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Consider the game below:
a. What is the Nash equilibrium in this game?
b. Explain why this game might reasonably end up at a non-equilibrium outcome. Whose play is likely to be responsible for that happening?
Compute the opportunity cost in forgone tanks for each additional truck produced: Truck output 0 1 2 3 4 5 Tank output 5 4.5 3.8 3.0 2.0 ..
Suppose that there is a negative externality in the market for trout in Colorado. Letting Q represent pounds of trout, explain (using graphs and words) why government intervention in the market for trout may be appropriate.
The tale of the throwaway DVD player, however, may yet return to haunt Chinese industry.
Suppose you own a restaurant that serves only dinners. You are trying to decide whether or not or rent out your dinning room and kitchen during mornings to another firm, the Breakfast Club Inc., that will serve only breakfast.
The elasticity of ticket sales with respect to the size of the local population is estimated to be about 0.7. Briefly explain what this number means. If the local population increases from 60,000 to 61,500,
Sometimes when one plots a set of data, it appears to be piecewise linear, causing one to ponder an explanation for the change in pattern at the corner(s).
What is the equilibrium price and quantity in this market?
What are the sources of national and international economic growth? Who benefits from such growth and why?
How does a currency depreciation affect the balance of payments? When might a currency depreciation intended to correct a current account deficit fail?
Apart from official GDP statistics, what other information might suggest that an eco-nomy is heading towards a recession (defined as more than two consecutive quarters of falling output)?
Compute the profit levels under each of the three market structures.
Over what horizon is the assumption of fixed prices a valid one? Explain.
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