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1. Indicate whether a statement below is true or false by writing either T or Fnext to each. If false, give an example where the statement does not hold.
(i) A Nash equilibrium maximizes the sum of utilities of the players in every game.
(ii) If players are rational and each knows others are rational, a Nash equilibrium willbe played. Remember being rational implies a player will never choose a strictly dominatedstrategy and knowing other players are rational means each player knows others will neverchoose a strictly dominated strategy.
(iii) A Nash equilibrium strategy cannot be weakly dominated.
(iv) A Nash equilibrium strategy cannot be strictly dominated.
(v) A game can have more than one Nash equilibrium.
Assume D represents the level of decentralization of corporate decision-making. The benefits of decentralization, denoted B, = 3D and the costs of decentralization, denoted, C = 2D + 2D2. What is the optimal level of decentralization
Explain how this tax affects the welfare of foreign consumers and producers. Is world welfare higher or lower? Explain.
Two clinics want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $60,000. One clinic has a volume of 7,200, marginal costs of $60, and a market share of 2 percent. The other clinic has a volume of 10,800, margina..
Another form of imperfect competition is monopolistic competition. List three examples of real firms that operate in monopolistically competitive markets?
In the pen industry, a large number of firms produce differentiated products, and compete on quality, price, and marketing. They aren’t protected by laws or regulations. This market most closely resembles
Find two articles about a microeconomics problem currently in the news from either a newspaper or news (including business) magazine. Write a short analytical paper that compares/contrasts the problems or issues.
Which combination of validity types is most related to our ability to generalize a causal relationship? Explain.
What type of law protects general rights, such as religion, property, and free speech?
Explain the difference between sticky wages and sticky prices and how these two ideas explain the sloped short run aggregrate supply curve and why does it not affect the long term supply curve?
Explain which of the following is a positive or a normative statement.
Suppose a school has monopoly on parking spaces on its grounds. The teachers' inverse demand for parking spaces is given by pt=150-2yt, where y represent parking spaces and the subscript T stands for teachers. Find the monopoly's profit maximizing ou..
In 2008 the Federal Reserve took pretty extraordinary measures in an attempt to stabilize the economy. What will the inflation rate be? How low can the Federal Reserve lower the Real interest rate*? How much output is recovered? Is it enough to push ..
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