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Professor Nash announces that he will auction off a $20 bill in a competition between Jack and Jill, two students chosen randomly at the beginning of class. Each student is to privately submit a bid on a piece of paper; whoever places the highest bid wins the $20 bill. (In the event of a tie, each student gets $10.) The catch, however, is that each student must pay whatever he or she bid, regardless of who wins the auction. Suppose that each student has only two $1 bills in his or her wallet that day, so the available strategies to each student are to bid $0, $1, or $2.
a) Write down a 3 × 3 payoff matrix describing this game
b) Does either student have any dominated strategies?
c) What is the Nash equilibrium in this game?
d) Suppose that Jack and Jill each could borrow money from the other students in the class, so that each of them had a total of $11 to bid. Would ($11, $11) be a Nash equilibrium?
For a particular gas it is known that when the pressure is 10,000 psi, its volume is 4 cubic inches. If the volume is increasing at 8 cubic inches per second, find the rate at which the pressure is changing when the pressure is 20,000 psi.
What types of strategies and actions could the board of directors initiate which could have changed the outcome?
Kanji Company had sales last year of $265 million, including cash sales of $25 million. If its average collection period was 36 days, its ending accounts receivable balance is closest to
What does each school of thought suggest about income redistribution?
Consider an industry that has eight firms, with the following market share percentage: 30, 20, 12, 10, 10, 8, 7, and 3. Calculate the four-firm concentration ratio and the (eight-firm) HHI for this industry.
the gateway arch in St. Louis was built in 1965.it is the tallest monument in the united states. the arch can modeled.y=-0.00635x2(. Exponent at cubic) +4x, where x and y are in feet
Agrigrow is to purchase a tractor for over-the-road hauling for $90,000. It is expected to be of use to the company for 6 years, after which it has a salvage value for $4,000. Transportation cost savings are expected to be $63,000 per year, includ..
Which approach do you think is best for valuing a business: the DCF approach or the market multiple approach? Explain the rationale behind your answer.
In the economy of Wrexington in 2008, consumption was one-half of gdp, government purchases were $2000 more than investment, investment was one-sixth of gdp, and the value of imports exceeded the value of exports by $500.
The individual income tax was the largest component of federal revenue in the 1960s and remains the largest today. The second-largest component has changed dramatically, however. What was it in the 1960s, and what has it been since?
Draw an iso-cost line for this firm, showing combinations of L and K that cost $6 and another iso-cost line showing combinations that cost $12. What are the slopes of these iso-cost lines Sketch the production isoquant depicting 10 units of output.
Derive and graph Home's import demand schedule. What would the price of wheat be in the absence of trade?
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