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A selfless person approaches Jones and Smith with a $100 bill and offers to sell it to the highest bidder, but the winning and losing bidders must pay her their bids. So if Jones bid $2 and Smith bids $1 they pay a total of $3, but Jones gets the money, leaving him with a net gain of $98 and Smith with -$1. If both bid the same amount, the $100is split evenly between them. Assume that each of them has only tow $1 bills on hand, leaving three possible bids: $0, $1 or $2. Write out the payoff matrix for this game and then find its Nash equilibrium.
Explain who has a comparative advantage in the production of oranges and who has the advantage in the production of apples. (Show all math involved in your answer)
questiontheneoclassicalgrowththeoryisbasedontheexistenceofanaggregateproductionfunctionshowingtherelationship between
Explain the relationship between elasticity of demand and total revenue for the following ranges along the demand curve, using the attached Graphs for Elasticity of Demand, Total Revenue.
imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed
Suppose that the Federal Reserve thinks that a stock market bubble is occurring and wants to reduce stock prices. What should it do to interest rates?
Describe how free market features could be introduced to help alleviate the problem
Find out the socially efficient price, units of output and profits? How much output would a monopoly produce? Find out the price and profits of the monopolist?
Assume that product Alpha and product Beta are both priced at $1 per unit and that Ellie has $20 to spend on them. She currently buys 8 units of Alpha and 12 units of Beta. The marginal utility of Alpha is 40, and the marginal utility of Beta is 2..
what kind of industries does a localization strategy makes sense? why? when does a global standardization strategy make
Describe the difference between a movement along the demand curve and a shift in demand and determine what factors cause the supply curve to shift? describe each factor.
Estimate the linear model described in part (a) using Ordinary Least Squares regression and display your regression results.
Cases in Engineering Economy 2nd by Peterson & Eschenbach
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