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Suppose now that there are 100 legislators in a bargaining situation, splitting a pie of size 1. Player 1 proposes a split between the 100 players, including himself (in any continuous amount, he can allocate di erent shares to di erent palyers as long as these shares add up to 1). The other 99 players then vote on whether to split the pie in that way or not. If a majority of them (that is 50) vote for the split, then the split is implemented, each player obtaining the proposed share. If a majority vote against the split, then each player obtains 1 percent of the pie.
(a) What is a subgame-perfect Nash equilibrium proposal of player 1, and what is the resulting outcome of the game?
(b) Suppose now that di erent players obtain di erent shares (adding up to 1) when the majority vote is not passed. What happens in a SPNE then?
a. find the optimal quantity and the price for the firm. b. Now suppose that demand changes to P = 110 - 3Q. Find the new optimal price and quantity. Has there been an increase or decrease in demand. Explain.
A Taiwan electronics corporation exports personal computers to the United States Their PC sales over the past five years are following:
julie has preferences for food, f, and clothing, c described by a utility function u(f,c)+f*c. her marginal utilities are Muf=c and Muc=f. suppose that food cost $1 a unit and that clothing costs $2 a unit. julie has $12 to spend on food and cloth..
Michael Illitch bought the Detroit Tigers in 1992 for $82 million, which amounted to $114.15 million in 2005 dollars. By 2005, the Tigers were worth $292 million. Calculate the real compound annual rate of return on that investment.
Although all appliances are given a unique serial number when manufactured, until this year Armonco had no capability of determining how often any appliance was brought to an authorized service facility.
Acme Water is a privately owned firm that is sole supplier of water to a rural town in Pennsylvania. The owner of company has provided the manager of firm an incentive to maximize company's profits,
Amy has $12 a week to go spend on coffee and pop. The Price of coffee is $2 a cup, and pop is $1 a can. Draw a graph of Amy's budget line. Can Amy buy 7 cans of pop and 2 cups of coffee a week? Can she buy 7 cups of coffee and 2 cans of pop a week..
Using a spreadsheet program or a calculator, solve Tracy's problem of how often to go to the ATM when the norminal interest rate on her bank account is 10%, she spends $30 each day, it costs her $0.50 each time she uses the ATM.
If supply is given by Qs = 1000 and the government imposes a tax of 50 on iPhones that must be paid by sellers then Producers will bear the full economic burden of the tax but how come there is no deadweight loss
A retirement income of $500,000 a year does not have as much buying power in the future as it does today. Suppose this retirement income is 40 years in the future and the inflation is 2% each year.
To quell outrage over tuition increases, the collage places $55 limit on the price of textbooks. How many textbooks will be sold now C. while the price limit is still in effect, automated publishing increases the efficiency of textbook production.
John runs a small pottery firm. He hires one helper at $12,000 per year, pays annual rent of $5,000 for his shop, and spends $20,000 per year on materials. He has $40,000 of his own funds invested in equipment (pottery wheels, kilns, and so forth)
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