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Suppose that you and a friend play a "matching pennies" game in which each of you uncovers a penny. If both pennies show heads or both show tails, you keep both. If one shows heads and the other shows tails, your friend keeps them. Show the payoff matrix. What, if any, is the pure-strategy Nash equilibrium to this game? Is there a mixed-strategy Nash equilibrium? If so, what is it?
How does this tool assist the marketing and management teams to solve problems within the company?
What is total financial wealth in the economy? (Hint: Compute the financial wealth of people at the beginning of the first period of life, the beginning of the second period, and the beginning of the third period. Add the three numbers. Remember t..
Consider a two person, two commodity pure exchange economy, with:U q q,U q q q q qand q q q Derive the contract curve as an implicit function of q and q.
An economy is currently made up of a firm that produces bread, a firm that produces butter, and a consumer who consumes both bread and butter. Current production is 100 units of bread, 50 units of butter which the consumed by the consumer.
Heat Tamers, Inc., of Bend, Oregon produces special heat-resistant boots used primarily by firefighters, smoke-jumpers and steelworkers. It is contemplating an expansion into the heat resistant leather market charging a price of $150 per pair of b..
If the farm uses its resources efficiently, what is the opportunity cost of an increase in chicken production from 300 pounds to 500 pounds a year? Explain your answer.
Suppose Zia spends her time picking berries and apples. Her production set is described by the equation , where is the number of berries and y the number of apples.
Vary the number of hidden units in the network, from 1 up to 10, and determine the minimum number needed to perform well for this task.
Calculate the profit-maximizing point: MR - MC = 0. Explain your answer and calculate the revenue-maximizing level of output.
A small private university is planning to start a volunteer football program. a random sample of alumni is surveyed. it was found that 250 were in favor of this program, 75 were opposed and 25 had no opinion. a. estimate the percent of alumni in fa..
Suppse a consumer utility derived from consuming banana is described by the function U=10X+3X^2-(1/3)X^3. Compute marginal utility. a. Make a table showing total and marginal utility for X from 0 to 7 units. b. Would this individual ever choose to c..
What would you expect to be the pattern of international specialization and trade? What would determine who produces the good?
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