Analyse whether panic buying represents rational or irrational behaviour response to the situation that consumers face in the presence of the Covid-19 global pandemic. Using what you have learned about Rational Consumer Choice, consumer transitivity etc) and Game Theory. preferences(completeness,
Q: If C = 5 + 0.6Y, I = 4 – 0.2 r, G = 5, T = 6, X = 10 dan M = 10 + 0.3 Y, Ms = 20, Mdt = 0.1 Y and…
A: Given; Consumption Function; C= 5+0.6YInvestment function; I=4-0.2rGovernment expenditure; G=5Taxes;…
Q: To what extent do you agree with the statement that a monopoly is always a worse situation for…
A: A monopoly is a market structure where there is a single seller and many buyers.
Q: Suppose the inverse demand for a particular good is given by P = 1200 – 12Q. Furthermore, th are…
A: Stackelberg duopoly model is the competition between two firm such that one of them is a…
Q: Illustrate the link between the cost-minimization problem and total cost curve. What would happen to…
A: Cost minimization is a fundamental rule utilized by makers to figure out what blend of work and…
Q: Why might log (nox)and rooms be negatively correlated?
A: A negative correlation is a kind of correlation in which the two concerned variables move in the…
Q: The Current Population Survey (CPS) is designed to measure the labor force status of the civilian…
A: The Current Population Survey is a monthly statistical survey co-sponsored by the United States…
Q: Question 18 If the nominal exchange rate in Australia appreciates, then: The real exchange rate in…
A: Here, it is given that the Australian currency appreciates in the international market.
Q: Suppose a duopoly in a market for a differentiated good. The demands and costs of the two companies,…
A: We have Bertrand price model where two firms are decided their price simultaneous.
Q: Player 2 Middle Left P1: $45 P1: $70 Up P2: $45 P2: $50 Player 1 P1: $50 P1: $60 Middle P2: $50 P2:…
A: The Nash equilibrium is a decision-making theorem from game theory. It asserts that if a player…
Q: The demand for wine in town A is actually pA=40−1/2qA; NOT 12qA. Coudl you please let me know how…
A: Town A:pA=40-1/2qANow,TR=p×qTR=(40-1/2qA)qTR=40qA-0.5qA2... (1/2=0.5)From this, we can determine…
Q: Net Foreign Factor Income $8 Corporate Profits 47 Gross Private Domestic 73 Investment Proprietors…
A: Net earnings is described as disposable earnings. It is the quantity final after taxes. After-tax…
Q: Identify a local competitor in your country and discuss their advantages and limitations with…
A: A competitor is an individual, team, business, or organization that contests against you or your…
Q: 3- If the slope is equal to 0.5 slop, then the amount of to. Note that 7 = xi elasticity at the…
A: The slope of the demand curve shows the ratio of percentage change in quantity demanded to the…
Q: A maintenance contract is $5,000 per year for 10 years. Assuming 9% annual interest, calculate the…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Exercise 4: A small country with the domestic supply and demand function for good X as followed,…
A: Economy's domestic equilibrium occurs when domestic demand and supply are equal . And it determines…
Q: 24) In the simple Keynesian model, if there is an autonomous investme falls by $20 billion and the…
A: The investment is the summation of induced investment and autonomous investment. The autonomous…
Q: P-MC 1 We know that Lerner Index = - The prices charged by a pharmaceutical company are P E 1,500%…
A: Learner’s index measures the marker power of the company.
Q: One of the lessons of economics is that “there is no such thing as a free lunch.” This means that…
A: Trade-offs are everywhere in the Economy because all the resources are limited in quantity and wants…
Q: Your uncle is very upset because after a recent snow storm he was charged $300 by a private snow-…
A: A price ceiling is the maximum amount that a seller is permitted to charge for a product or service.…
Q: 7. The act that says that all employers must pay men and women the same wage for the same work is…
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
Q: The expenditure approach to calculating GDP is best expressed by which of the following? A.)…
A: GDP measures the value of goods and services that are produced within the country during a specific…
Q: You are doing research on yield curves related to the spot rates of several different countries. You…
A: A yield curve refers to a curve that reflects the relationship between the yield or the interest…
Q: In the perfectly competitive market for mobile phone production all firms have access to the same…
A: In perfectly competitive market, there is free entry and exit of firms.
