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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?
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the mission statement for the organization of petroleum exporting countries states the mission of the organization of
Suppose Merck is developing new drugs that have positive externalities; the positive externality is a pharmaceutical technology we all benefit from. Let the supply curve for Merck’s production be P =Q/4, where Q is the number of units of drugs they’v..
the united states economy is growing at a faster rate than any of its trading partners. as a result inflation is
From 1990 to 1997 in the United States, the number of working men grew by 6.7 percent; the number of working women grew by 11 percent. During this time, average wages for men grew by 20 percent
Suppose that Jill spends all her allowance on only two goods whose prices are equal. To maximize utility Jill will Which of the following is true of a monopolistically competitive firm in the long-run equilibrium? Which of the following is most proba..
Which firm did the Treasury allow to fail during the financial crisis?
Since a monopoly is the only source of supply, customers are entirely at its mercy. There is no limit to the price the monopoly can charge.
The firm has an employee who threatens to tell all other firms in the industry about how to implement this new technique. Will it be possible to bribe the employee not to do this Explain why or why not. c What factors will determine the best numbe..
Find out the market structure (competition, monopolistic competition, oligopoly, and monopoly) that best characterizes the infant formula industry.
1) Does the goal of full employment imply zero unemployment? If not, what types of unemployment would you expect to be present if the economy is at full employment 2) Why is price stability an economic goal What are the problems associated with ra..
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