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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)?
Explanation of the Break in Trend: An economy can grow in three different ways or all three ways may work simultaneously: 1) Horizontally, i.e., it may go on producing m
any village panchayat in west bengal and get information for doing a project.
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Purchasing power parity: When PPP holds, the domestic currency has the same purchasing power at home and in any other country. PPP also implies that a foreign currency will de
The income elasticity of demand calculates the responsiveness of the quantity demanded of a commodity to changes in consumers' incomes. This is typically calculated by replacing t
conditions of pareto optimality
What is the importance of microeconomics in study of managerial economics? Normal 0 false false false EN-IN X-NONE X-NONE
Functions of the WTO: The WTO performs the following functions: • It administers through various councils and committees the 29 agreements contained in the final act of
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