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A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but the winning and losing bidders must pay her their bids. So if Jones bid $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with -$1. If both bid the same amount, the $100is split evenly between them. Assume that each of them has only tow $1 bills on hand, leaving three possible bids: $0, $1 or $2. Write out the payoff matrix for this game and then find its Nash equilibrium.
explain to a martian what eigenprices are assuming no academic economic knowledge or understanding of mathematical
1 if we held an economic airing of grievances in the seinfeld-inspired festivus tradition the bank of canada would
a limited supply of natural gas to consume (assume that no natural gas will be created in the future). Assume the demand for cubic feet of natural gas is given by the equation, P=350-5Q, the extraction of natural gas has a constant marginal cost o..
assume that you have been appointed as the speaker of the house. you must deliver a speech about the current state of
Contrast the market demand/supply curves and the individual firm's labor supply/demand curve in a perfectly competitive labor market. How does the law of diminishing marginal returns affect a firm's demand for labor
If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2 percent, seasonal unemployment of 0.5 percent, and cyclical unemployment of 2 percent, what is the natural rate of unemployment? Where is the ec..
what proportion of sample means from samples of size n 16 graduates fall within acircplusmn3000 from the population
Greetings Corporation stores, as well as the Wall Décor division, have enjoyed healthy profitability during the past 2-years. Although profit margin on prints is often thin, volume of print sales has been substantial enough to generate 15 percent of ..
The exponent of D in the above equation is +0.75. What does this say about the effect of bus fare on the demand for auto travel? Is the demand for auto with respect to auto travel-time elastic or inelastic? Please explain.
Deep global recession might trigger changes in expending from imported items to domestically manufactured items. What are at least two policies that governments might implement to increase expending on domestic items.
Suppose that consumers become pessimistic about the future health of the economy. What will happen to aggregate demand, output, and employment in the short run. Use the AD/AS figure to illustrate.iii) Considering the macroeconomic effects of pessi..
the director of supply management at acme industries has come to you about choosing a source for a screw fastener that
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