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Assume that OPEC is made up of only two countries— Saudi Arabia and Kuwait. Each country can produce one unit of crude oil (a million barrels) at a cost of $1 million. The price of crude oil is determined by market demand, which is given by the following formula: Price = 10 – (QS + QK), where QS is the number of units produced by Saudi Arabia (S), and QK is the number of units produced by Kuwait (K). Suppose this is a one shot game. Also assume that Saudi Arabia and Kuwait each chooses either 2 or 3 units.
(a) Illustrate this game using a game table and find the Nash equilibrium.
Suppose now Saudi Arabia chooses either 4 or 5 units; Kuwait chooses either 1 or 2 units. All other conditions remain the same. It is still a one-shot game
(b) Illustrate this game using a game table and find the Nash equilibrium.
Abraham Maslow developed a hierarchy of human needs to describe the order of importance of various motivations. According to Maslow, physiological needs take priority over all other needs. Do you agree with Maslow? Why or why not?
Illustrate what whould be the appropriate elasticity to compute. Using the midpoint method, compute this elasticity.
How much of Nm and Nw can you advise to use, how much M and W will be produced from the levels of nitrogen in (a) and determine the value marginal products of the two enterprises.
Do you think this pattern of trade is consistent with the principle of comparative advantage?
The ECON3305 company was considering a price increase and wished to determine the price elasticity of demand (arc elasticity of demand). An economist and a market researcher, Sandy and you, were hired to study demand. In a controlled experiment, it w..
Explain how much shelter can she buy if she purchases 2 units of food.
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Illustrate what conditions would minimize the extent of manufacturing job loss associated with this price increase.
Consider a MONOPOLIST that vents an ozone reducing chemical into the atmosphere as a consequence of their production activities. Is this outcome efficient? Explain with the help of a diagram. Does the monopolsit have an incentive to reduce their poll..
The Townsville City Council is considering a proposal by the mayor to construct a recreational facility at a cost of $1.0 million. The facility is expected to have a useful life of 30 years during which operating costs are expected to average $100,00..
Personal values often represent individual characteristics and beliefs that determine people's behavior in various environments. Personal values and ethical standards are developed throughout life.
An economy begins in long-run equilibrium, and then a change in government regulations allows banks to start paying interest on checking accounts. How does this change affect the demand for money? What happens to the velocity of money?
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