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Victor and Chris are playing a game. Both are supposed to call a number simultaneously and the number should be bigger than or equal to 0. Assume that Victor's number is x and Chris's number is y. If x>y, Chris wins and Victor should pay Chris $y. If y>x, Victor wins and Chris should pay Victor $x. If x=y, both gets $0. Find out a Nash Equilibrium of this game.
what price will the firm charge to maximize its profits? what are total profits? Would a 50% tax on profits alter the firms output? by what amount and why?
Jon consumes only two goods: coffee and donuts. When the price of coffee falls, he buys the same amount of donuts and more coffee. Draw a indifference curve and Budget line diagram to illustrate Bob's pattern of consumption. What does this tell us ab..
State whether the following is a component of M1, M2, both, or neither. a. Savings deposits b. Available credit on a credit card. c. Checking account balance accessible by an ATM card. d. Cash in your pocket
Draw the game tree associated with this situation. Using the backward induction method discussed in the online class notes, what will be the outcome of the game?
Briefly explain relationship between market price and a firm's profitability in a perfectly competitive market. How are the Zero profit point and the shutdown point for a firm operating in a perfectly competitive market determined?
The maximum price that a few of the consumers are willing to pay is $0.20 per pound of cheese, and the price floor is set at $0.17 per pound. With the price floor at $0.17 per pound of cheese, consumers buy 211 billion pounds of cheese. How much cons..
What is one cited reason why healthcare expenditures are so high in the United States? Medicare and Medicaid reduce the supply of medical care.
Social Responsibility: To include intercultural competence, knowledge of civic responsibility, and the ability to engage effectively in regional, national, and global communities. Why is active economic citizenship particularly important for a succes..
Abe’s marginal utility of apples is 12 and his marginal utility of bananas is 5. If apples cost $2 each and bananas cost $1 each, is Ape consuming at an optimum? If not, which fruit should Ape consumes more of?
Cite the major functions of the district Federal Reserve banks. Brief overview of monetary policy. Brief overview of the Board of Governors.
For decision making for the firm with market power, fixed costs are:
Assume the U.S. government wants to hold the value of the dollar at $1.00 U.S. equals 1000 Japanese yen, but finds that the value of yen is appreciating against the U.S. dollar. What would be an appropriate policy to reverse this trend?
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