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Suppose that two people are playing a guessing game with a prize going to the person closest to one-half of the average. Guesses are required to be between 0 and 100 (could be integers or decimals). Show that none of the following are Nash equilibria:
(a) Both choose 1. (Hint: consider a deviation to 0 by one person, so that the average is 1/2, and half of the average is 1/4.
(b) One person chooses 1 and the other chooses 0.
(c) One person chooses x and the other chooses y, where x > y > 0. (Hint: If they choose these decisions, what is the average, what is the target, and is the target less than midpoint of the range of guesses between x and y? Then use these calculations to figure out which person would win, and whether the other person would have an incentive to deviate.)
Firms that can identify two types of consumers can price-discriminate perfectly. Firms can price-discriminate only if there is zero competition in the market. Firms that price-discriminate will not reach higher profits.
Suppose you win a lottery, and your after-tax gain is $40,000 per year until you retire. As a result, you decide to work part time at 32 hours per week in your old job instead of the usual 40 hours per week. Calculate the annual income effect on hour..
Two software companies, Firm 1 and Firm 2 sell competing products. Let pi and xi be the price and quantity sold by Firm i, i = 1, 2. The demand functions for Firm 1 and Firm 2are given by x1 = 1000(90 – 1/2 p1 + 1/4 p2) and x2 = 1000(90 -1/2 p2 + 1/4..
A building is priced at $250,000. If a down payment of $25,000 is made and a payment of $5000 every month thereafter is required, how many months will it take to pay for the building? Interest is charged at a rate of 9% compounded monthly.
An individual has $10,000 of non-wage income in his savings account. He earns $200 per hour, and can choose to work up to 24 hours per day. What does his budget constraint look like in terms of consumption (C) and leisure (l)?
A market has a demand curve described by P=30-Q, a supply curve described by P=16+Q, and a price ceiling of 20. Calculate the Total Surplus of the market with the price ceiling
What are the some of the shortcomings of real GDP from a welfare perspective? do you have any practical suggestions for revising the computation of GDP to achieve a better measure of welfare?
Which of the following transactions would be recorded as a credit in the U.S. current account?
An automotive part must be machined to close tolerances to be acceptable to customers. Production specifications call for a maximum variance in the lengths of the parts of .0004. Suppose the sample variance for 30 parts turns out to be s² = .0005. Us..
A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95. The marginal revenue is $2.75. What would you recommend that the monopolis..
What are some methods for improving the financing of the U.S. health care system. Are these methods realistic and achievable? Justify your answer with solid reasoning and appropriate references.
The following questions refer to a capital budgeting problem with six projects represented by binary variables a, b, c, d, e, and f. Write a constraint modeling a situation in which two of the projects 1, 3, 5, and 6 must be undertaken. Write a const..
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