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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)?
How does the GPI adjust for increasing U.S. income inequality? Starting with the category of Personal Consumption Expenditures, the GPI adjusts for enhancing income inequality
in the keynesian model, the price is assumed to be what?
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An economist's view of costs contains both explicit and implicit costs. Explicit costs are accounting costs, and implicit costs are the opportunity costs of an allocation of resou
derive demand equation
Inflation-Unemployment Trade-off under Rational Expectations : Robert Lucas (1972) pointed out another implication of the above hypothesis of adaptive expectations. Suppose in
primary reference electrode,she
meaning of average revenue
1. Calculate price elasticity of demand and supply for the following functions when (a) P=8 and (b) Q=6. i. P= 40 - 0.5Q ii. Q= -40 + 0.75P iii
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