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Draw the game tree for the sequential game between Sarah and her parents that was described on page 327. The first move is Sarah's; she decides whether to work during the summer or not work. At the end of the summer her parents decide whether or not to pay for Sarah's tuition. Using backward induction, what is the equilibrium for this game? Now add a new first stage in which Sarah's parents announce that they will only pay for the tuition if Sarah works. Is this announcement credible? Use this example to explain what is meant by time inconsistency.
Suppose you are a consultant for a firm that is perfectly competitive. The firm is worried only about its policies in the short run. What would you recommend in terms of quantity changes (raise, cut, shut down or stay put)
You are the owner of a local honda dealership. Unlike other dealerships in the area, you take pride in your "no haggle" sales policy. Last year, your dealership earned record profits of $1.5 million.
What is his price elasticity of demand for jazz at this set of prices? [Hint: Once you compute the new quantity of jazz purchased you can compute the percentage change in quantity demanded.
Why are prices in the United States different in (c) and (b)? Are consumers better off with free trade? In what ways?
Industry X has a market demand curve given by the equation P = 100 - Q/100, where P is the market price, and Q is industry-wide output.100 perfectly competitive firms currently operate in industry X. Each of these firms has a total cost function g..
The unemployment rate is an important economic indicator. Please review this video and discuss how your chosen country's unemployment rate compares to that of America.
Consider the linear demand function Q = 20 .05P. a. Write the inverse demand function. b. Write the totale revenue function. c. Using calculus, find the level of output, Qrmax.
The diesel powered van costs $39,000 and the gasoline powered one $34,000. They have fuel economies of 11mpg and 7mpg respectively. Gasoline is expected to have an average price of $2.25 per gallon, diesel $2.35 per gallon. The company uses 17.5% ..
Suppose that the political conflicts between the U.S. and oil exporting countries caused the oil exporting countries to institute an oil embargo against the U.S. Then the U.S. government started considering imposing a tax on gasoline
Draw a complete graph showing Petrov s initial (before the gas tax) budget line and his initial choice. At his initial choice, the marginal utility per dollar on gasoline is utils.
the demand curve and supply curve for a one-year discount bonds with a face value of 1000 are represented by the
Suppose you own a restaurant that serves only dinners. You are trying to decide whether or not or rent out your dinning room and kitchen during mornings to another firm, the Breakfast Club Inc., that will serve only breakfast.
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