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Consider the following game. Player 1 is either "Friendly" (with probability 2/3) or "Mean" (with probability 1/3), and decides to Smile or Not Smile. A Friendly type has no cost of smiling, but a Mean type has a cost of 4. Player 2 decides to Ask or Not ask Player 1 for help. If Player 2 does not ask Player 1 for help, both players get 0 (minus any cost of smiling for 1). If Player 2 asks a Friendly Player 1 for help, both players get +3 units of utility (minus any cost of smiling for 1). If Player 2 asks a Mean Player 1 for help, Player 2 gets -3 units of utility while Player 1 gets +3 units of utility (minus any cost of smiling) because he gets a chance to be mean to the other player. Player 2 does not know if 1 is Friendly or Mean (but Player 1 does). For the case below, (a) draw the extensive form of the game, and (b) solve the game using the appropriate solution concept using pure strategies.
Player 2 does not see whether Player 1 is smiling when he’s deciding whether to ask for help.
Give two examples of actions taken by the administration of yourcollege whose effect is to prevent specific markets from reaching equilibrium
A large wood products company is negotiating a contract to sell plywood overseas. The fixed cost that can be allocated to the production of the plywood is $800,000 per month. The variable cost per thousand board feet is $155.50. For this situation, d..
Currently you can purchase a used 10 year old CAT 24D for $85,000. Ten years from now, you think that a comparable used machine will sell for $105,000. What is the average annual inflation rate on used equipment that you are expecting during this 10 ..
The inverse demand for a homogeneous-product Stackelberg duopoly is P = 18,000 -5Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 2,000QL and CF (QF) = 4,000QF.. What is the follower’s reaction function? Determine t..
Illustrate what is Fast Food's elasticity of demand. What does elastic, inelastic, or neither tell us about the elasticity of demand.
According to the World Development Report, in which areas there is absence of progress in closing gender gaps within and across developing countries?
Imagine you are in charge of development for a developing country and were approached by a multinational corporation interested in locating in your country. Identify some of the benefits and some of the costs to the host country from allowing a multi..
Which of the following statements best reflects the macroeconomic advice of the great economist John Maynard Keynes?
Almora a developing open economy is experiencing an economic boom since it discovered oil reserves off its coast two years ago. Bill Hudson, an economist with the finance Ministry of Almora, said in an interview that the oil boomhas improved the aver..
Assume that the United States imposes an import quota on Italian shoes. Relative to the equilibrium world price that would exist in the absence of import quotas, the equilibrium price of shoes in the United States will most likely _____, and the equi..
Assume that the job separation rate s is 0.01 (1%) per month and that the job finding rate f is 0.2 (20%) per month. Assume that the labor force today (period t = 0) is 100 million. What is the steady state unemployment rate for this economy? In the ..
A tennis racquet manufacturer is negotiating lease on land to build a manufacturing plant. The price charged will be determined by p=$450-(0.1)D per tennis racquet. The manufacturer faces variable costs of $25 per tennis racquet. For this situation, ..
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