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- What is the importance of Matrices in mathematical economics?The blue curve on the following graph shows the tradeoff between security and tourism; that is, combinations of security and tourism above the blue curve are not possible, and those on or below the curve are possible. The vertical axis measures security, defined as the probability that a terrorist is intercepted before entering the country. The horizontal axis measures the number of yearly visitors to the United States, in millions. Suppose that before 9/11, there were 55 million visitors per year, and the probability of intercepting any particular terrorist at customs and immigration was 10%, as indicated by the purple point (diamond symbol). After the 9/11 attacks, a debate is held in Congress. Members of both parties agree that security measures need to be improved. However, there is some disagreement as to how much additional security is needed. Suppose the first bill that is introduced mandates that security be improved so that the probability of catching a terrorist at the border…Briefly explain how an increase in financial inclusion leads to the development of banks in India. No plagiarsed answers..
- Suppose Amar and Vasin are dividing 10 chocolates between themselves. At the first period, Amar offers the split. If Vasin accepts the split, then they share the chocolates according to Amar’s offer. If Vasin does not agree to Amar’s offer, in the next period, he gets to offer the split. However, only 9 chocolates will be there in the second period at the time when Vasin makes the offer. Assume that chocolates cannot be broken. Also, assume that if Vasin(Amar) is indifferent between two offers, he will accept the one that is most preferred by Amar(Vasin). Question 1 (a) Write down the extensive form game. (b) Solve for the subgame perfect equilibrium. (200 words)Q8 and q9Please solve ASAP
- Who were the Bernoulli's and what was their contribution the expected utility theory (or decision theory more generally)?Suppose initially that the United States is consuming 2 boots and 18 shirts and Canada is consuming 12 boots and 2 shirts, as indicated in the figure. Then, suppose the United States and Canada specialize by each only producing the good for which they have a comparative advantage and then trade. In particular, suppose the United States trades Canada half of its production for half of what Canada produces. The United States will have ? additional shirt(s) after the trade (enter a numeric response using an integer)In chapter 7, "Financial Markets," of the book Naked Economics, the author, Charles Wheelan, states, that, "...all financial instruments - no matter how complex the bells and whistles - are based on four simple needs." Which of the below is NOT of these "simple needs"? Raising Capital. Assumption of risk. Insuring Against Risk.