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Consider a village of ten people. If a nearby mosquito-infested swamp is drained, then all ten people receive a benefit of b. People simultaneously choose either to volunteer for the project or not. If at least five people volunteer, then the swamp is drained. Otherwise, it is not. Each person who volunteers incurs a cost of c.
a. If b > c, what are the pure-strategy Nash equilibria of this game? Explain your reasoning.
b. If b < c, show that there is a unique Nash equilibrium of this game? Explain your reasoning.
c. In words, why can a change in expectations of other players’ behavior lead to provision of the public good in part a but not part b?
Using the three intellectual property concerns that you identified in the first part of this discussion - determine which concerns can be addressed by processes internal to the firm and which must be handled by factors.
In the classical theory of labor supply it was believed that the individual attempts to maximize what factor? He will attempt to reach a point of trade-off between what two factors? What two “effects” come into play in reaching this trade-off?
Calculate the Herfindahl-Hirschman Indexes for 2006 and 2011. What information does this index tell you about changes in the industry? How does this information differ from the four-firm and eight-firm indexes?
Make a list of businesses that provide goods and services that you or your family members use in a typical week.
Briefly explain how each of the following factors affect 17 year old Bob 's decision to go to college: his discount rate, the difference in labor market earnings in each year post-college between what Bob would earn with and without the college degre..
Which of the following affects demand for money?
Consider an economy in which people wish to hold money balances worth a total of 5 million goods. They are indifferent between money issued by the central bank and money issued by private banks. Suppose the central bank pays no interest on its money ..
Illustrate what is the Pig Farm worth. Elucidate what is the minimum one-time payment Farmer A would accept to agree to restrict his land for residential use forever.
Suppose that in 2013 PECO generated 100 billion kilo-watt-hours (kwh) of electricity that it provided to its customers at a charge of $.08 per kwh. What would have been the increase in consumer surplus?
Which of the following is not a necessary precondition for economic growth?
When the incidence analysis of a tax increase incorporates the assumption of an offsetting decrease in another tax, we call the analysis
The manufacturer of Glo-More flat white interior latex paint claims one-coat coverage of 400 square feet per gallon on interior walls. A painter keeps careful track of 6 gallons and finds coverage (in square feet) of 360, 410, 380, 360, 390, 400. At ..
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