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Explain dominant strategy and Nash equilibrium. If a game has a dominant strategy equilibrium, does it have a Nash equilibrium? If a game has a Nash equilibrium, does it have a dominant equilibrium?
The country of Alcazar has been growing at an impressive pace for the last five years. With improvements in technology, many industries have recorded remarkable growth in productivity
Identify the features that define the future of e-commerce. Which of these, in your opinion, are the most lasting?
Clearly define “crowding out” and economic effects. Graphically illustrate the level of crowding out in an IS-LM model. Explain in detail how the interest elasticity of investment affects the level of crowding out. Be sure to explain why this is the ..
A social scientist claims that the average adult watches less than 26 hours of television per week.
Suppose Congress and the president decide that the best method to stimulate the economy is to cut taxes. The total amount of tax cuts approved is $300 billion and the current MPC is .80. Determine the initial fiscal stimulus and the cumulative fiscal..
Inductive arguments support conclusions and are described as stronger or weaker. What is meant by that description? The mode of persuasion that Aristotle defined as ethos refers to arguments based on what?
Suppose in Belgium the opportunity cost of producing a trombone is 8 clarinets. In Denmark the opportunity cost of producing a trombone is 6 clarinets. Which country has a comparative advantage in the production of trombones?
“When the firms in the industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, all of the firms in the industry will be driven out of business.” True ..
Suppose there are two goods being produced in the economy: robots and wheat. Robots are a capital intensive good and wheat is a labor intensive good. Suppose that there are two countries: France and Brazil. France is capital abundant and Brazil is la..
A firm has a short run cost function of c=y^3-10y^2+35y. What is the minimum price at which the firm will supply output?
Illustrate what are the levels of income every worker and consumption per worker.
How would the prices that you pay for textbooks likely change if the textbook publishers in Figure 26-5 switched from behaving non-cooperatively to determining production and prices collusively? Explain your reasoning.
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