Q: Question 20 Which of the following is a credit item in the Australian capital account? Australia…
A: When talking about The capital account of balance of payment account, it can be said that all…
Q: The role of monopoly in America's Prescription Drug Crisis
A: A scenario is said to be monopoly when there is only one vendor in the market.The monopoly situation…
Q: 9- If you have the following information: EPO(q1+q0)9000-9 EP1(q1+q0)=45000 And, the of the index…
A: Given Information: ∑P0q1+q0 = 9000∑P1q1+q0 = 45000
Q: A firm's total cost function is c(y) = y² + (a +ß)y + 100ß. p = $50. Find the best output level, y*.
A: Given Cost function: c(y)=y2+(α+β)y+100β ..... (1) Price p =$50 We have to find the best…
Q: Explain Keynesian policy for fighting unemployment and inflation.
A: Keynesian economics explains how total expenditure affects production, employment, and inflation.…
Q: What national and international trade-offs raise a country's standard of living?
A: Tradeoff is a situation in which one things has to be left out in order to gain another thing.
Q: help
A: The investment is the induced investment and autonomous investment. The autonomous investment is the…
Q: The act that requires those who give credit to reveal all the terms and conditions of their credit…
A: Federal government has made several rules and acts to protect the interest of consumers. The…
Q: Suppose a bank has $200 million in checking account deposits with no excess reserves and the…
A: Required reserves ratio is the proportion of deposits banks must hold as reserves.
Q: For a monopolist, the profit-maximizing output is given by the condition ____, and the…
A: When talking about the monopolist's firm, it can be said that his production, output, and pricing…
Q: Explain how the cost of a country’s tariffs is calculated as a percentage of gross domestic product…
A: Tariff refers to the tax that is imposed by the government of a nation on the imported goods and…
Q: Money has four functions: a medium of exchange or means of payment, a store of value, a unit of…
A: In the given question, the function of money are given and their implication is suggested.
Q: The Glass-Steagall Act of 1933 a) allowed banks to do investment banking and insurance in addition…
A: When talking about the Glass-Steagall Act. of 1933, it was implemented in the US under the rule of…
Q: Suppose that the government budget is balanced (balanced-budget) in the context of the Keynesian…
A: Here, it is given that the economy has a balanced government budget according to Keynesian model.
Q: Q6. How does fiscal policy affect the economy?
A: Answer: Fiscal policy: fiscal policy refers to the policy of government in which the government…
Q: Profit equals to a) Revenue minus price b) Price multiplied by quantity Oc) Revenue Od) The…
A: Any revenue left over after all of the business's expenses have been paid is referred to as profit.…
Q: Charlies's lawn-mowing service is a profit-maximizing.competitive firm. Bob mous lawns for $27 each.…
A: In perfect competition market firms are price taker . They have to accept the price determined by…
Q: In the balance of payments, capital and financial account inflows might lead to future current…
A: Capital and financial account inflow refers to the situation when a country is getting more foreign…
Q: Analyze and compare fiscal and monetary policy in order the generate macroeconomic stability between…
A: Monetary policies are the measures taken by central banks to maintain the monetary as agreeably as a…
Q: Consider a perfectly competitive firm, with the cost information provided on a graph below. MC р ATC…
A: We have given cost structure of a competitive firm and price at which is supply the good.
Q: Consider a perfectly-competitive industry where each firm has the following long run cost function…
A: In perfectly competitive market, price is constant so it is equal to marginal revenue. Profit is…
Q: In the balance of payments, capital and financial account inflows might lead to future current…
A: When talking about an open economy, this economy maintains a balance of payment account to record…
Q: Desired Aggregate Expenditure Yo Y₂ G Yo V₂ FIGURE 23-1 Refer to Figure 23-1. Assume the economy is…
A: Equilibrium in the Keynesian cross model occurs at the intersection of 45 degree line and aggregate…
Q: The price rises from $12 to $13, and Qs rise from 95 to 100 Column A Column B 1. % change in…
A: Price elasticity of supply refers to the percentage change in quantity supplied due to percentage…
Q: 13. A(n) is a word, symbol, design, or combination of these that a business uses to identify itself…
A: Identification and recognition of the product is a vital component for any business. Hence, the firm…
Q: Joan has the following utility function U = 4x + 4y. a. Describe her preferences for these two…
A: Utility function : U = 4x + 4y Utility function describes the level of satisfaction derived by a…
Q: Write a note on economics of distillation.
