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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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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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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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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often viewed as a regular routine is the tossing of cigarette butts into the environment. The littering of cigarette butts seems to be accepted by our society. These tossed cigarette butts can be found everywhere in our local streets and it is extremely harmful to our environment. You can probably find a cigarette butt on the ground‚ in a bush‚ in the cracks of sidewalks‚ and just about every other place that trash can find their way into. Cigarette butts are the most hazardous especially when the
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Chemistry Morton 10 June 2014 Cigarette use in America: Right vs. Rights Say someone was to present you with a question: would you like to intake poisonous‚ addictive‚ cancer-causing smoke into your lungs‚ with practically no redeeming benefits? While this should be an absolute no‚ cigarettes are confusingly popular among all age groups‚ ethnicities‚ and locations. Despite all the glaring and oft-spoken health detriments‚ cigarettes are so often used that the cigarette industry has now blossomed into
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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 Kong does not widely develop casino? In fact‚ Hong Kong has the Hong Kong Jockey Club to provide horse-racing betting and football betting to the general public. However‚ in Hong Kong‚ there
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Cigarettes A cigarette may look harmless enough - tobacco leaves covered in classic white paper. But when it burns‚ it releases a dangerous cocktail of about 4‚000 chemicals including: more than 70 cancer-causing chemicals hundreds of other poisons. nicotine‚ a highly addictive drug‚ and many additives designed to make cigarettes taste nicer and keep smokers hooked. Tar a term that describes a collection of solid particles that smokers inhale when they light a cigarette. It is a mixture
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Cigarette “The Cigarette” is one of Yukio Mishima early works‚ written in 1946. Yukio Mishima is famous for written a blending of modern and traditional aesthetics that broken cultural boundaries‚ with a focus on sexuality. In this short story‚ Yukio Mishima describe‚ some of the scorn and bullying he faces at school. For example an episode where he tells the members of the schools rugby union club that he belonged to the literary society. And Yukio Mishima background is reflected in this short
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