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Three men claim to be the fastest gun in the West. To see who is right, they agree to meet at a desolate location in a desert. On a circular, cobblestoned area that is roughly 50 yards in diameter, each stands at the perimeter such that each man is equidistant from the other. Each man has two bullets in his gun and one piece of information. That information is the probability of each man hitting anything he shoots. Good hits his target 100% of the time. Bad hits his target 95% of the time. Ugly hits his target 1% of the time.
Suppose this is a sequential game and Ugly goes first, what is his optimal strategy? To answer this, you must first determine the set of strategies for each man.
If this is a simultaneously played game, what is each man’s optimal strategy? Again, you must list their available strategies.
How could such a policy create challenges for trading partner relationships? What are the trade war possibilities? What would you propose if you were in Congress
Determine whether demand is elastic, inelastic, or unit elastic with respect to its own price and whether Good Y is a substitute or a complement with respect to Good X.
Using TP=Q=f(K,L) show mathematically that the average product of labor curve intersects the maximum point of the average product of labor curve. Demonstrate mathematically that the maximum point of the average product of labor curve falls on the dow..
An in dustry in which one firm can achieve economies of scale over the entire range of market supply is a
The economy's factors of production are not equally suitable for producing different types of goods. This principle generates:
Suppose you are appointed head of the energy department of the city or town where you grow up, and you are asked to come out with a sustainable long-term strategy that that will carry your city into the middle of the century. What are the three bigge..
In the U.S. health expenditures on drugs amount to about 10% of total health expenditures. In Japan, where physicians are legally permitted to sell pharmaceuticals, national expenditures on drugs are almost double the level in the U.S. Discuss how th..
Of the following, three mean the same thing and one means something different. Which option does not mean the same thing as the other three in the context of the basic market model we reviewed in class (and that you learned about in principles of mic..
Holding all other forces constant, if decreasing the price of a good leads to an increase in total revenue, then the demand for the good must be:
Discuss the power of compound interest and why compounding makes it important for people to save and invest for retirement early in their working life rather than waiting until they are close to retirement.
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1s elasticity of demand is -4, while group 2s is -3. Your marginal cost of producing the product is $20. Determine your optimal..
A circulating nurse is preparing the OR before the patient and others arrive, she drops a hemostat and it lands on the floor, she looks around and no one saw it drop, so she picks it up and puts it back on the tray, patient develops an infection.
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