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Consider a first-price sealed-bid auction with three players: Betsy (B), Daniel (D) and Michael (M). Their valuations are vB = 100, vD = 90, and vM = 30, respectively. If their bids are bB = 90, bD = 30, and bM = 0, respectively, show that this NOT a Nash equilibrium. Do not construct a game box in justifying your answer. Do not make any assumptions about the distribution of bidders’ valuations.
What do you think the sign and magnitude of the Cross-Price Elasticity of Demand would be between premium juices and soda.
In a system of money which is based on Fiat Money. Who or what backs up the money? In other words, who do we trust with our money? What is the Number #1 enemy of your money?
if income were hypothetically $0 aggregate expenditures would be $2,500. What is the marginal propensity to expend?
Where is the United States in the business cycle? The U.S. is in between trough and expansion, but closer to trough. What is the real GDP today? What is the largest component of GDP? Consumption. What is the smallest component of GDP? Net exports. Wh..
Explain how a permanent rise in government military expenditures affects investment in medium run and output growth in long run.
A price-taking ?rm selling in a market with a price greater than the ?rm's average total cost should:
q1. a discount store has a special offer on dvd players and lowers their price from 150 to 100. assume the store
Suppose that the U.S. government decides to levy a tax (such as an excise tax) on cola consumers. Before the tax, 20,000 cases of cola were sold every week at a price of $8 per case. after the teax,
Assume that inflation is currently 4% but the Fed’s inflation target is 2%.
Bayer is selling aspirin in both North America and Europe. The elasticity of demand in Europe is -1.5, but -1.4 in North America. It costs Bayer $2 to make a bottle of aspirin. Bayer sells 20 million bottles of aspirin quarterly in Europe, and 15 mil..
Suppose that droughts in the Southeast and floods in the Midwest substantially reduce food production in the United States. Use the aggregate demand–aggregate supply model to illustrate graphically the impact in the short run and the long run of this..
Output Variable Cost 0 $ 0 1 $ 5 2 $ 9 3 $12 4 $16 5 $22 6 $30 7 $40 8 $52 9 $67 10 $90 Given the above variable cost data and assuming fixed costs equal the value of the last two digits of your MDC student ID, create a file using Excel that lists Ou..
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