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Members of some species of hermaphroditic fish choose, in each mating encounter, whether to play the role of a male or a female. Each fish has a preferred role, which uses up fewer resources and hence allows more future mating. A fish obtains a payoff of H if it mates in its preferred role and L if it mates in the other role, where H > L. (Payoffs are measured in terms of number of offspring, which fish are evolved to maximize.) Consider an encounter between two fish whose preferred roles are the same. Each fish has two possible actions: mate in either role, and insist on its preferred role. If both fish offer to mate in either role, the roles are assigned randomly, and each fish’s payoff is 0.5(H + L) (the average of H and L). If each fish insists on its preferred role, the fish do not mate; each goes off in search of another partner, and obtains the payoff S. The higher the chance of meeting another partner, the larger is S. Formulate this situation as a strategic game and determine the range of values of S, for any given values of H and L, for which the game differs from the Prisoner’s Dilemma only in the names of the actions.
Briefly describe the barter system and its potential to be inefficient. What is money? How did money alleviate some of the aforementioned inefficiencies and assist in the development of markets in the acient world?
Exhibit 5-5 GDP data (billions of dollars) Personal consumption expenditures $5,207 Interest 425 Corporate profits 735 Government spending 1,406 Depreciation 830 Rental income 146 Gross private domestic investment 1,116 Compensation of employees 4,42..
Show graphically, and with a few well-chosen sentences how a Major League Baseball team can help both itself and consumers by vertically integrating its local broadcasting network. You may assume that both the team and the broadcasting network start ..
Unemployment is a more serious economic problem than inflation and it should be the focus of the Fed’s monetary policy.” Evaluate this statement and explain why the Fed’s primary policy goal is price stability.
Illustrate what is the marginal income for each 10,000 increase in the quantity sold. Illustrate what recording fee would you advise Johnny to demand from the record organization.
ALL colleges of business today also was 1st proposed as a factor of production by a classical economist less than 40 years after Adam Smith.
According to Milton Friedman and Anna Schwartz, what was the Federal Reserve’s crime of commission that occurred in the Summer/Fall of 1931 that had a devastating effect on the course of the Great Depression?
Identify the following interest rate statements as either nominal or effective: (a) 1% per month compounded weekly; (b) 0.5% per week compounded weekly; (c) effective 15% per year com- pounded monthly;
why do points on a utility possibility curve represent efficient allocations of resources? why must the utility
In a given market at a given time, demand for a service increases and supply of that service decreases. (That is, demand shifts rightward while supply shifts leftward.) Analyze the impact of these changes on equilibrium price and quantity. Make sure ..
What are some of the reasons the United States has run up such huge deficits on its trade balance (we import much more than we export)?
assume that government establishes a cost floor below market equilibrium for rents on how utilizing. Illustrate what will be main effects of this cost floor. Demonstrate your answer graphically.
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