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Consider this natural extension of stripped down poker game we examined in class. Initially each player puts a dollar in the pot. Then each player is dealt; each player’s card is equally likely to be high or low, independently of the other player’s card. Each player sees only her own card. Player 1 may see or raise. If she sees, then the players compare their cards. The one with the higher card wins the pot. If the cards are the same, then each player takes back the dollar dollar she had put in the pot. If player 1 raises, then she adds $2 to the pot, and player 2 may pass or meet. If player 2 passes, then player 1 takes the money in the pot. If player meets, then she adds $2 to the pot and the players compare cards, the one with the higher card winning the pot; if the cards are the same, then each player takes back the $3 she had put in the pot. Model this game as an extensive game and find the Perfect BNE in mixed strategy.
Compare and contrast the two approaches of GDP computation mentioned in the textbook. Explain which approach you think is more reliable and gives more accurate estimates of GDP. Provide two examples—one of the U.S. and a second of another nation—to s..
What are the different types of unemployment and how are they related to the condition of the economy during a given period? Is it possible for the number of employed workers to increase while the unemployment rate rises? Explain??
Why would the government bypass the free market in times of war? Is government rationing a better idea than rationing by price? Give reasons. How does government rationing affect the allocation of resources? Explain.
Dane decides to give up a job earning $100,000 every year as a corporate lawyer also converts the duplex that he owns into a UFO museum had been renting the duplex for $20,000 a year.
When you double the amount of workers (inputs) you hire, and your factory’s production (output) quadruples, then you are experiencing:
Illustrate what will be the cumulative effects including the multiplier for each of the above three policy choices.
Marge opens an oxygen bar in a building she owns. She utilized to rent the building to her brother in law.
illustrate what is the real GDP in every yr, given which the price index has risen from 100 to 104.5 in the 1st yr also up to 108.3 in the 2nd yr.
What will happen to Jill's consumption in first period when interest rate increases. Is Jill better off or worse off than before interest rate increase.
At the moment the market is completely ignoring things like record U.S. trade deficits and the widening curent account deficit. It is also largely ignoring the possibility of Federal Reserve rate cuts. In what way is monetary easing in Germany releva..
In monopolistic competitive industry the products that make up that industry are virtually alike. Only a few minor differences separate one product from the other (take soap for example). In such a case one is lead to believe that consumers could cho..
we dot know whether the total quantity of Internet ads will increase or decrease. Is the students analysis correct? Illustrate your answer with a demand and supply graph.
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