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Define the points of individual choices makes and interact.
A. How individuals make choices:
• Scarcity
• Opportunity cost
• Trade-offs
• Marginal analysis
B. How individual choices interact:
• Trade
• Gains from trade
• Specialization
• Equilibrium
• Efficiency and equity
1. Consider the following game: a) Does either player have a dominant strategy? b) Does either player have a (pure) prudent strategy? c) Does the game have a saddlepo
Challenges to the American Labor Force
what are the opportunity cost?
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what reasons limit the bargaining power of trade union in developing countries
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Suppose A can somehow change the game in problem 5.1 to a new one in which his payoff from Up is reduced by 2, producing the following payoff matrix. a. Find the Nash equilibriu
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