5 ranchers use a grassland to feed their cows. The ranchers must choose how many cows to raise. The benefit of raising a cow for a rancher is 100-5G per cow, where G is the total quantity of cows using the grassland. The marginal cost of raising a cow is 10. Hence, the net benefit of raising cows for any rancher is (100-5G)g-109, where 9 is the quantity of cows raised by the rancher. What is the total number of cows using the grassland, implied by the Nash Equilibrium?

5 ranchers use a grassland to feed their cows. The ranchers must choose how many cows to raise. The benefit of raising a cow for a rancher is 100-5G per cow, where G is the total quantity of cows using the grassland. The marginal cost of raising a cow is 10. Hence, the net benefit of raising cows for any rancher is (100-5G)g-109, where 9 is the quantity of cows raised by the rancher. What is the total number of cows using the grassland, implied by the Nash Equilibrium?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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