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Think of the Golden Ball game. Now player 1 is money-minded and jealous, and player 2 is very good-hearted, so the payoff matrix is follows:
Player 2
SP ST
Player 1 SP 5, 5 -2, -1
ST 10, -1 0, -1
a. Solve for all the mixed Nash equilibrium if any.
b. Among the four outcomes here, which outcome(s) are Pareto optimal (in the sense that you cannot find another outcome that makes no player worse off but some player better-off)?
(a) Explain why the Pareto criterion does not provide a complete ordering of the ordinal utility space (b) The competitive equilibrium is the only allocation where the gain
compare and contrast adam smith''s theory of absolute advantage theory and david ricardo''s comparative advantage theory of international trade.
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Price | Quantity demanded _________________________ 0 250 50 200 100 150 150 100 200 50 250 0 A) Calculate Lorie''s profit-maximizing output, price, and economic profit. B) Do yo
how advertisement affects the sales revenue of a firm ?
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Policy Implications: The expansion of the services sector has wider implications for population, employment, and trade prospects of the economy, some of which are as follows:
What is checkable bank deposits?
Explain the approach of characterizing the modern economic environment. Modern economics gives various perspectives or angles to seem at real world economic issues. An economic
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