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During the Allied invasion of France in 1944, the Germans had to decide where to place their defenses. They had three choices: they could concentrate their defenses at Calais, concentrate at Normandy, or split their defenses between both locations. The Allies had two choices: they could attack at Calais or at Normandy. Assume that this is a zero-sum game and that the possible outcomes are ranked as in the following matrix (where larger positive numbers represent outcomes more favorable for the Allies). German Calais Normandy Split Allies Calais 6, -6 2, -2 5, -5 Normandy 1, -1 4, -4 3, -3 (a) Are there any pure-strategy Nash equilibria for this game if the Germans and Allies move simultaneously? (b) Suppose the Germans move first. Draw the game tree for this game and find the rollback equilibrium outcome. (c) Suppose the Allies move first. Draw the game tree for this game and find the rollback equilibrium outcome.
Show graphically and explain what happens in the Cars market, include effects on Price and Quantity. What would happen to the equilibrium price and quantity of cars if the price of steel increased?
Assume that the demand for chalk is p = 8 -0.1, where P is the market price and Q is the total market output measured in thousands of boxes of chalk. Suppose that there are three firms in this industry, each of which has a constant variable cost of $..
Mike deposited $500 in the bank at the end of each year for five years. The bank pays 5% interest, compounded annually. How much would mike have in his account following the 5th deposit?
Compute the CV and EV associated with this price increase. how would you interpret these.
Define the differences and/or similarities between the latent theory and the trajectory theory. Which one do you feel better defines why individuals commit crimes?
Elucidate the underlying experiment of interest when we want to examine the effects of cigarette smoking on workdays lost.
Over the past decade, medical costs have increased more rapidly than other prices. In order to illustrate how rising medical costs have affected consumer alternatives, let X represent the quantity of medical services, and let Y represent the quantity..
Where individual meters have been installed, water usage has declined 10 to 40 percent. Elucidate that drop, referring to price and marginal utility.
Electricity is often generated using coal fired plants. Unfortunately, coal burning produces SO2, which causes acid rain. Consider two countries that border each other to answer the following question. Country A’s SO2 emissions are known to negativel..
If each test provides$6 net marginal revenue before labor and capital costs, is expansion advisable? Show all your work and explain your answer well.
Consider the following situation regarding the trading partners Hong Kong, Japan, and the United States: Hong Kong’s currency is pegged to the U.S. dollar; the Japanese currency (the yen) appreciates relative to the U.S. dollar. How would Hong Kong e..
Consider a bond that has a present value of $1,000. If the annual rate of interest is 7 percent, the future value of the bond after a year is
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