1)Define GDP in detail 2) Define opportunity cost 3) Define monopoly 4)Define perfect competition market 5)Define oligopoly market. 6)Define autarky. 7) Nash Equilibrium is Group of answer choices a) a strategy that must appear in every game b) the best strategy for a player to follow only if other players are cooperative c) a strategy that leads to one player's interests dominating the interests of the other players d)a situation where no person has an incentive to change their strategy unless someone else changes theirs.
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- A common marketing tactic among many liquor stores is to offer their clientele quantity (or volume) discounts. For instance, the second-leading brand of wine exported from Chile sells in the United States for $15 per bottle if the consumer purchases up to eight bottles. The price of each additional bottle beyond this is only $8. (a) If a consumer has $200 to divide between purchasing this brand of wine and other goods, graph the consumer’s budge set when liquor stores use this marketing tactic and the price of other goods is $1.00. (b) Assuming a consumer has standard indifference curves, will a consumer ever purchase exactly eight bottles of this wine?Transfer and revenue effect:The consumer gets positive benefits from consuming bread (B) and cake (K). Consumer utility is as follows: U(B,K) = 20·B2·K The price of bread is 200 ISK. but the price of a cake is 400 ISK. Consumer consumption is set restrictions as his income is ISK 20,000. Put cakes on x-axis and bread on pictures y-axis. a) Show the equation for the locating ratio of bread for one cake. Draw the equivalence curve on a graph and interpret what the equation position ratio says at each point in the equivalence process. b) Find the most efficient consumption combination and draw on the picture. c) The state decides to tax bread so its price rises to 400. Who is the most cost-effective consumption mix based on changing prices? Change change consumption patterns in the separate effects of displacement and income effects. Show the most efficient the consumption composition in the picture and differentiate the changed consumption due to price changes intransfer and income…Subject: Manegerial economic & policy Q#1) In your answer to each part below, include references to specific games discussed in thechapter as appropriate.a. If a game has a dominant strategy equilibrium, does it have a Nash equilibrium?b. If a game has a Nash equilibrium, does it have a dominant strategy equilibrium?c. If one firm has a dominant strategy, can another firm take advantage of that fact in decidingon its optimal strategy?d. Can a game have more than one dominant strategy equilibrium? Can a game havemore than one Nash equilibrium?
- Assume that your company produces two goods: laptops and tablets. Assume aslo that your company has limited resources( including time) to devote to producing these items. Now assume that the laptop team does something to improve the efficiency of making laptops, while the tabley holds to old methods. Given the change you can a) only increase your production of laptops b) only increase your production of tablets c) increase production of both items d) not increase your production in either tablets or laptops.Course: Microeconomic - Consumer Theory Explain in detail and model theoretically (be clear about it) establishing the assumptions considered necessary.Considering an individual who will choose 2 goods (X1 and X2) perfect substitutes:(a) How the individual analyzes his preferences and economic constraints (include the respective slopes in the analysis).b) How the individual constructs his demand function. Derive graphically and analyze the individual's demand for a rise in the price of good X1.Attach in each case the respective graphs.14. What assumption is important in using economic model to make predicitons? a) the law of demand b) the rationality assumption c) ceteris paribus/ other things being equal d)evryone being a price taker
- Equation 1: WP = f(DM, Quarterback, Top3, Net points) Where WP= the NFL team’s winning percentage, DM = measures of a team’s “dead money”, Quarterback= team’s salary cap money paid to the quarterback position, Top3 = salary cap money accounted for the top 3 players, and Net Points = (Total points for – total points against). a) Briefly explain the theoretical signs associate with the impact of each independent variable (DM, Quarterback, Top3, Net points in equation 1) on the dependent variable (WP). b) Empirically, you decide to collect a cross section database for each variable. Briefly explain why a cross-sectional database may be better than a time series database to estimate equation 1 above.why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphicallySuppose there was a debate regarding how to spend $1 billion in newly found revenues in the budget. Suppose the most liberal Democrat suggests an increase to Food Stamp (SNAP) allotments. Suppose the most conservative Republican suggests an increase in defense spending. The Republican says that, on average, military spending does the most good, so more is better. The Democrat is arguing that the extra food purchased by the extra spending will increase well-being the most. What is going on here? A . Both are employing marginal analysis, just from different perspectives. B. Only the Democrat is using marginal analysis. C. Only the Republican is using marginal analysis. D. Neither are using marginal analysis.
- Consider trade relations between the United States and Mexico. Assume that the leaders of the two countries believe the payoffs to alternative trade policies are as follows a. What is the dominant strategy for the United States? For Mexico? Explain. b. Define Nash equilibrium. What is the Nash equilibrium for trade policy? c. In 1993, the U.S.Congress ratified the North American Free Trade Agreement, in which the United States and Mexico agreed to reduce trade barriers simultaneously. Do the perceived payoffs shown here justify this approach to trade policy? Explain. d. Based on your understanding of the gains from trade (discussed in Chapters 3 and 9), do you think that these payoffs actually reflect a nation's welfare under the four possible outcomes?Part 1. The demand for a commodity is given by Q = β0 + β1P + u, where Q denotes quantity, P denotes price, and u denotes factors other than price that determine demand. Supply for the commodity is given by Q = g0 + g1P + v, where v denotes factors other than price that determine supply. Suppose u and v both have a mean of 0, have standard deviations su and sv, respectively, and are mutually uncorrelated.a) Solve the two simultaneous equations to show how Q and P depend on u and v.b) Derive the means of P and Q.c) Derive the variance of P, the variance of Q, and the covariance between Q and P.Consider trade relations between the United States and Mexico. Assume that the leaders of the two countries believe the payoffs to alternative trade policies are shown in the image attached. a) What is the dominant strategy for the United States? For Mexico? Explain. b) Define Nash equilibrium. What is the Nash equilibrium for trade policy? c) In 1993, the U.S. Congress ratified the North American Free Trade Agreement, in which the United States and Mexico agreed to reduce trade barriers simultaneously. Do the perceived payoffs shown here justify this approach to trade policy? Explain.