5) Suppose that the letter grade earned on a test for each student in a class depends upon how well he/she does relative to other students in the class. This exhibit shows a prisoner’s dilemma setting for two representative students in the class, George and Gina. What is the expected final Nash Equilibrium? a) Study 4 hours for both Gina and George. b) Study 2 hours for both Gina and George. c) George studies for 2 hours, and Gina studies for 4 hours. d) George studies for 4 hours, and Gina studies for 2 hours.

5) Suppose that the letter grade earned on a test for each student in a class depends upon how well he/she does relative to other students in the class. This exhibit shows a prisoner’s dilemma setting for two representative students in the class, George and Gina. What is the expected final Nash Equilibrium? a) Study 4 hours for both Gina and George. b) Study 2 hours for both Gina and George. c) George studies for 2 hours, and Gina studies for 4 hours. d) George studies for 4 hours, and Gina studies for 2 hours.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

ChapterB: Indifference Curves

Section: Chapter Questions

Problem 11RQ: Exercise B11 Which is larger, the income effect or the substitution effect?

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