he set S; = {1,2,..., 10}. Voters are equally distributed across these ten positions, and ote for the candidate whose position is closest to their own. If the two candidates are quidistant from a given position, the voters at that position split their votes equally. Each andidate wants to maximize their share of the total vote. Thus, for example, u₁(8,8) = 50 nd u₁(7,9) = 75. Note that you do not need to write out the payoff matrix to answer either f the following questions.
Q: Three mutually exclusive design alternatives are being considered. The estimated cash flows for each…
A: Present value refers to the concept that states an amount of money today is valued more than that…
Q: suppose you are provided with the following demand an supply curves for shoes: QD = 400 - 3P QS =…
A: The equilibrium price is the only price where the plans of consumers and the plans of producers…
Q: Which of the following is an important factor critical to the conduct of international business? O…
A: International trade is referring to the trade of products and services among multiple nations. Trade…
Q: Product differentiation is the main difference between perfect competition and monopolistic…
A: The ideal market system has complete and symmetric knowledge and no transaction costs for all…
Q: Consider a typical consumer whose preferences can be represented by a Constant Elasticity of…
A:
Q: Mia is a registered nurse. She has 18 hours per day to devote to labor or leisure, and has $20…
A: For maximizing utility, Mia has to select the combination of consumer goods and leisure that can…
Q: Define economic conditions in iran
A: An economy is a large group of linked trade, consumption, and production activities that help…
Q: 17.1You’re the manager of global opportunities for a U.S manufacturer who is considering expanding…
A: The expected profit is calculated by multiplying the profit probability by the profit value. The…
Q: Classify each example according to whether it is rivalrous or nonrivalrous, and excludable or…
A: In economics, products are items that satisfy human needs and give utility, for example, to a…
Q: Last week there was a concert in SAP center where country singers performed. What would be the…
A: In the market for the country music we have the demand and the supply curves. And equilibrium point…
Q: The demand for Peet's Coffee over a week should be more elastic than the demand for Peet's Coffee…
A: Price elasticity of demand: It measures the percentage change in the quantity demanded for a 1%…
Q: Define Stagflation
A: Inflation refers to the increase in the prices of goods and services in the economy over time.…
Q: Discuss the level of elasticity of demand for your product. Is additional information needed for you…
A: Demand elasticity is the percentage change in demand in reaction to a percentage change in a factor…
Q: The table shows the demand and supply schedules for running shoes. Complete the following sentences.…
A: The situation of equilibrium is determined by finding out the quantity demanded and supplied of the…
Q: The graph illustrates Robert's consumption of cotton candy and mini-cookies. Robert starts at point…
A: The price effect is divided into the substitution effect and income effect. When price changes, it…
Q: Due to the diminishing marginal returns in the short run production, for a typical firm, in the…
A: Diminishing marginal returns refers to the situation when firm is facing an increase in marginal…
Q: The United States imports televisions from Japan and Japan imports computer chips from the United…
A: Opportunity cost is the cost of producing one good in terms of other. Comparative advantage is when…
Q: one standard deviation
A: Members surveyed= n=5 study hour of member1 =12 hours, member2=18 hours, member3= 7 hours,…
Q: Consider a pure exchange economy with two goods, z and y, and three consumers, 1, 2, and 3. The…
A: Walrasian Equilibrium: A Walrasian equilibrium is a set of prices of 2 goods, and a consumption…
Q: According to neuvoo (an online job search network), the average auto mechanic salary in Canada is…
A: The average compensation differential between working men and women is known as the gender pay gap…
Q: The following graph plots the short-run and long-run Phillips curves (SRPC and LRPC, respectively)…
A: According to the Phillips curve, unemployment and inflation have a consistent inverse relationship.…
Q: nly typed answer Each firm in a competitive market has a cost function of C(q) = q − q 2 + q 3 .…
A: Over the long run, all firms tend to get only normal profit or price is equal to the AC of…
Q: According to the _____ model, everything else equal, countries with a larger population experience…
A: Economic growth is how a country's wealth develops over time. Although it is frequently used in…
Q: Q=10L 0.5 K 0.5, where Q is the output off... 2. Q-10L0.5 K0.5, where Q is the output of Chianti (a…
A: There is many factor of production just like land , labor , capital etc by using those factor firm…
Q: Suppose that there is an increase in the equilibrium price (=rent) and quantity (=units rented) of…
A: Equilibrium price: The price at which the quantity demanded is equal to the quantity supplied is…
Q: The Water Regulatory Agency is considering five mutually exclusive alternatives for providing a…
A: Benefit to cost ratio is calculated by the following formula :- B-C ratio = Annual Benefit ÷ Annual…
Q: Consider the supply and demand schedules in this figure (Qd=10-2P, Qs=3P). In autarky, what is the…
A: The exchnage of goods and services across borders is known as the international trade. Under free…
Q: en the following Multiple linear regression [tenure in years]: aries= 1223+ 30 tenure +…
A: Tenure and Profits acts as an independent variables whereas Salaries act as a dependent variable.
