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Consider the situation the economics professor faces in Problem 6, but now let's suppose that Dave makes you the following offer: "Let's really soak this guy. I'll pass on turns 2 and 4 if you'll go halves on the 500 bucks with me." Should this offer fundamentally alter the outcome of the game? (Hint: Think about this problem using backward induction!)
Evaluate the relative importance of economies of scale and comparative advantage in causing the following
Apple and Samsung have two pricing strategies: Set a high (monopoly) price or set a low (competitive) price. Suppose that if they both set a competitive price, economic profit for both is zero.
If the countries implement a uniform abatement standard, find the resulting values of TAC and MAC for each nation. Based on these values, is there an economic incentive for the two nations to participate in an emissions trading program? Explain.
Given: 1 pound of fertilizer (F) produces 20 Spinach plants and 1 pound of Manure (M) produces 300 spinach plants. The price of F=$5 and price of M=$10. Suppose we want to produce 300 spinach plants at the lowest cost possible.
You own a store, and short on cash, a customer offers to pay you $100 now, $200 next year, $300 in two years, and $400 in three years. What is the present value of this payment stream if the interest rate is 10%
Prepare a brief update on longer-term impacts of the 2008 global financial crisis. Have any of the later developments proved unexpected (or previously considered unlikely)? Where problems have lessened, do you think they could return?
Likelihood a non-doping rider will get cut from a team for under-performance: 50% Staying clean while everyone else is clean (High Payoff) Expected value- Value of competing for one year: $1 million Expected penalties- None $0 million Staying clea..
A bulldozer can be purchased for $380,000 and used for 6 years, when its salvage value is 15% of the first cost. Alternatively, it can be leased for $60,000 a year. Remember that lease payments occur at the start of the year.
What are the five types of analytical procedures?
In a paticular industry labor supply is Es=10+w and labor demand is Ep=70-3w where E is the level of employment and w is the hourly wage. A. what is the quilibrium wage and employment if the labor market is competitivie? What is the unemplotment rat..
Find Todd's optimal consumption bundle and utility level at that price level, using the Lagrangian multiplier method. Assume the government decides to impose a tax of $5 per unit of x (so that the new price of good x is $10).
Night Timers chief engineer anticipates that the product will be sold in ten-foot rolls. At present, the company's maximum production capacity is 140,000 rolls per year. The engineer believes the cost function to b be described by C= $50,000 + 0.2..
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