A: Economics Economics is the study of production growth and welfare through time, as well as a wide…
Step by step
Solved in 2 steps
- Please no written by hand solutions Consider a game between two friends, Amy and Brenda. Amy wants Brenda to give her a ride to the mall. Brenda has no interest in going to the mall unless her favorite shoes are on sale at the large department store there. Amy likes these shoes as well, but she wants to go to the mall even if the shoes are not on sale. Only Amy subscribes to the newspaper, which carries a daily advertisement of the department store. The advertisement lists all items that are on sale, so Amy learns whether or not the shoes are on sale by showing the newspaper to Brenda. But this is costly for Amy, because she will have to take the newspaper away from her sister, who will yell at her later for doing so. In this game, nature first decides whether or not the shoes are on sale, and this information is made known to Amy (Amy observes whether nature chose S or N). Nature chooses S with probability p and N with probability 1-p. Then Amy decides whether or not to take the…In a small isolated town, there are two types of people, saints and crooks. In business dealings between any two residents of this town, the payoffs are below. Saint Crook Saint 7,7 0, 10 Crook 10, 0 -5,-5 What percentage of this town's residents would be saints in an evolutionary stable strategy? a) 62.50% b) 0% c) 15.30% d) 100% e) 87.50%Problem 7 A casino offers people the chance to play the following game: flip two fair coins. If both come up heads, the gambler wins $1. If both come up tails, the gambler wins $3. If one is heads and one is tails, the gambler gets nothing. The game costs $1.25 to play. Your friend, Richard, who has not taken a probability course and thus doesn't know any better, goes to this casino and plays the game 600 times. Estimate the probability that your friend loses between $132 and $195 over the course of the 600 games. (You need to provide a number instead of an expression involving NA(a,b)).
- Consider the game with the payoffs below. Which of the possible outcomes are MORE efficient than the Nash Equilibrium (NE)? Note, they do NOT need to be Nash equilibria themselves, they just need to be more efficient than the NE. Multiple answers are possible, but not necessary. You need to check ALL correct answers for full credit. JILL High Medium LowMAGGIE Left 3,4 2,3 2,2Center 4,8 9,7 8,7Right 7,6 8,5 9,4Group of answer choices (Left, Low) There is no strategy combination that is more efficient than the Nash equilibrium for this game. (Right, Medium) (Left, High) (Center, Medium) (Center, High) (Center, Low) (Left, Medium) (Right, Low) (Right, High)BPO Services is in the business of digitizing information from forms that are filled out by hand. In 2006, a big client gave BPO a distribution of the forms that it digitized in house last year, and BPO estimated how much it would cost to digitize each form. Form Type Mix of Forms Form Cost A 0.5 $3.00 B 0.5 $1.00 The expected cost of digitizing a form is . Suppose the client and BPO agree to a deal, whereby the client pays BPO to digitize forms. The price of each form processed is equal to the expected cost of the form that you calculated in the previous part of the problem. Suppose that after the agreement, the client sends only forms of type A. The expected digitization cost per form of the forms sent by the client is . This leads to an expected loss of per form for BPO. (Hint: Do not round your answers. Enter the loss as a positive number.)Think of an example of a decision problem or a game theory problem. Submit the source of the story. You can take it from a newspaper, from the Internet, magazine, book. Simplify the problem and represent it using the concepts of game theory or decision theory. Solve it. Compare your results with the real-life results. In case the results do not coincide, explain why. Which is the element that the theory does not reflect. Real life source is needed with a link to the source.
- Suppose research at Panasonic reveals that prospective buyers are anxious about buying high definition television sets. What strategies might you recommend to the company to reduce consumer anxietyPlease no plagiarism. I will scan your answer. What is meant by the game theory in economics. I need answer in detail.when playing at a casino your expected value means the amount you gain at a single play. True or False
- 9. You have a chance to play a coin flip game where if the coin comes up heads you get $5,000; but lose $1,000 if it comes up tails. If you are risk averse (A>0), how much would you need to be paid to walk away and i not play the game? Explain.2) To relieve stress, you have been told to not bottle up your anger but to let it out. A teakettle will explode if you don't let the steam out. This advice coincides with which coping strategy? A) Enactive strategy B) Proactive strategy C) Reactive strategy D) Resistance strategyКееp production $200 million $300 million Using what you know about the prisoner's dilemma, what would be the profit for Antel and constant IMD in millions? (cooperate Antel profit Antel profit is $20 million is $200 million Antel options IMD profit is IMD profit is $20 million $100 million Increase production (act independently) Antel profit Antel profit is $100 million is $300 million Antel profit: S million million IMD profit: S What would be the best collective option for both firms? Select all of the reasons Antel and IMD would make more profit at the original constant production level? соорerate Because overall demand for computer chips act independently will increase Because they can both charge more for the product at the given level of production Because it restricts the supply of computer chips