Q: Now assume we can derive an economic analysis from the biological relationship. Fisherman select the…
A: Revenue in Economics is the earnings that an entity earns from its normal business operations, it is…
Q: Sofia has set aside $50 to spend on DVDs and movie tickets. The table shows Sofia's marginal utility…
A: Marginal utility refers to the additional utility enjoyed by a consumer due to consumption of an…
Q: b) National Homebuilders, Inc., plans to purchase new cut-and-finish equipment. The details of the 2…
A: Annual worth formula: Equal payment series capital recovery factor (A/P,i,n):…
Q: Total health expenditures are a function of price and O A. Reimbursement B. Value Assets Quantity
A: The expenditure on health is a major expenditure of every household .It takes a major proportion of…
Q: 6. Suppose that there are two identical firms in the silver mining industry. The cost curve of each…
A: Firms engages in price and quantity competition to raise their profitability .Firms lowers their…
Q: The tables (below) show the willingness to pay by three (competitive) consumers for additional units…
A: An market is a collection of systems, institutions, processes, social relationships, and…
Q: To manage cash flow, you should _____ and then subtract expenses you expect to incur. Select one:…
A: Since you have posted multiple questions, we will provide the solution only to the first question as…
Q: Safeway sells water for $2 a bottle or $18 for a box of 12 bottles. This is an example of third…
A: Third degree price discrimination: the price varies according to consumer attributes such as age,…
Q: what the rationing problem is, and one strategy for dealing with it.
A: The price level determines an equilibrium by equating demand and supply in a market. The price…
Q: 100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 O $60.00 O $100.00 $40.00 0 O $20.00 2…
A: In monopolistically competitive market and monopoly, A firm or monopolist will produce where MR =…
Q: Who determines money supply and how does the money supply curve look like?
A: The money supply refers to the total quantity of money (currency + deposit money) in an economy at…
Q: There are 40 people living in a village each having preference over apples and shirts represented by…
A: The above utility function is of Cobb-Douglas form: U(x,y) = xay1-a So we use the formula to find…
Q: 5. Assume than a non-competitive firm faces a downward sloping firm demand curve, P(Q), and has the…
A: The equilibrium of supply and demand in each market determines the price and quantity of the…
Q: Professor Moretti described the Great Divergence within the American economy. Explain the origins of…
A: Introduction There is a significant gap in the income increments. The economic imbalance in the…
Q: · α Each week, an individual consumes x and y of two goods, and works for 1 hours. These three…
A: Given, Utility Function: U(x,y,l)=αln(x)+βln(y)+(1-α-β)ln(L-1) Defined for 0≤l≤L and x,y>0 and,…
Q: Describe how protectionism affects the price of the protected good in the domestic market? Who ends…
A: In order to defend their home nations against international competition, businesses often adopt a…
Q: During a recession, progressive income tax rates act as an automatic stabilizer by O decreasing the…
A: Automatic stabilisers are continuing government initiatives that modify taxation and spending in an…
Q: 1. Let (inverse) demand be Pb = 110 - 7 Qb and (inverse) supply be Pv = 32 + 3 Qv. Consider the…
A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…
Q: Which of the following is a permissive subject matter for good-faith bargaining? O seniority O…
A: A party's commitment to meet and bargain with another party at convenient times is referred to as…
Q: The table below provides the total revenues and costs for a small landscaping company in a recent…
A: The formula for economic profit is equal to Total revenue - (explicit cost + implicit cost).…
Q: What is the equation of the supply curve in the graph? C The equation of the supply curve in the…
A: Supply curve is the graphical representation of supply schedule. Supply curve is upward sloping…
Q: QUESTION 8 Suppose that in a particular labor market the supply curve increases (shifts right). What…
A: Labor market is the place where households provide labor to firms and wages in return, while firms…
