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Which of the following conditions are necessary for the existence of a Nash equilibrium?
A. The existence of dominant strategies for both players.
B. The existence of a dominant strategy for one player and the existence of a secure strategy for another player.
C. The existence of a secure strategy for both players.
D. None of the preceding answers is correct.
Suppose that the individual demand for a product is given by Q = 1000 - 5P. Marginal revenue is MR = 200 - 0.4Q. There are no fixed costs and so marginal cost, which is constant, is equal to average cost. That is, MC = AC = $20. Calculate the firm's ..
Consider a group of 10 friends who are considering going on a road trip. In determining whether or not to go, each friend considers both how much they would enjoy the trip and how much it will cost them. The cost of the trip will be $500 total, and w..
Illustrate what is the basic objective of monetary policy. What are the major strengths of the monetary policy. Why is monetary policy easier to conduct than fiscal policy in a highly divided national political environment.
Elucidate how do you expect the demand and supply of the good or service to change in the next year. Support your answer.
What is the socially optimal (first-best) number of firms? Assuming that the market share of each firm when there are N firms is 1/N , what is the free-entry number of firms?
Roughly speaking, a merger between two firms is legal:
q. new manufacturing technologies are often viewed as labor saving in nature. using a production possibilities frontier
What is inflation? How do interest rates affect inflation? What are the different types of unemployment? Which of these has the most impact on the economy? Explain
Explain how the United States calculates unemployment and why many economist do not find this as a real economic indicator. How is unemployment calculated in other countries? Give two examples. What are your thoughts and ideas on this?
Describe the differences between shortages and scarcity. In answering this question you should think difference between the short run and the long run in economic analysis.
Suppose a firm’s technology is represented by the Cobb-Douglas production function F(L, K) = 5LK. The wage rate is $50 and the rental rate of capital is $10. What is the least-cost combination to produce 100 units of output?
You just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determining prices and what products to supply, so you decide to investigate this concept. You call your friend, an econo..
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