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Refer to the pay off matrix below. Which of the following is a Nash equilibrium? (hint first determine whether one of the companies has a dominate strategy)
Company a chooses strategy 1 company b chooses strategy 1
Company a chooses strategy 1 company b chooses strategy 2
Company a chooses strategy 2 company b chooses strategy 2
Company a chooses strategy 2 company b chooses strategy 1
None of the above
Galbraith (1962) present eight assumptions about the causes of poverty (pages 15-19). Please select one of these assumptions and discuss its merits and possible remedial actions.
In "Final Jeopardy" (pp. 234-242), Stephen Baker expresses an interesting look at the way technology, especially in terms of machines, could dramatically change the relationship between mankind and technology—not just helping us to locate information..
Illustrate what is the effective rate of protection on the process of turning corn into ethanol.
She has no accounting background. Leonard cannot understand why market value is not used as basis for accounting measurement and reporting. Explain what basis is used and why. What is importance of economic entity assumption.
Suppose you have a demand function given by: Q = 600 ? 0.5P. What is the price at which demand elasticity is Ed = ? 2? Hint: Instead of using price to find elasticity, you will now have to use elasticity to find price. You can use the point elasticit..
q.a purely spirited wheat farmer can sell any wheat he grows for 20 per bushel. his 5 acres of land show diminishing
Joe can make apple pie at a lower opportunity cost than Sandy but Sandy can make more apple pies per day than Joe.
The GDP deflator in 2000 is 100. The GDP deflator in 2010 is 127. If real GDP in 2000 is $10 trillion and nominal GDP in 2010 is $14 trillion, how much has real GDP grown over that time period?
What is the necessary requirement to turn a business idea into a business? If you don't have customers willing to buy your new product or service at a price that gives you a profit, do you really have a business?
If firms in the pizza industry are earning negative economic profits, which of the following will most likely occur in the future? a. Some firms will exit the market. b. The economic profits of the firms in the industry will rise. c. The market price..
Could you reduce the cost of producing 1,800 pots per day by adding a pottery machine to your production process and reducing the amount of labor. Explain why or why not.
Show how length of stay and seasonal demand stability might be important to a recreational tourism destination. What economics conditions made the growth of tourism possible in the nineteenth century?
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