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Create your own games. You will need to set it up one normal form for a one-shot simaltaneous game and one shot sequential move game. These should be seperate games - not the same parameters for both. You will need to prepare the set-up and full solution for me, and just a set up (i.e. provide the details needed to solve and create the normal form and extensive form) to be handed in. Both games should be presented to address the following questions:
Prepare the form of the game.
1. What is each players dominent strategy?
2. What is the Nash Equilibrium/Equilibrii?
3. What strategy will each player pick?
Your games need to be different than examples used in class, powerpoint, and/or textbook. Please limit to two players (dualopoly) and each player having a minimum of three strategies.
A provider charges $200 for an office visit. The insurer's allowed fee is 80% of charges. The beneficiaries pay 20% of the allowed fee. In this case, how much would the insurer pay? How much would the patient need to cover?
q.the long-run cost function for leanns telecommunication firm is cq 0.03q2. a local telecommunication tax of 0.01 has
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and 108 this year. What is this year’s rate of inflation? What term do economics use to describe this second..
Your cousin wants to start his own business, and he is in a hurry. He has decided not to write a marketing plan because he thinks that preparing such a document would take too long. He says he doesn’t need a formal proposal because he has already rec..
Construct a numerical example to show that the exclusion of municipal bond interest from income taxation is equivalent to a government subsidy of state and local capital spending. Explain why it costs the government (taxpayers) more to subsidize this..
Consider a country that was debating whether to adopt the gold standard during the heyday of that international monetary arrangement. What difference would the level at which the price of gold was set by the central bank make for the level of economi..
Explain how the optimal usage of the variable input, labor, will change in response to the following changes in the short-run: A) A drop in the price of the good or service that the firm sells B) A drop in the hourly wage C) A decline in the producti..
What do you understand Spencer and Kate are the only two demanders of lemonade.
Why would unemployment also job rationing the consequences of setting a minimum wage of 2 dollar every hour in this marketplace
A monopolistically competitive firm is operating in the short run, is operating at the optimal level of output, and is earning positive economic profits. Describe how this industry will adjust in the long run.
Suppose the market for good X has a four-firm concentration ratio of 0.50. Furthermore, assume that total sales in the industry are $1.2 million. Based on this information, we know that sales for the largest four firms in the industry equal (in aggre..
Notice it is assumed that Brian will spend at least 4 hours per week studying each of the 3 courses.
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