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Let consider the following game among an employer (Katharine) and an employee (Kevin). Katharine needs Kevin to work hard rather than loaf around and that is why she considers spending more time supervising him. She needs to choose among a low and a high level of supervision. All else the similar, Kevin prefers to loaf. Both players must simultaneously explain their actions.
a) What are Katharine's best responses in this game? Verify the Nash equilibrium of the game. What are the rationality assumptions implicit in this equilibrium?
firms both in monopolistic and perfect competition tend to make normal profits but why do they criticize only monopolistic competition
PROBLEMS OF USING PER CAPITA INCOME TO COMPARE STANDARD OF LIVING OVER TIME 1) The composition of output may change. e.g. more defence-related goods may be produced and
Consider a manufactured good whose production process generates pollution. The annual demand for the good is given by Qd=100-3P. The annual market supply is given by Qs=P. In both
monopolistic competition
arguments in favour of traditional theory of profit maximization
THE BUDGET The budget is a summary statement indicating the estimated amount of revenue that the government requires and hopes to raise. It also indicates the various sources
Q. What is Marketing Economies? They are allied with selling of the product of the firm. They arise from advertising economies. Because advertising expenses increase less than
Q. Explain about Managerial Economies? Large scale production makes possible the division of managerial functions. So there exists a production manager, a finance manager, asal
wHAT IS THE SIGNIFICANCE OF EXPECTATION ELASTICITY ?
Explain about the terms in perfect competition. Perfect Competition: a. A price-taking producer is a maker whose actions have no consequence onto the market price of the g
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