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

Market structures, Explain the monopolistic competition model of equilibriu...

Explain the monopolistic competition model of equilibrium with price competition under chamberlin s model

Iso curve, how do i make one on excel

how do i make one on excel

Long term microeconomics, Igora''s pizzeria want to know if it should stay ...

Igora''s pizzeria want to know if it should stay open this spring. Total Revenue will be $ 12,000 per week and Total Cost will be $ 18,000 per week. The fixed cost of running the b

Second best theory, what is the Theory of second best? Prove the theorem wi...

what is the Theory of second best? Prove the theorem with the help of digram

What are the properties of indirect utility function, What are the properti...

What are the properties of indirect utility function? Properties of the indirect utility function: While u(x) is continuous and monotonic onto R L + and (p, m) > 0, the in

Define the adoption of economic institutional arrangement, Define the adopt...

Define the adoption of economic institutional arrangement in analytical frameworks. Adoption of Economic Institutional Arrangement: The third step for studying an economi

Will governments follow good policies, Will Governments Follow Good Policie...

Will Governments Follow Good Policies? That governments can assist in development and growth doesn't mean that governments will. The broad experience of growth in developing ec

Accountant, In this assignment you will apply consumer choice theory and ma...

In this assignment you will apply consumer choice theory and marginal analysis to business problems. Consider each of the following products and services: a pair of tickets to a s

Graph the total benefits and total costs functions, This problem continues ...

This problem continues the analysis from question 2. a.Another economic study finds that the marginal cost (MC) to farmers of nutrient runoff abatement is MC = .1Q. Graph this f

Periodic table blocks, I have to do a project on the blocks in periodic tab...

I have to do a project on the blocks in periodic tables. How specifically should I describe them? Should I describe each block''s characteristics, and if so, which ones? P.S. This

Write Your Message!

Captcha
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!

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