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Suppose that each person has playing cards numbered 8 and 6. Playing the 6 "pulls" $6 (from the experimenter's reserve) into one's own earnings, and playing the 8 "pushes" $8 (from the experimenter's reserve) to the other person's earnings. If they both pull the $6, earnings are $6 each. Both would be better off if they played 8, yielding $8 for each. Pulling $6, however, is better from a selfish perspective, regardless of what the other person does. The best outcome from a selfish perspective is to "pull" $6 when the other person "pushes" 8, which yields a total of $14. A Nash equilibrium survives an "announcement test" in that neither would wish they had played a different card given the card played by the other. In this case, the Nash equilibrium is for each to play 6.
Draw the payoff table for this Prisoner's dilemma based on "pulling" 6 and "pushing 8.
Ben is the manager of a branch of a large bank. He has regularly taken money from customer's accounts for his own use and changed the bank records to cover his actions. Ben is guilty of
Give an example of the type of retailer that might use this method. Explain how using this method would affect a retailer’s stock control.
Draw the PPFs for A and B when they work for 4 hours. What if the OC of shirt for A? What is the OC of shirt for B? What is the OC of cake for B? Who will export shirts? Why?
Describe how changes in technology contributed to the globalization of markets - Explain how the Internet affects international business activity and the globalization of the world economy.
Plot Vanessa's budget line by clicking on the two endpoints. The data-plotting tool will automatically connect the points with a line.
Why is each the policy necessary? The welfare of consumers, producers, and society (the winners and losers) before and after the policy
An increase in government spending initially and primarily shifts which curve in what direction
For what values of Z does Heidi accept two independent plays of the bet? iii) is is possible for Heidi to reject the single bet but accept the aggregate bet?
What institutions are prerequisite for economic growth? What is the role of rule of law in economic development?
Consider again the 2 countries in the previous question. Suppose the U.S. and Mexico do not trade goods at all, but workers can move freely between them. Will free movement of labor have a similar effect on real wages as free trade of goods? Explain.
If the Federal Reserve increases the money supply, the rate of return on investment (increases/decreases) and the value of the domestic currency (increases/decreases)
You supervise an aging production line that constantly needs maintenance and new parts. Last month you spent $25,000 replacing a failed controller. Should the following plan be accepted if the interest rate is 15%. The net installed cost of the new l..
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