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You are in a class with one other student. It is the end of the semester and final exams are in one week. Your teacher has said the final exam will be graded so that anyone who scores the class average on the final exam will receive a B in the class. Anyone who scores above the class average will receive an A in the class. Anyone who scores below the class average will fail the class. You would certainly score higher on the exam than the other student. You and the other student have made an agreement not to take the final exam so that the class average is zero and you both receive a B grade.
a. Determine the basic elements in this game.
b. What are the strategies for each player.
c. What are the payoffs for each player.
d. Create a payoff matrix for this game.
e. What is your dominant strategy?
f. What is your classmate's dominant strategy?
g. Which choice will result in the best outcome? Why?
Briefly explain why the three variables are appropriate explanatory variables to predict the consumption of services or why they are related to consumption.
And within a few months, they reduced the amount of scrap to $7,000 worth [per year]." Was this necessarily an economically efficient move? Explain your answer.
Discuss how elasticities should be used in pricing decisions. If you were responsible for setting the price of these volumes, what would you choose and why.
What is the cost to Lavaland of moving from point E to point F. Illustrate what general economic principle is being illustrated.
You borrowed $150,000 with a 30-years payback term and a variable APR that starts at 9% and can be changed every five years. What is the initial monthly payment? If, at the end of the five years, the lender’s interest rate changes to 9.75% APR, what ..
Illustrate what way does investment multiplier defend the policy of public workson the part of the state during business depression.
Explain the unemployment rate in Tappania is higher now than is has been in 50 years. Can both of those statements be true at the same time.
Firms often face the problem of allocating an input in fixed provide among different products.
Do opportunity cost play a role in people's decision to specialize in certain activities. What describe the price at which trade takes place.
Describe a situation where the presence of multicollinearity would not necessarily be a bad thing. Explain your rationale. Describe a situation where multicollinearity would definitely be a bad thing and recommend remedial measures for the situation ..
When she hired a fourth worker, her total product increased but by only 1,000 bullfrogs. Yolanda pays $1,000 a week for equipment and $500 a week.
Illustrate what will be the level of output and price in the long run if this industry were perfectly competitive.
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