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1. Give a careful explanation of a Nash equilibrium. How is it different from a dominant-strategy equilibrium?
2. Is it ever an advantage to move first in a zero-sum game? When is it an advantage to have the first move in a non-zero-sum game? Provide an example in which it is advantageous to have the second move.
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explain why you would expect supply curves to slope upward on the basis of the principle of increasing opportunity
Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
When the average total cost curve is rising, then the marginal cost curve will be?:
question nbspnbspnbspnbspnbspnbspnbsp you are given the following data about two
Bob views apples and oranges as perfect substitutes in his consumption, i.e., MRS = 1 for all combinations of the two goods. Suppose the price of apples is $2 per pound
What would be the steel company's output if it employs 150 units of capital and 200 units of labor?
Say that the price of good X is Px =$1 ,the price of good Y is Py =$2 and income I=$18 .The marginal rate of substitution between X and Y (MRSyx) is constant at 3. Show the budget constraint and some representative indifference curves on a graph (rou..
Go back to the parameterization of problem 3. What is the best general nondiscriminatory scheme from the point of view of the manufacturer?
1. general utility maximizationlist the oumlrst order conditions for the following problemfirst ignore the implicit
Construct a numerical example to show that as marginal product (MP) rises, marginal cost (MC) falls. Explain your answer and use tables and graphs to illustrate.
archer daniels midland company is considering buying a new farm that it plans to operate for 10 years. the farm will
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