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Consider the extensive form game depicted in figure 13.5.
(a) Would it make any difference to the analysis of this game if we removed the information set of player 2 that links the topmost and bottommost pieces of the tree? If so, what difference? If not, are there information sets of player 1 that are similar candidates for removal?
(b) Analyze the prior distribution over the four possible initial nodes. Suppose we say that player 1 is "rational" if one of the top two of these initial nodes prevails, and player 2 is "rational" if one of the middle two initial nodes prevails. Is there correlation in the rationality of the two players? Is the correlation positive or negative?
(c) Analyze this game. Assuming this model describes a particular situation, do you think you can clearly predict what will happen?
Suppose a competitive firm produces spaghetti dinners. The market price of a spaghetti dinner is $20. The cost of making the dinners is given by C(Q) = 10Q + (Q2/160). The marginal cost is given by MC = 10 + (Q/80).
The following table is the pay off matrix for zero sum game. Estimate the each players dominated strategy of the following zero sum game?
The City of New York has 200 advertising companies, 199 of which employ designers of normal ability at a salary of $100,000 a year. Paying this salary, each of the 199 firms makes a normal profit on $500,000 in revenue.
In contrast, macroeconomics is concerned with things that affect the country as a whole, such as how the rate of teenage smoking in the United States would be affected by an increase in the tax on cigarettes."
When estimating a demand function, explain why fitting a line of best fit through observed price and quantity combinations over time is not likely to yield good estimates.
Explain the difference between purely private and public goods and how it applies to environmental problems faced by developing countries. What are the implications of the free-rider problem for allocation of a public good?
monthly payments on a loan is $1000 for the next 10 years. Determine the value of the loan if the nominal rate 6% compounded monthly. if we want to pay the loan in 50 months what is the monthly payment
In the Cartesian formulation from the European enlightenment, man is separate from, and superior to, nature.
Within what limits must the ratio of Japanese wages to Indian wages settle when trade is possible? If that ratio turns out to be 5.5, what goods will each country export and import?
A man wishes to set aside money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated rate is 8%.
You have the chance to buy either one of two bonds. The first is a tax-free municipal with a coupon yield of 6.5%. The second is a corporate bond with a yield of 8.5%. Both bonds are rated AA. Your tax rate is 28%.
Be sure to indicate the direction of change in Real GDP, the Price Level and the Unemployment Rate. Label all curves and axis for full credit.
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