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Two students are to take an exam, an the professor has instructed them that the student with the higher score will receive a grade of A and the one with the lower score will receive a grade of B. Student 1's score equals x1 + 1.5, where x1 is the amount of efforts she invests in studying. Student 2's score equals x2, where x2 is the amount of effort she exerts. It is implicitly assumed that student 1 is smarter than student 2, in that, if the amount of effort is held fixed, student 1 has a higher score by an amount of 1.5. Assume that x1 and x2 can take any value (0,1,2,3,4,5). The payoff to student i is 10 - xi if she gets an A and 8 - xi if she gets a B, i = 1, 2.
a) Derive the strategies that survive the iterative deletion of strictly dominated strategies.
Illustrate what assumptions is the theory based, and how plausible are these assumptions.
Assume the basis for the trends in consumption patterns as discussed in the article. Discuss what has occurred to change the demand for, or the supply.
Suppose that in Question 1, the government rather than using a tariff, decides to limit the quantity of imports to 4. All the quota licenses are given to the nephew of the minister of finance (no rent seeking). Show on a new graph the outcome of t..
Canada, the US and Mexico are clearly separate countries. Does this information alone imply a lower standard of living in each of three nations compared to the condition where they are united into a single new country?
If Tarzan also Jane are each nation willing to give-up on hour of patrol for 2 pounds of fruit, is the current allocation of Cheetah's time Pareto efficient.
What is average fixed cost when 150 units of output are produced?
Suppose that Mr. Greengenes, a farmer and genetic engineer, develops a new method for growing corn that decreases the cost of growing corn by $300 per acre. Greengenes’ landlord rejoices, saying, “According to the leftover principle, you will pay me ..
Many companies are using computer mediated communication for training and updating their employees. They must choose the most effective and efficient manner of communication. Effective and efficient may be defined as achieving the communication go..
Suppose that over a range of prices, the price elasticity of demand varies from 15.0 to 2.5. Over another range of prices, the price elasticity of demand varies from 1.5 to 0.75. What can you say about total revenue and the total revenue curve
As in the case of oligopoly markets, rivals may select to compete aggressively, non-aggressively or in non-price dimensions.
Illustrate what recommendations do you have for Speedy to offset the impact of their increasing costs. What recommendations do you have for Speedy to increase their total revenues.
Illustrate what is the size of the labor force. What is the official unemployment rate.
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