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Consider the following game: There are 5 pirates on a boat, conveniently named P1, P2 P3, P4 and P5. These 5 pirates have just dug up a long lost treasure of 100 gold pieces. They now need to split the gold amongst themselves, and they agree to do it in the following way:Pirate P1 will suggest a distribution of the coins. All 5 pirates will vote on his proposal. If an absolute majority approve the plan, then they proceed according to the plan. If he fails to pass his proposal by an absolute majority, then P1 must walk the plank, and it becomes P2's turn to propose a distribution of the coins among the remaining 4 pirates. They continue this way until either a) a plan has been approved, or b) only P5 is still alive (in which case he keeps the whole treasure).We'd like to know what happens with the treasure. Before we consider the outcome, there are a few important things we must know about pirates:• Pirates are very smart. They always think ahead.• Above all else, a pirate must look out for his own life. No pirate wants to walk the plank.• After life itself, there is nothing a pirate values more than gold.• All else being equal, pirates enjoy watching other pirates die.Find equilibrium (or equilibria) using rollback. What are the equilibrium payoffs?
Assume that someone told you that an increase in price of DVD players caused the decrease in demand for DVDs. Is this what you would predict? Why or why not?
What is the market clearing price for this market? What is the market quantity and calculate the Consumer Surplus (CS), the Producer Surplus (PS), and the Social Welfare (SW).
Discuss the pros and cons of such a policy from a short-run versus a long-run perspective. Also, include a discussion of the Phillips curve in your analysis.
a firm must raise $10 million dollars in funding for a capital investment project. $2 million will be raised by issuing debt with an interest rate of 10% while the remainder will be raised by issuing stocks that will yield a return of 12%.
What are your recommendations to the current administration considering the state of the economy and the level of national debt? What are the implications of your recommended course of action?
Which price constitutes firm 2's optimal commitment strategy? Justify your answer and explain why it makes sense.
The marketing team for a restaurant wants to estimate the price elasticity of demand coefficient for its steak dinner. It priced its dinner at different price points in local restaurants to see how many would be sold at different prices.
Compute the equilibrium price and quantity. Describe why the output and price levels are different for X1 and X2. Explain what occurs to consumer surplus, producer surplus, and deadweight loss.
Building upon the annotated bibliography and literature review section requires the description of the data that will be used to conduct your study, outline the plan to operationalize the variables in the study, and described how to test the hypoth..
Because agricultural demand is inelastic, a technological advance which lowers production costs will reduce total revenue. Thus, farmers have no incentive to introduce such a technique.
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers.
Write the equation for Total Revenue and write the expression for the market demand function - What is a natural monopoly?
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