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Player 2
C
B
A
1,2
3,2
2,3
a, b
Player 1
a. If B is a dominant strategy for Player 1, what do we know about a?
b. If C dominates D for Player 2, what do we know about b?
c. If (B,D) is a Nash equilibrium, what must be true about a and b?
d. What values, if any, make (A,C) a Nash equilibrium?
Using a graph of the compensated and uncompensated demand curves, show how the magnitudes of the CV, EV, and ?CS will be related to each other when there is a ceteris paribus incr
Total cost curve (TC) is obtained by adding up vertically total fixed cost and total variable cost curves because the total cost is sum of total fixed cost and total variable cost
So what caused the end of Malthusian age? How did humanity escape from the trap in that invention and ingenuity increased the numbers though not the material well-being of humanity
What are the determinants of income elasticity of demand? There are three determinants of income elasticity of demand. These are: Degree of necessity of a good: In a developed
Money market, labour market, goods market
What is a natural monopoly Define natural monopoly as a situation where the advantages of scale a fixed costs are so high that it is impossible to fully exploit them. MC and AC
Shifts in Supply and Demand When supply and demand vary at the same time, the impact on the equilibrium price and quantity is known by: 1. The shape of the supply and dema
What are the advantages of leaving the allocation of a countrys resources to the price mechanism? Ans) The main conditions needed are: 1. Either a finite number of agents or pr
Use of ppc in microeconomics
Suppose that demand is downward sloping and supply upward sloping. Subsidies cause dead weight loss despite the fact that: 1)consumer surplus increases. 2)total surplus increases
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