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To give Mom a day of rest, Dad plans to take his two children, Bart and Cassie, on an outing on Sunday. Bart prefers to go to the amusement park (A), whereas Cassie prefers to go to the science museums (S). Each child gets 3 units of utility from his/her more preferred activity and only 2 units of utility from his/her less preferred activity. Dad gets 2 units of utility for either of the two activities. To choose their activity, Dad plans ?rst to ask Bart for his preference, then to ask Cassie after she hears Bart's choice. Each child can choose either the amusement park (A) or the science museum (S). If both children choose the same activity, then that is what they will do. If the children choose di?erent activities, Dad will make a tie-breaking decision. As the parent, Dad has an additional option: he can choose the amusement park, the science museum, his personal favorite, the mountain hide (M). Bart and Cassie each get 1 unit of utility from the mountain hike, and Dad gets 3 units of utility from the mountain hike. Because Dad wants his children to cooperate with one another, he gets 2 extra units of utility if the children choose the same activity (no matter which one of the two it is). (a) Draw the game tree, with payo?s, for this three-person game (b) What is the rollback equilibrium to this game? Make sure to describe the strategies, not just the payo?s (c) How many di?erent complete strategies does Bart have? Explain (d) How many complete strategies does Cassie have? Explain
Explain the changes in the maturity values if the yields increase 1 percent. Assume that the insurance company has no other assets. What will be the effect on the market value of the company’s equity if the interest rate changes in (b) and (c) occur?
Explain how a voluntary exchange results in a win/win situation to both parties.
karls preferences over hamburger (h) and beer (b) are described by the utility function U(h,b)=min(2h,3b). his monthly income is M dollars and he only buys these two goods out of his income. denote the price of hamburgers by Ph and beer by Pb.
Explain how will different cultural perspectives of a region impact your global business operations.
There is always debate regarding the structure of current income tax system in United State Many opponents of the current system argue that under its current structure,
If Joe's income is $5,040 a month, and the price of goods X1 and X2 are $45 and $5 respectively, derive the following: A) The quantity of X1 and X2 that maximize Joe's utility B) The maximum level of utility Joe receives.
How the Unemployment Rate Affects the U.S. Economy and how the Unemployment Rate Affects
Suppose you only have access to the rates of savings and population growth data but do not have access to the data on years of schooling (the last column of the table), use the Solow model to calculate the ratio of the steady state levels of incom..
In 2006 rental car companies often charged more to rent a compact car than an SUV or a luxury vehicle Why do you think rental companies turned their normal pricing structure on its head?
What is the advantage of a centrally planned economy. low unemployment due to guaranteed jobs or high levels of consumer satisfaction or else.
a firm in a market characterized by many buyers and one seller. MC represents the initial marginal cost, MR the initial marginal revenue, and D the initial demand curve of the firm in equilibrium.
Based on your calculation of equilibrium and price ceiling quantities, demand is, When the government imposes a price ceiling = $12, disequilibrium between quantity demanded and quantity supplied results in.
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