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Every year, management and labor renegotiate a new employment contract by sending their proposals to an arbitrator who chooses the best proposal (effectively giving one side or the other $1 million). Each side can choose to hire, or not hire, an expensive labor lawyer (at a cost of $200,000) who is effective at preparing the proposal in the best light. If neither hires lawyers or if both hire lawyers, each side can expect to win about half the time. If only one side hires a lawyer, it can expect to win three-quarters of the time. 1. 2. 3. Diagram this simultaneous-move game. What is the Nash equilibrium of the game? Would the sides want to ban lawyers?
Use quintiles to briefly summarize the degree of income in equality in the united states. how and to what extent does government reduce income inequality?
Below are the list of 12 key terms provided. Create a presentation slide(s) or graphic with a description – including a real world example – that could be used to describe the term to someone unfamiliar with the idea or concept.
Assuming that absolute purchasing power parity holds, what should the U.S./Canadian exchange rate be if the CPI in Canada is 225 and the CPI in the U.S. is 179 and the U.S. interest rate is 6%?
Which is a real life example of a market that is close to perfect competition. computer monopoly, an oil and gas cartel or else.
Price can be substituted for marginal revenue in the MR = MC rule when an industry is purely competitive because price minus cost equals marginal revenue. and marginal cost are the same in pure competition. is the same as average revenue.
Outline includes ideas for: An analysis of the effectiveness of current procedures that are in place for the issue or situation selected Analysis is based on evolutional perspectives on health care economics and economic theories.
Test that prcig and restaurn are relevant and compute the two IV estimates using as instruments for cigs both prcig and restaurn, respectively. Compare the resulting estimates of β1 with the OLS estimate.
Define globalization. Discuss why you think that (income poverty, hunger, disease, lack of adequate shelter, and exclusion-while promoting gender equality, education, and environmental sustainability) relate to globalization?
Public Affairs 854 Fall 2014 - Problem Set 1. Suppose that each one percent depreciation in the US dollar induces a 0.75 increase in exports and a 0.25 decrease in imports. Starting from a position where exports equals imports, what will be the imp..
Illustrate what are some obstacles to successful international economic policy coordination in terms of current global economic and political policies and their impact on business decisions.
Suppose that the Home country in the two-sector (manufacturing and agriculture) specific-factors model has a comparative advantage in agricultural output. What will happen to the real rental price of capital when trade occurs
Use an interest rate of 8% per year to determine what the equivalent annual benefits must be to ensure a B/C ratio of at least 1.0.
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