

Short run production period and long run production period: The short run is a period of production during which some factors of production are fixed and some too are variable

Production , Suppose that a firm’s production function is given by Q=30L-3L...

Suppose that a firm’s production function is given by Q=30L-3L2, where L is labor input and Q is the output. a) Derive and draw the firm’s demand for labor while the firm’s produ

CONCEPTS OF COST, RELATIONSHIP BETWEEN TFC ,TC ,TVC

RELATIONSHIP BETWEEN TFC ,TC ,TVC

Keynesian model, in the keynesian model the price is assumed to be what? a....

in the keynesian model the price is assumed to be what? a.exogeneous and remaaining constant b. endogeneous and remaining constant which is correct?

Chapter 6, (a) Suppose Scientists discover that eating soybeans prevents ca...

(a) Suppose Scientists discover that eating soybeans prevents cancer and heart disease.

Economics, what is microeconomics

what is microeconomics

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd