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Three players live in a town, and each can choose to contribute to fund a streetlamp. The value of having the streetlamp is 3 for each player, and the value of not having it is 0. The mayor asks each player to contribute either 1 or nothing. If at least two players contribute then the lamp will be erected. If one player or no players contribute then the lamp will not be erected, in which case any person who contributed will not get his money back.
a. Write out or graph each player's best-response correspondence.
b. What outcomes can be supported as pure-strategy Nash equilibria?
CompuTrip Inc. offers two softwares, Street Finder and Trip Planner, which are produced at zero marginal cost (and zero fixed costs). The market research department has estimated that there are two groups of customers of equal size that buy the two p..
Research a company that has been in the news for a significant business decision within the last 18 months. Summarize the decision that was made, and state your opinion on whether it was a good or bad move for the company. Post a link to the article ..
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Why will the profit-maximizing rate of output for a profitable firm typically be larger than the rate of output that minimizes average total cost?
For each of the following situations, decide whether the bundle Lakshani is considering optimal or not. If it is not optimal, how could Lakshani improve her overall level of utility? That is, determine which good she should spend more on and which go..
If summer's supposition is correct, then we should expect for wealthier countries to have cleaner environments other things equal.
Illustrate what are the consumer surplus, producer surplus and the social welfare in the market.
Economics has a notoriously bad reputation among students. They assume it will be dry, boring, and not relevant to their lives. They also think it's hard because the course content must be understood rather than memorized. Why do you think economics ..
Over a period of two years, average income in Collegetown increased from $1,000 to $1,400. During the same period, the quantity of pizza demanded increased from 6,000 per month to 10,000 per month. Assuming everything else constant, use the midpoint ..
This year is expected to be a great one for selling walking shoes in Georgia. At very low prices, only the most efficient shoemakers are able to sell. There are two shoe producers that operate with the most cost-effective equipment and skilled person..
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You are an assistant in a storefront legal office, a summer employee planning to enter law school in the fall. You are assigned to do the initial interview of a new walk-in client. One way that your office stays in business is on its share of just su..
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