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Consider the following game: There are 5 pirates on a boat, conveniently named P1, P2 P3, P4 and P5. These 5 pirates have just dug up a long lost treasure of 100 gold pieces. They now need to split the gold amongst themselves, and they agree to do it in the following way:Pirate P1 will suggest a distribution of the coins. All 5 pirates will vote on his proposal. If an absolute majority approve the plan, then they proceed according to the plan. If he fails to pass his proposal by an absolute majority, then P1 must walk the plank, and it becomes P2's turn to propose a distribution of the coins among the remaining 4 pirates. They continue this way until either a) a plan has been approved, or b) only P5 is still alive (in which case he keeps the whole treasure).We'd like to know what happens with the treasure. Before we consider the outcome, there are a few important things we must know about pirates:• Pirates are very smart. They always think ahead.• Above all else, a pirate must look out for his own life. No pirate wants to walk the plank.• After life itself, there is nothing a pirate values more than gold.• All else being equal, pirates enjoy watching other pirates die.Find equilibrium (or equilibria) using rollback. What are the equilibrium payoffs?
Dell Electronics just stumbled upon a new supplier of personal computer (PC) circuitry in Costa Rica that can supply standardized computer inputs at $70 per PC.
A change in reserve needs of depository institutions is the policy tool most frequently used through the Federal Reserve to influence economic activity
Elucidate the interpretation of the coefficient b. Do the demand functions satisfy the relevant homogeneity conditions.
Consider the following production function: Y = AK^aL^(1-a), where Y is units of output, K is units of capital, and L is units of labor. Both A and are constant parameters characterizing the production technology.
Discuss the importance of the average, the trend, the seasonality, the cyclical, and the random portions of the variation in a data series when trying to forecast the quantity demanded of a firm's product. A time series consists of a number of comp..
Consider the following infinitely repeated model between two firms. Each period, the firms earn profits of 10 if they successfully collude. If a firm deviates from the agreement, it earns 15 in the period in which it cheats. In each period that th..
Explain the difference between a short-run production function. Cite one example of this difference in a business situation Explain the relationship between a firm's short-run production function and its short-run cost function. Focus on the margin..
The economy of a country called Econoland is described by the following desired aggregate expenditure components (all figures in billions of $). For the purposes of this question, the first set of equations will be referred to as fiscal policy1.
suppose a person defects from cuba (a country that generally disregards the use of markets) to the united states and asks to see a market in action. when would you take her? did you give her a complete showing of this market?
Use an aggregate demand/aggregate supply diagram to show what effect was intended. what might happen if such a tax cut also shifted the aggregate demand curve.
What would be the net marginal revenue of the marketing division of the firm for the pocket calculators? At what price should the calculators be sold on the external market?
Show the effects of each of the following shocks on output (Y) and the price level (P) in both the short-run and the medium-run .Assume the economy is originally at the natural level of output (Y n ).
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