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Consider the "Beauty Contest" or guessing game experiment. Everybody picks an integer between 0 and 100 inclusive, and the winner is the person who picks closest to 2/3 of the average pick.
a) What picks are ruled out by the idea of one level of iterated dominance, and why?
b) What is the equilibrium pick? Why?
c) What pick would a level one reasoner make? Level two?
d) Discuss how to find the optimal pick.
e) Suppose we change the rules so that you pick a number between 100 and 200, and the winner is the person who picks closest to 3/2 of the average pick.
Illustrate how is the magnitude of each affected if, instead of a moderate inflation, hyperinflation occurs.
Assume the Sri Lanka government awarded contracts to private companies to rebuild the countryâ.
Illustrate what would happen if CPI decided to raise prices unilaterally in this toothpaste market.
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An economy is facing inflationary gap shown in the accompanying diagram. To eliminate gap, should the central bank use expansionary or contractionary monetary policy?
Explain how can the abolition of cash fight inflation and reduce unemployment.
Level of GDP per effective worker and explain whether this economy is following the Golden rule
Nina is able to select her weekly work hours. When a new bridge opens up, it cuts one hour off Nina's total daily commute to work. If both leisure and income are normal goods, what is the effect of the shorter commute on Nina's work time
Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."
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Provide the key provisions of the tax cuts passed through Congress in spring 2003 and explain how would these tax cuts be represented by the aggregate expenditure model and the IS curve
How would each of the following affect the firm's marginal, average, and average variable cost curves?
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