Three players (Allen, Mark, Alice) must divide a cake among them. The cake is divided into three slices. The table below shows the value of each slice in the eyes of each of the players. S1 S2 S3 Allen $7.00 $6.00 $5.00 Mark $4.00 $4.00 $4.00 Alice $5.00 $4.00 $6.00 Which of the slices does Allen deem fair? Group of answer choices S1 and S2 S1 and S3 S2 and S3 S1, S2, and S3 S1 only
Q: Let’s assume that the economy in the United States is higher than the potential GDP. If the…
A: When the GDP is higher than potential output (AD/AS=LRAS), the higher demand create a inflationary…
Q: Dual Mandate: Suppose the central bank has a dual mandate. This implies the following IS-MP-AS…
A: An economy is a set of institutions and structures that aid or obstruct the production and…
Q: Suppose that daily demand for breakfast sandwiches at a local store is given by the following: Qd =…
A: Given information: Q = 15 - 3P ---------> Demand function; Price elasticity of demand (Point…
Q: Economics An industry consists of three firms with sales of $25, $45, and $55. a. Calculate the…
A: According to the question, it is given that : An industry consists of three firms. Three firms have…
Q: Using the substitution effect, with a higher interest rate a borrower will Select one: O a. increase…
A: Note: You have uploaded more than one question. We shall answer only the first question for you. If…
Q: given this utility function 95x10.3x20.2x30.25 first the first, second and cross order patial…
A: Utility function: U = 95x10.3x20.2x30.25 x1=24 x2=15 x3=5
Q: What are the strengths and weaknesses of fiscal policy and monetary policy.
A: Based on the ideas of John Maynard Kenyes FISCAL POLICY refers to the the use of government…
Q: Harare Zimbabwe's central bank today raised its key interest ra From 50 percent to 70 percent. The…
A: Given information: Zimbabwe raised the key interest rate from 50% to 70% The inflation rate is 200%…
Q: Q1: What is the, HHI, Herfindahl-Hirschman Index for an industry where six companies each have a…
A: Disclaimer- “Since you have asked multiple question, we will solve the first question for you as per…
Q: Given the products and conditions below, indicate how the events affect the demand, supply,…
A: According to the given scenario, "highly publicized malpractice cases decrease consumer confidence…
Q: Fill in the missing data in the following table. Year 2012 2013 2014 $260,000 2015 $290,000 Nominal…
A: GDP Deflator The (GDP) gross domestic product price deflator estimates changes in the prices of all…
Q: pose we have two people in the market: A, B. Their utility functions are UA = = min{x₁,2). Solve…
A: The consumer chooses consumption of the 2 products therefore, marginal rate of substitution equals…
Q: 3 Owen is looking to sell his guitar for nothing less than $60. Suppose Shannon offers him $100,…
A: Total surplus is the sum of consumer surplus and producer surplus
Q: 1. The estimation of a Cobb-Douglas production function for 20 firms of a given industry yields:…
A: In this case, Cobb-Douglas production function is given. So it is a nonlinear production function.…
Q: Cost minimization when output is unknown an total costs are known. A factory that you are managing…
A: Given information: Q = 2K0.5L0.5 ----------> Production function…
Q: Consider a perfectly competitive industry, where the current equilibrium price is p*=16 and the…
A: Given; P=16 Q=600 MC=4q AC=2q+5q
Q: a. Calculate the unemployment rate for May 2022. (show your work) Use the Bureau of Labor Statistics…
A: a) Unemployment rate can be calculated as Number of people unemployed / labor force. b) By going…
Q: In which market structure are sellers mutually interdependent? O Monopolistic Competition O…
A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…
Q: Consider the following open economy. Real GDP Consumption Government Expenditures Investment Exports…
A: Here, it is given that the economy is an open economy and information about components of aggregate…
Q: Awesome in cursive fix cost of dollar 4000 and variable cost of dollar 10000 and its total sales…
A: Given information: Fixed cost = $4000 Variable cost = $10000 Total sales = $15000
Q: calculate the consumer surplus and producer surplus at a price of $11 and $6
A: Given
Q: Why were monetary policy responses ineffective during the Great Depression?
A: The great depression was characterized by the fall in the aggregate demand. The fall in aggregate…
Q: Mr Kassim a divorcee promised his former wife a monthly allowance of N10,000 for her maintenance.…
A: Mr. Kassim a divorcee promised his former wife a monthly allowance of N10,000 for her maintenance.…
Q: Suppose TC= 10+0.1q2, MC = 0.2q. If p10, the firm's profit on the perfectly competitive market in…
A: In economics, profit maximization is the short run or long run process by which a firm may determine…
Q: Sara and Fran produce boards and sails for windsurfing. The tables show their production…
A: Comparative advantage refers to the ability to produce goods and services at a lower opportunity…
Q: Real GDP per capita increases by 9% in the first year and by 5% in the second. After 2 years, what…
A: We assume that the real GDP per capita in Year 0 is $100 After one year in Year 1 our GDP increases…
Q: Let a monopolist has 8 stores in a city. Using Hotelling linear city model, calculate the Total…
A: Monopoly: It refers to the seller who is selling alone in the market. This seller can charge any…
Q: Which of the following are excluded from real GDP? A. The value of non-market services performed by…
A: The GDP refers to the production of goods and services during an accounting year. GDP does not…
Q: Definition between balance and unbalance of growth countries ?
