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Ingrid and Jeff would like to use Saturday night together but have dissimilar tastes in entertainment. Jeff would like to go to the opera but Ingrid would prefer to see soccer. As the following payoff matrix shows, Jeff would most favour to go to the opera with Ingrid, but prefers watching soccer with Ingrid to going to the opera alone, and likewise for Ingrid.
Verify the Nash equilibria of this game, suppose that Ingrid and Jeff do not randomize over actions.
Strategies in which a player makes a specific choice or takes a specific action will not always result in a Nash equilibrium. In some cases, players can make a random choice among two or more possible actions, based on a set of chosen probabilities. A strategy like this is called a mixed strategy.
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia.
Suppose a firm's budget were large enough to employ 100 units of either labor or capital, the cost of a unit of labor being the same as a unit of capital. The production function i
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Assume that input prices are constant at r = 1, w = 1, with technology which consists of 5 processes having the following properties: Process Inputs Capital (machine hours)
THE MONETARY ACCOUNT Also called official financing, this comprises the financial transactions of the government (handled by the central bank) needed to offset any net outflow
Convertible National Currencies Currencies are convertible when holders can freely exchange them for other currencies. There are several advantages in using a particular natio
assignment
Assume that Nicolas and Orson plan to sell soft drinks on a beach this summer. The beach is 400 meters long and sunbathers are spread evenly across its length. Nicolas and Orson se
business decision making concepts of certainity risk unertainity sources of business risk steps invoived in analysiis of risky decisions risk adjustment etc
A study of 86 savings and loan associations in six northwestern states yielded the following cost function. I''ve been given the following data; C=2.38- .006153Q1 + .000005359Q2 +
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