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Consider a first-price sealed-bid auction with three players: Betsy (B), Daniel (D) and Michael (M). Their valuations are vB = 100, vD = 90, and vM = 30, respectively. If their bids are bB = 90, bD = 30, and bM = 0, respectively, show that this NOT a Nash equilibrium. Do not construct a game box in justifying your answer. Do not make any assumptions about the distribution of bidders’ valuations.
If the market of a certain product experiences a decrease in supply and an increase in demand, which of the following results is expected to occur?
Explain how do the life-cycle hypothesis also the permanent income hypothesis resolve the seemingly inconsistent pieces of evidence regarding consumption behaviour.
Riley deposits $4,000 cash in her checkable deposit at Fershur Bank. If the desired reserve ratio is 5%, Fershur Bank’s
Mrs. Smith is earning a loss and should shut down in the short run. Mrs. Smith is earning a loss but should continue to operate in the short run. Mrs. Smith is earning a profit since the price is above the average variable cost.
q.how do external costs level of output to produce and economic efficiency given a chartquantity private costs social
Suppose the demand and supply curves for a large cheese pizza are given by: Using the demand and supply functions above, the equilibrium price of a pizza is ____, and the equilibrium quantity is ____.
An economy has a consumption function of C = 400 + .75(DI) The following values are fixed : G , T = 1000 NX = 50 I = 750 Suppose that the CPI ( i.e., the "Price Level") is currently equal to 115. What is the equilibrium real GDP (on the demand side)?
Jim borrows $52000 from a local bank at an APR of 7.2% compounded monthly. His monthly patents are $52000(A/P, 0.6%, 54) = $1128 for a 54 month loan. If Jim makes an extra payment on the first month of each year, his repayment duration for the loan w..
Illustrate how each of the following events would shift the AS schedule and potential RGDP, thereby altering equilibrium prices and output levels in the economy. Use an aggregate supply-aggregate demand diagram in your explanation and assume that the..
q.the equation of capital accumulation is k k i - deltak where k is the capital stock at the beginning of the year i
Kristina does not want to pay him $1000 on delivery. Can the baker sue Kristina for payment of the cake? What remedies are available to him?
q.your oil company must decide whether to drill a well at a cost of 500000 on a piece of leased property or to sell the
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