A: A balanced economy or country means that long-term economic growth is sustainable and that the…
Q: 80% O 75% 23-24 Te daram population a - 20% Supply Leber Demand What is the labor force…
A: Total adult population = 100 Government regulated minimum wage = $8
Q: XZ company is selling product A, according to the company when the price of product A is $28, the…
A: Given Details: Option 1 Price = $28 Expected demand = 50,000 units per week Option 2 Price = $58…
Q: If a firm's average variable cost curve decreases when the firm increases its output, then the firm…
A: Average variable not entirely settled by separating the total variable cost by the output.
Q: What you understand by Business Cycles.
A: In economics, there are numerous economics terms used to define a specfiic market situation and…
Q: D the following table. Assume that the opportunity costs are constant. Use the given information to…
A: Note: You have uploaded more than one question at a time. Hence, we shall solve the first one for…
Q: 5. You have determined that in each of the next five years you will have budget shortfalls. In other…
A:
Q: Which would decrease the demand for a particular type of labor? An increase in the prices of the…
A: Labor is defined as the amount of physical, mental, and social effort put by a worker in production…
Q: 1. Real GDP decreases during (a).The movement from through to peak (b). The movement from below…
A: Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…
Q: Assume no change in the labour force. In the 2030s, physical capital increased by 20% and GDP…
A: The marginal product of capital refers to an increase in the total product because of an additional…
Q: Over the next year, the inflation rate will be 6%, while the nominal interest rate is 2% per year.…
A:
Q: An industry consists of three firms with sales of $25, $45, and $55. a. Calculate the…
A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the…
Q: Assume the capital stock depreciates at a rate of 15% per year. If the capital stock started the…
A: Given information: Capital stock depreciates at a rate of 15% per year Capital stock started the…
Q: Which of the following questions is NOT a microeconomic question? OA. Why is the unemployment rate…
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
Q: QUESTION 25 At Bank A, the yen-dollar exchange rate is JPY120/USD. At Bank B, the dollar-euro…
A: Exchange rate is the rate at which currency will be exchange with foreign currency or we can say…
Q: Frictional unemployment most likely arises due to O technological changes. O seasonal adjustments in…
A: Frictional unemployment is the aftereffect of willful business changes inside an economy. Labourers…
Q: A small monopoly manufacturer of widgets has a constant marginal cost of $15. The demand for this…
A: Given information: A monopoly firm produces widgets. The demand for the firm's widgets is Q = 105-2P…
Q: How does demographic transition theory explain population patterns in terms of technological…
A: A theory called the Theory of Demographic Transition explains how changes in the birth and death…
Q: Just the bolded one please Using the above graph, The minimum level of output this firm would…
A: Costs that are fixed are those that don't change based on volume. The majority of fixed costs are…
Q: 4. Consider the demand function q= D(x)=√300x² a) Find the elasticity of demand. b) the elasticity…
A: Price elasticity of demand refers to the responsiveness in the quantity due to any change in price.…
Q: b. Demonstrate graphically with the multiplier model a shift in the AE curve that would have caused…
A: The intersection point of the 45-degree line and the aggregate expenditure line gives the…
Q: California has been greatly affected by the forest fires of 2020. The most likely economic impact…
A: The production possibility curve (PPC) depicts the combination of two goods that a nation can…
The table below shows the value of each slice in the eyes of each of the players.
|
|
S1
|
S2
|
S3
|
|
Allen
|
$7.00
|
$6.00
|
$5.00
|
|
Mark
|
$4.00
|
$4.00
|
$4.00
|
|
Alice
|
$5.00
|
$4.00
|
$6.00
|
Which of the slices does Allen deem fair?