PLEASE CHECK THIS HOW TO SOLVE
Step by step
Solved in 3 steps
- Bella Robinson and Steve Carson are running for a seat in the U.S. Senate. If both candidates campaign only in the major cities of the state, then Robinson is expected to get 80% of the votes; if both candidates campaign in only rural areas, then Robinson is expected get 75% of the votes; if Robinson campaigns exclusively in the city and Carson campaigns exclusively in the rural areas, then Robinson is expected to get 30% of the votes; finally, if Robinson campaigns exclusively in the rural areas and Carson campaigns exclusively in the city, then Robinson is expected to get 65% of the votes. (a) Construct the payoff matrix for the game. (Enter each percentage as a decimal.) Carson City Rural Robinson CityRural Is the game strictly determined? YesNo (b) Find the optimal strategy for both Robinson (row) and Carson (column). P = Q =1.17. Jones and Smith are running for public office. There are 99 voters.(a) Suppose the rules say that Jones wins if she receives 50 or morevotes; otherwise Smith wins. Is this method neutral?(b) Suppose the rules say that a candidate wins if he or she receivesa number of votes that is between 60 and 89. (If neither candidategets a winning number of votes, then the election is a tie.) Is thismethod monotone?(c) Suppose the rules say that a candidate wins if he or she receives anodd number of votes. (If neither candidate gets a winning numberof votes, then the election is a tie.) Is this method decisive?(d) Suppose that the rules say that Smith wins the election no matterwhat. Is this method anonymous?Consider the strategic voting game discussed at the endof this chapter, where we saw that the strategy profile (Bustamante, Schwarzenegger,Schwarzenegger) is a Nash equilibrium of the game. Show that (Bustamante, Schwarzeneg-ger, Schwarzenegger) is, in fact , the only rationalizable strategy profile. Do this by firstconsidering the dominated strategies of player L. (Basically, the question is asking youto find the outcome of the iterative elimination of strictly dominated strategies)
- Two staff managers in the ΠBΦ sorority, the house manager (player 1) and kitchen manager (player 2), must select a resident assistant from a poolof three candidates: {a, b, c}. Player 1 prefers a to b, and b to c. Player 2 prefers b to a, and a toc. The process that is imposed on them is as follows: First, the house manager vetoes one of thecandidates and announces the veto to the central office for staff selection and to the kitchenmanager. Next the kitchen manager vetoes one of the remaining two candidates and announcesit to the central office. Finally the director of the central office assigns the remaining candidateto be a resident assistant at ΠBΦ.a. Model this as an extensive-form game (using a game tree). You will need to define theutilities of both players.b. Find the subgame-perfect Nash equilibrium (or equilibria) for this game. Is it unique?c. Now assume that before the two players play the game, player 2 can send an alienatinge-mail to one of the candidates, which would…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 only5) Three legislators are set to vote on a bill to raise the salary of legislators. The majority wins, so all three will receive the raise if at least two of them vote in favor of the bill. The raise is valued at R by each legislator. Voting in favor of the bill comes with political backlash from constituents, though, even if the bill fails. Let C be the cost of backlash for anyone voting in favor of the bill. Finally, suppose that 0 < C < R. There are four possible payoffs for each legislator: 0: if they vote against the bill and at least one other legislator votes against it (so the bill fails) R: if they vote against the bill and the others vote for the bill (so the bill passes) -C: if they vote for the bill and no one else votes for the bill (so the bill fails) R-C: if they vote for the bill and at least one other legislator votes for it (so the bill passes). The three legislators are named X, Y, and Z, and voting happens sequentially and orally. So X announces their vote (to…
