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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 to map the curves
Long Run Average Cost (or LAC) -Constant Returns to Scale If the input is doubled, the output will double and average cost is constant at all the levels of output.
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Please write an essay (2-2.5 pages) based on this paper You">http://www.nobelprize.org/nobel_prizes/economics/laureates/2001/akerlof-lecture.pdf You pick one over 6 macroeconomic
Suppose a firm faces two markets for the same product. In market A, the demand function is PA=60-QA, while in market B the demand function is PB=36-0.5QB. The total cost function i
Summarize the four supply factors in economic growth.
Substitution Effect - The substitution effect is change in an item's consumption associated with the change in the price of the item, level of utility held constant. - Wh
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why use GNP in macroeconomichs analysis
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