Section A a. Explain the concept of dominant strategy equilibrium. 1. http://tuvalu.santafe.edu/~jkchoi/game4.pdf 2. http://econweb.umd.edu/~borowitz/dominant_strategy_equilibrium.pdf b. Discuss the concept of Nash equilibrium. 1.http://www.economics.utoronto.ca/osborne/igt/nash.pdf 2. http://www.columbia.edu/~rs328/NashEquilibrium.pdf c. Is every dominant strategy equilibrium a Nash equilibrium? 1. http://economics.fundamentalfinance.com/game-theory/nash-equilibrium
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MICROECONOMICS CHAPTER 1 The Market Economy What is to be done? —Lenin When future historians look back on the close of the 20th century‚ one of the most sweeping changes they will note is the collapse of centrally planned economies in Eastern Europe. It is not far off to say that the Cold War between the United States and the Soviet Union was won not by the armies of the United States and its allies‚ but by the productive power of Western market economies. Mikhail Gorbachev‚ then leader of the Soviet
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retail bank overcomes the limitations of thirty-year-old "legacy" microeconomics systems to launch a high-tech operation that offers its customers a complete range of banking services over the telephone. Another bank is able to roll out‚ within three months of an acquisition‚ information systems that deliver the same level of service to all customers at all branches‚ new and old. (Richard 2002‚ 177) For these companies‚ Microeconomics has genuinely become an enabler of change that boosts competitive
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SUBJECT NAME : MICROECONOMICS SUBJECT CODE : BEC1001 ACADEMIC YEAR : AY 2012/2013‚ OCT SEMESTER “By submitting this work‚ we are declaring that we are the originators of this work and that all other original sources used in this work have been appropriately acknowledged. We understand that plagiarism is the act of taking and using the whole or any part of another person’s work and presenting it as our own without proper acknowledgement. We also
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dog-racing and cruise ships. Nowadays‚ there are about 6‚224 casinos in the world. The most popular casino must be the one in Las Vegas. Besides‚ Cathy H.C. Hsu points that gambling has existed in Asia for many centuries and gambling has become part of daily life in many Asian cultures like India (Casino Industry in Asia Pacific Development‚ Operation and Impact). Many Asian governments are turning to gambling to bolster their economies‚ to capture taxes lost to illegal betting and to boost tourism. Why Hong
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Microeconomics study guide Chapter 6 Notes: Firms and Production A firm converts inputs into outputs What firms want: 1. Profit : π = R - C 2. efficient production to maximize π -efficient production alone is not sufficient to ensure a firm’s π is maximized How they are organized 1. information exchange 2. incentives for workers Production Function q = f(L‚K) relationship b/w quantities of inputs used & max quantity of output that can be produced given current knowledge about
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Operational Information Management in Strategy and Operations: A Case of Air Asia to venture into Regional and International Markets 1.0 Introduction This study was intended to analyze the electronic marketing strategy on a selected budget airline based in Malaysia‚ Air Asia which aims to identify its potential future market segments. The study also explore on how current information systems strategy adopted by the Air Asia‚ in which could help the company to strengthen its position as a leading
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Fundamentals of Microeconomics In the world today product and services are both key to the survival of mankind. Depending on the demand from consumers‚ companies will see an increase or decrease of the items they produce or the service rendered. In the article of trends in US gasoline and ethanol use and petroleum production and imports these items will be looked at; as well as a discussion of the fundamentals of microeconomics. First‚ in order to understand what the fundamentals of microeconomics are
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Limited resourcesTime‚ money. * Inability to satisfy all of our wants * Faced with scarcity we must choose among available alternatives * Trade offs * Incentive: Reward that encourages and action or penalty that discourages * Microeconomics: Choices of: * Individuals * Businesses * The way these choices interact in markets and the influence of the government * Macroeconomics: * Study of the performance of the national economy and the global economy * E.g.
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Practice Test # 3 Useful formulas/expressions: (1) MPC = ∆ C / ∆ DI or ∆ C / ∆ YD & MPC + MPS = 1 (2) Exp. Multiplier = 1/(1-MPC) ∆GDP = Exp Mult. * ∆AE (3) Δ AE = Δ Income * MPC (4) DD Multiplier = 1/rrr ∆DD = DD Mult. * ∆Reserves Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Long-run full-employment equilibrium assumes: a. a downward-sloping production function. b. a downward-sloping long-run supply curve (LRAS)
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