Judicial review of the awards of voluntary arbitration can correct Multiple Choice the outcome, when both the disputing parties are dissatisfied with it the erroneous rulings made by an arbitrator during the hearing fraudulent or arbitrary actions by an arbitrator an arbitrator's erroneous findings of fact from the evidence the outcome, even if only one of the disputing parties is dissatisfied with it
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- Actual authority is the authoritya partner appears to have to third parties external to the partnership.O. TrueO. FalseKayla and Kevin are friends who go together to a used textbook seller who has two copies ofthe biology book that they both need for their class this semester. The cost to the seller ofacquiring the books was $25 each and no other students will need this book. Kayla states thatshe is willing to pay $40 for the book, while Kevin says he is willing to pay $80. Which ofthe following describes the most likely conclusion to this scenario? Group of answer choices The seller will sell the books to both Kayla and Kevin for $40 each because if they tried tocharge Kevin a higher price, Kayla would engage in arbitrage. The seller will sell one book to Kayla for $40 and one book to Kevin for $80 because thismarket meets all three requirements for price discrimination. The seller will sell the books to both Kayla and Kevin for $80 each because Kevin's highervalue exceeds Kayla's willingness to pay. The seller will sell the books to both Kayla and Kevin for $25 each because that is howmuch the…Please tell follwoing sentence is True or False? Explain in 5-6 sentence only Chay and Greenstone (2003a) use cross-county differences in changes in pollution induced by the 1981-82 recession to estimate the effect of air pollution on infant mortality. If counties with big pollution declines also experience dramatic drops in population (because households move to counties with better economic opportunities), relative to counties without pollution declines, this could generate bias in their estimates.
- [Adverse Selection] Each of the two players receives an envelope, in which there is anamount of money that is equally distributed from $0, $1, $2, ..., $100. The amounts in twoenvelopes are independent. After receiving the envelope, each individual can check exactlyhow much money is put in his/her own envelope. Then each player has the option to exchangehis/her envelope for the other individual's prize. The decisions are made simultaneously. Ifboth individuals agree to exchange, then the envelopes are exchanged; otherwise, if at leastone player chooses not to exchange, each individual keeps his/her own envelope and receivesits attached sum of money.a. Model this game as a static Bayesian game (write the normal formrepresentation) and find the Bayesian Nash equilibrium.b. Consider a new game where the probability distribution of money in eachenvelope is changed. The amount is equal to $100 with probability 90%, and is equalto each number in $0, $1, $2, ... ,$99 with probability 0.1%.…a. When the fulfillment of a potestative condition depends upon the sole will of the oblige, the obligation is deemed void. b. Rescission implies a situation where the parties to a contract must be restored as close as possible in their original situation prior to the perfection of the agreement. c. The prerogative to rescind is implied in all obligations provided breach has been committed. d. A person alternatively bound for the performance of different prestations shall completely perform all of them. which of the following is true?While grading a final exam, an economics professordiscovers that two students have virtually identical answers.She is convinced the two cheated but cannot prove it. The professorspeaks with each student separately and offers the followingdeal: Sign a statement admitting to cheating. If both studentssign the statement, each will receive an “F” for the course. Ifonly one signs, he is allowed to withdraw from the course whilethe other student is expelled. If neither signs, both receive a “C”because the professor does not have sufficient evidence to provecheating.a. Draw the payoff matrix.b. Which outcome do you expect? Why?
- Suppose that an incumbent can commit to producing a large quantity of outputbefore the potential entrant decides whether to enter. So, the incumbent Örst chooseswhether to produce a small quantity or a large quantity. The rival then decides whether toenter. If the incumbent commits to the small output level and if the rival does not enter,the rival makes $0 and the incumbent makes $900. If it does enter, the rival makes $125and the incumbent earns $450. If the incumbent commits to producing the large quantity,and the potential entrant stays out of the market, the potential entrant makes $0 and theincumbent makes $800. If the rival enters, the best the entrant can make is $0, the sameamount it would earn if it didnít enter, but the incumbent earns only $400. Show the gametree. What is the SPNE?Poker players are known to bluff once in a while, meaning that they will make a large bet despite holding inferior cards in an effort to pressure other players to fold their hands. Would bluffing be considered a dominant strategy in poker? a) No, because if a player bluffs on every hand, other players will catch on and call his or her bluff. b) No, because bluffing is usually not successful and is therefore considered a secondary strategy. c) Yes, because it usually results in a winning hand. d) Yes, because it is the main strategy used by players.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…
- Two athletes of equal ability are competing for aprize of $10,000. Each is deciding whether to takea dangerous performance-enhancing drug. If oneathlete takes the drug and the other does not, the onewho takes the drug wins the prize. If both or neithertake the drug, they tie and split the prize. Taking thedrug imposes health risks that are equivalent to a lossof X dollars.QuickQuiz Answers1. d 2. c 3. a 4. d 5. c 6. b 7. d 8. ba. Draw a 2×2 payoff matrix describing the decisionsthe athletes face.b. For what X is taking the drug the Nashequilibrium?c. Does making the drug safer (that is, lowering X)make the athletes better or worse off? Explain.Multiple choice 14. Mark is a Canadian lumberjack whose income increases from $1,200 per week to $1,500 per week. If his demand for restaurant meals rises from 2 to 4 per week then...Select one: a.Ey = 3 b.Ey = 0.5 c.Ey = 2.5 d.Ey = -1 15. Which of the following would help support the argument for legalizing drugs?Select one: a.None of the other choices b.The demand curve for illegal drugs in relatively elastic c.The demand curve for illegal drugs is relatively inelastic d.The demand curve for illegal drugs is perfectly elastic 16. The Philippines Government is thinking of increasing taxes on gasoline and cigarettes in order to raise tax revenue. This would...Select one: a.None of the above are correct b.Be a good idea if gasoline and cigarettes are inelastic goods c.Be a poor idea because people would stop consuming these goods d.Be a good idea if gasoline and cigarettes are elastic goods 17. If Exy > 0 then goods x and y areSelect one: a.Substitutes b.Normal goods c.Inferior goods…Suppose Andy is now allowed to be noisy if he chooses, but Barb has a liability right to collect damages for any harms she bears from the noise. Note that if she has earplugs, she does not bear any harms from the noise, so she will only be paid if Andy operates noisily and she does not wear earplugs (she is not paid any damages for wearing earplugs). In the absence of bargaining, Barb will a. do nothing b. wear earplugs Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
