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Read "7 Easy Ways to Use Game Theory to Make Your Life Better," by Duronio. Reflect on your personal life experiences. Discuss a time you have used game theory in your life to earn money or save money. Did you realize you were implementing game theory in the situation? How did the outcome benefit you at that moment and in the future?
If amazon.com's revenue increased after it cut the price of books, dvds, and blu-rays what must be true about the price elasticity of demand for ordering these goods online?
Compute the MRS of other goods for airline miles; i.e., the MRS that represents the slope of the indifference curves when x1 is on the horizontal and x2 is on the vertical axis.
These three empirical observations are explained by ‘Preferred Habitat theory'. First, completely explain Preferred Habitat theory. Next, explain how this theory explains all three empirical observations.
What effect, if any, does each of the following events have on the price elasticity of demand for corporate-owned jets?
The Walton Daily News is investigating the purchase of a new auxiliary press that has a projected life of 18 years. It is estimated that the new press will save $30,000 per year in cash operating costs. If the new press costs $217,500, what is its in..
When we attend a film, in a way there is not the same kind of "suspension of disbelief" as there is with theater. Rather we demand more "realism" be portrayed in the film. Yet in a way we are suspending disbelief just as much, just changing its fo..
Which monetary policy would most likely increase aggregate demand?
If a country has the comparative advantage in producing cloth, in the market for cloth the autarky price would be _____ the world price and the country would _____ cloth.
What is inflation? How do interest rates affect inflation? What are the different types of unemployment? Which of these has the most impact on the economy? Explain
Elucidate how that a profit-maximizing bundle will typically not exist for a technology that exhibits increasing returns to scale
Assuming that under cost controls rationing is as inefficient as possible while under the quota, the allocation is as inefficient as possible.
State whether the following describes marginal cost, average total cost, average variable cost, or average fixed cost. (Note: some statements may describe more than one cost curve.)
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