Step by step
Solved in 2 steps
- Assume the following game situation: If Player A plays UP and Player B plays LEFT then Player A gets $1 and Player B gets $3. If Player A plays UP and Player B plays RIGHT then Player A gets $2 and Player B gets $5. If Player A plays DOWN and Player B plays LEFET then Player A gets $4 and Player B gets $2. If Player A plays DOWN and Player B plays RIGHT then Player A gets $1 and Player B gets $1 What is the Mixed Strategy Equilibrium for Player B? O. (LEFT, RIGHT) = (1/8, 3/8) O. (LEFT, RIGHT) = (1/4, 3/4) O. (LEFT, RIGHT) = (1/2, 1/2) O. (LEFT, RIGHT) = (3/8, 1/8)Q3. Imagine that two partners are trying to divide up $66. Imagine that this game is played only once and that player 1 gets to decide how to divide the $66. Upload a picture of the game tree. You only need to include a minimum of 5 branches.Sophia is a contestant on a game show and has selected the prize that lies behind door number 3.The show’s host tells her that there is a 50% chance that there is a $15,000 diamond ring behindthe door and a 50% chance that there is a goat behind the door (which is worth nothing to Sophia,who is allergic to goats). Before the door is opened, someone in the audience shouts, “I will giveyou the option of selling me what is behind the door for $8,000 if you will pay me $4,500 for thisoption.” [Assume that the game show allows this offer.]a. If Sophia cares only about the expected dollar values of various outcomes, will she buythis option?b. Explain why Sophia’s degree of risk aversion might affect her willingness to buy thisoption
- 3. Suppose we play the following game. I give you $100 for your initial bankroll. At each time n, you decide how much of your current wealth to bet. You cannot borrow money. You can only play with the money I gave you in the beginning or any money that you have won so far. The game is simple. At each time n ≥ 1, you decide the amount to bet. I will roll a fair die. If the die comes up 1,2,3,..., or 5, you win; if the die comes up 6, then you lose. IOW, if you bet $10 on the first roll, you will either have $90 or $110 after the first roll. (a) Suppose you wish to maximize your profit on the first roll. How much should you bet? (Most of you will get this wrong.) (b) What is the expected profit on the first roll if your bet is b with 0 ≤ b ≤ 100? (c) Suppose you wish to maximize your expected profit on the first roll. How much should you bet? (d) Suppose you wish to maximize your expected profit betting on the nth roll. How much of your current wealth do you bet? (e) Let X₂, be your…Economics 4. Suppose you are going to play a game with four other people in our class. The rule of the game is that: each of them will choose a number between and 100 (including 0 and 100). The winner of the game is the one whose chosen number is the closest to [20+* average of everyone's chosen number]. The winner can get $100 form Josie. Everyone choosing 20 is a Nash Equilibrium. (a) True (b) False please explain it in detail.Roger and Rafael play a game with the following rules. Roger is given $250 to divide between himself and Rafael. Rafael does not get to choose but he can reject Roger’s offer if he does not like it. If Rafael rejects, both get nothing. If Rafael accepts, both get the split that Roger decided. a. What is this game called? b. Find all Nash equilibria for this game. c. When this game is played in the real world, do the predictions in part 1b materialize? Why/why not? d. Are all Nash equilibria in part 1b Pareto Optimal? Explain
- Below is an example of which game? A1 C D C get out and Both prisoners split the loot. Al goes free and keeps all the loot; A2 goes to jail. A2 O Chicken D Al goes to jail; A2 goes free and keeps all the loot. Both go to jail and split the loot later. O Stag Hunt O Prisoner's Dilemma O Cooperation A1 C D C 3,3 4,1 A2 D 1,4 2,2*you and a friend decide to run a three mile race. If you agree to run together, you keep up with himfor the first mile, but you overexert yourself and run the last two miles at slower paces on your own. Tomake up for lost time, your friend runs the last two miles at a faster pace. Your mile times are 6:30, 7:00,and 7:30. Your friend’s times are 6:30, 6:00, and 6:00. If you both agree to run on your own, you run aconstant pace of 7:05 while your friend runs at a constant pace of 6:05. If you want to run together butyour friend wants to run solo, he runs his constant pace of 6:05. You, on the other hand, want to showhim that you can run faster, but you end up overexerting yourself after the first mile. You run times of6:20, 7:05, and 7:30. If he wants to run together but you do not, you both run at your pace of 7:05. Thissituation can be turned into an economic game, with the payoffs the overall race times. You each wantto run the fastest time you possibly can.(a) Who are the players in…2 Consider Anna and Joe, who value a certain good by the same amount v and can choose to either contribute (C) e to get the good or not (N) where v > e> 0. Obtaining the good only requires c from one person. The game is summarized in the payoff table below: Joe V-c,V-c V-c,V v,V-c 0,0 Find a pure strategy equilibrium and a mixed strategy equilibrium. Anna O Z
- Во ein g C. 190 d. 210 Inv est Do n't Diagram 1 Air bus Air bus Inv est Do n't Inv est Do n't (-25,-25) (170,0) (0,190) (0,0) Suppose that both Boeing and Airbus receive a subsidy of 20 units to invest. What is Boeing's equilibrium payoff in this game? a. -5 b. 0Assume the following game situation: If Player A plays UP and Player B plays LEFT then Player A gets $2 and Player B gets $4. If Player A plays UP and Player B plays RIGHT then Player A gets $3 and Player B gets $6. If Player A plays DOWN and Player B plays LEFT then Player A gets $5 and Player B gets $2. If Player A plays DOWN and Player B plays RIGHT then Player A gets $1 and Player B gets $1. What is the mixed strategy expected payout for Player B? 1 40/15 39/15 11/2Assume the following game situation: If Player A plays UP and Player B plays LEFT then Player A gets $2 and Player B gets $4. If Player A plays UP and Player B plays RIGHT then Player A gets $3 and Player B gets $6. If Player A plays DOWN and Player B plays LEFT then Player A gets $5 and Player B gets $2. If Player A plays DOWN and Player B plays RIGHT then Player A gets $1 and Player B gets $1. What is the Mixed Strategy Equilibrium for Player A? O (UP. DOWN) - (2/5, 3/5) O (UP, DOWN) = (1/3, 2/3) O (UP, DOWN) = (7/8, 1/8) O (UP, DOWN) - (1/8, 7/8)
