c) What will Celia's first-order condition be in step 1? Your answer should be expression that involves D.

Answer the given question with a proper explanation and step-by-step solution. Angela and Betty are deciding how many nights to stay at a resort. Given above are the budget lines and indifference curves for both Angela and Betty. They are not travelling together and therefore will make independent decisions (they do not have to stay the same number ofnights) L1 is the budget line for each of them before any discounts are offered. Each of them is offered a “Buy Three Nights Get One Free” deal, where if they stay for three nights the fourth night is free. This is just a one-time discount and all subsequent nights after the fourth night are at the undiscounted price. The budget line after the discount is the heavily shaded blue line L2. You may assume that each consumer wishes to maximize their utility (satisfaction) when determining the number of nights they will stay. (a) With the budget line at L1 how many nights will Angela stay?(b) With L1 the budget line how many nights will Betty…

QUESTION 9 George runs a very large confectionary factory where he makes all kinds of products including chocolate, toffee, and fudge, for the export market. Hector runs a doctor's practice next to this facility. Currently, George's factory machinery produces a substantial amount of noise, which is making it difficult for Hector to properly focus when he is treating a patient. This situation is causing Hector great distress, and, spurred on by his varying attentiveness and the annoyance of the noise itself. patients are also starting to seek medical care elsewhere. Hector therefore wishes to come to an agreement with George to stop him from using hist machinery during times when he should be the busiest with patients at his practice. Their respective benefits are shown below: Gains to George ($) Gains to Hector ($) Total ($) No Noise Controls 800 250 1050 Noise Controls 500 566 George insists that Hector will need to pay him exactly half the extra benefits that Hector gains from the…

Consider the game in the image attached below, which is infinitely repeated at t = 1, 2, ... Both players discount the future at rate: delta E (0, 1). The stage game is in the image attached.  "Grim Trigger" strategies: Describe the "Grim Trigger" strategy profile of this game. Draw the finite automata representation of this strategy profile. Find the lowest value of delta for this strategy profile to form a subgame perfect equilibrium.