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In a short 2-3 paragaph response to the following:
a common resources game that asks "Should we drill another well or not?" Consider this game and describe what the dominant strategy is (as per your text). Consider what will happen if this becomes a repetitive game (both oil companies knowing they will share many oil fields over the next years). Will the dominant strategy survive, and-if not-what strategy could emerge as "best?" based on the scenario below:
A dominant strategy is a strategy that is best for a player in a game regardless of the strategies chosen by the other players (Mankiw, 2015, p. 354). A common resource can throw this off because they are the goods that are rival in consumption but not excludable (Mankiw, 2015, p. 481). In the scenario shown on page 358 of our textbook it lays out the possible outcomes of drilling one well or drilling two wells for two competing companies. The cost for these companies to drill a single well is 1 million dollars and 2 million dollars for two wells. So the potential profit minus cost for either of these companies can range from 3-6 million dollars (Mankiw, 2015, p. 358).
This is an information system assignment. The Instructors: Write and submit a detailed description of the information system chosen for the System Proposal.
a. How would an economist explain the decline of the Alaska king crab fishery? b. Explain two programs you could institute to protect the fishery and still allow some crabbing again.
Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic. Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2.
alpha and beta two tiny islands off the east coast of tricoli produce pearls and pineapples. the
How did the Bretton Woods system operate? What caused its collapse? Some think the current system of managed but floating rates is too unstable.
What about labour markets Is there any difference between labour and commodities that would make the theory a better representation in one case than the other. Do you feel that theory works for commodities markets in general.
GDP (You may use the purchase power parity figures.) Per capita GDP, GDP growth rates for the past 5 years, Percentage of GDP spent on military expenditures,Population and population growth rates for past 5 years
robot x has a first cost of 84000 an annual maintenance and operation mampo cost of 31000 a 40000 salvage value and
A certain retail store sells six items: A, B, C, D, E, and F. The share of profits attributed to each item is 20%, 16%, 25%, 15%, 10%, and 14% respectively. Which of the following graphs can best be used to illustrate this information?
1. nbsp nbsp briefly define the following terma.nbspnbspnbsp multiplier2. nbsp nbspfor the following questions assume
In 2-3 pages maximum, discuss the impact (negative and positive) that regulation/deregulation has had on the growth and/or continued growth of intermodal transportation in both countries. Ensure you site specific examples in your paper. You are en..
what are the three macroeconomic goals? find an article that shows a connection between a current event and two of the
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