- urgent 1.15. Consider the Supreme Court as an electorate of 9 members thatvotes yes-or-no on a variety of issues. It is customary for this electorateto use the simple majority method, and since 9 is an odd number, no tiescan result when no justices are absent. Imagine the following alternativemethod for determining Supreme Court decisions. The decision is affirmative whenever at least 3 of the first 5 justices vote to affirm. Otherwisethe decision is negative. This is just the bloc voting method, where thejustices form blocs of size 5, 1, 1, 1, and 1. (This method emulates whatwould occur if the first 5 justices were to agree to always vote as a blocand to decide among themselves how the bloc should rule.)(a) Is this method anonymous?(b) Is this method neutral?(c) Is this method monotone?(d) If you were one of the 4 justices not among the first 5, why wouldyou complain about this voting method?Assume there are three voters: A, B and C. Voter preferences can be ranked along a left-to-right spectrum that ranges from 1-9; 1 being the most left leaning preference and 9 being the most right leaning preference. Suppose these voters will choose between candidates Smith and Jones in an upcoming election. Assuming the following voter preferences: True/False Explain: If the median voter theorem holds, candidates Smith and Jones will either both adopt preference 5 OR one will adopt preference 4 while the other adopts preference 6. B. Suppose the electorate becomes more polarized; A moves from 4 to 1 while C moves from 6 to 9. B remains at 4. How does the median voter model predict candidates Smith and Jones will change their preference? C. Keeping the assumptions from B, how does the election result change if a tax on non-voters doubles the number of voters while preserving the distribution of preferences? D. If the tax in C induces 100% compliance (everyone votes), did this tax…Consider a Downsian electoral competition over the line [−1, 1] where there are 11 voters. Each voter has a single-peaked preferences over the policies. Voter 1’s peak is at -1, voter 2’s at -0.8, ..., voter 6’s at 0, voter 7’s at 0.2, ..., and voter 11’s at 1. Suppose there are two candidates, {D, R} and if they get equal votes the tie is broken by a coin toss—that is, both wins the election with probability 1/2. (a) What is the Nash Equilibrium of this game? (b) Now suppose that there is an ideological candidate C that positions himself at -1 whatever the other candidates do. Is there a Nash Equilibrium of the game? If so, what is it? (c) Suppose now that there is another ideological candidate at 1. Is there an equilibrium and what is it?
- Cameron and Luke are playing a game called ”Race to 10”. Cameron goes first, and the players take turns choosing either 1 or 2. In each turn, they add the new number to a running total. The player who brings the total to exactly 10 wins the game. a) If both Cameron and Luke play optimally, who will win the game? Does the game have a first-mover advantage or a second-mover advantage? b) Suppose the game is modified to ”Race to 11” (i.e, the player who reaches 11 first wins). Who will win the game if both players play their optimal strategies? What if the game is ”Race to 12”? Does the result change? c) Consider the general version of the game called ”Race to n,” where n is a positive integer greater than 0. What are the conditions on n such that the game has a first mover advantage? What are the conditions on n such that the game has a second mover advantage?4.1. The vote-for-two method works as follows: Candidates get apoint whenever a voter ranks them first or second. The candidate withthe most points is declared to be the winner (or if several candidates tiefor the most points, they are all declared to be winners).(a) Does the vote-for-two method satisfy the Condorcet criterion?(b) Does the vote-for-two method satisfy the anti-Condorcet criterion?(c) Does the vote-for-two method satisfy the Pareto property?(d) Is the vote-for-two method independent?4.10. A social choice function satisfies the weak Pareto criterion if,whenever every voter places one candidate above another, say rankingcandidate A over candidate B, then candidate B cannot be the uniquewinner. (This differs from the Pareto property owing to the words “theunique”.)(a) Explain why any method that satisfies Pareto also satisfies weakPareto.(b) Explain why the antiplurality method satisfies weak Pareto.(c) Explain why the agenda method violates weak Pareto.