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Consider the classic game, "rock, paper, scis- sors". The game is simultaneous with payoffs listed as utility levels, with the first payoff going to Steve and the second to Brian:
Brian r p s
r 0, 0 -1, 1 1, -1
Steve p 1, -1 0, 0 -1, 1
s -1, 1 1, -1 0, 0
a. Does this game have any Nash Equilibria? Explain.
b. Explain how one might develop a strategy to play this game.
c. Assume the game is played many times. Does reputation matter at all? Why or why not?
It seems that the information density and richness of the Internet and Web would tend to make markets more perfect. What are some continuing barriers to market perfection?
A specific McDonald’s franchise owner is looking at elasticities of Big Macs. E(p)= 2 (Price), E(i)=1 (Income), E(mt)=1.5 (m=Big Mac, t= Taco). The franchise owner would like to increase the price of Big Macs by 6%. If the franchise owner currently s..
discuss the change in the U.S. unemployment rate and inflation rate over the past year based on the Phillips curve concepts.
Respond to each of the following questions in 150-200 words each covering the economic topics and concepts described in chapter 9 and 10 of the text, Essentials of Health Economics.
How do i find the original producer surplus? The imposition of a $1.50/unit excise tax on a competitive market raises the price buyers pay (inclusive of the tax) by $0.60/unit and reduces the volume of trade in the market from 2000 units/day to 1600 ..
A company with 100 employees decides to offer its employees medical insurance administered by a major health company, but funded totally by the employer—i.e., it self-insurance. The CEO is furious with his HR director who told him that, given their h..
A one billion dollar increase in government purchases will have a greater effect (multiplier is greater) on GDP than a one billion dollar decrease in taxes because:
Economic regulation involves government intervention in certain industries to make sure that there are fair practices that are being exercised. Both quotas and tariffs protect the domestic market and it protects domestic producers. Air pollution is a..
Using the value of MPC = 0.75, and knowing the difference between the values of expenditure multiplier and the tax multiplier), Estimate the increased level equilibrium aggregate output (RGDP) with a total tax rebate (reduction) $400 billion.
q1. the precursors of todays engineers listed in the quotation from wickenden had no classes and few or no books from
An in dustry in which one firm can achieve economies of scale over the entire range of market supply is a
Lakeside Resort hires Micheline to act as its agent to buy a 1,000-acre waterfront tract of land from Nabil for $1,000 per acre. Lakeside does not want Nabil to know that it is the principal or that Micheline is its agent. Lakeside gives Micheline th..
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