Ron Go to Bed Adventure Go to Bed 40, 40 10, 20 Adventure 20, 10 60, 60 Harry and Ron were forced to split up as they were trying to avoid being caught out of bed by Filch and Mrs. Norris. They must now separately decide whether to continue their adventure or go to bed. Both would prefer to continue, but not on their own. Their payoffs are described in game the matrix above. Use this information to answer questions #23, #24, #25. 23. If Ron chooses to "Go to Bed" with p = 1, what is Harry's Best Response? a. Harry chooses "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75. b. Harry chooses "Go to Bed" with p = 0.5 and “Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. %3D d. Harry chooses "Go to Bed" with p = 0 and “Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 24. If Ron chooses to flip a magic coin, so that he will choose "Go to Bed" with p = 0.25 and "Adventure" with p = 0.75, what is Harry's best response? a. Harry chooses "Go to Bed" with p b. Harry chooses "Go to Bed" with p = 0.5 and "Adventure" with p = 0.5. c. Harry chooses "Go to Bed" with p = 1 and "Adventure" with p = 0. d. Harry chooses "Go to Bed" with p = 0 and “Adventure" with p = 1. e. Any combination of the strategies "Go to Bed" and "Adventure" is a best response for Harry. 0.25 and “Adventure" with p = 0.75. 25. Is Ron's strategy described in question #part of a mixed strategy Nash Equilibrium (NE)? a. Yes. This strategy is part of the mixed strategy NE for this game. b. No. There is not a mixed strategy NE for this game. c. No. There is a mixed strategy NE for this game, but it does not include this strategy. d. No. This strategy is part of a pure strategy NE. e. There is not enough information provided to answer this question. Harry

After graduation, you face a choice. You can work for a multinational consulting firm and earn a starting salary (including benefits) of $40,000, or you can start your own consulting firm using $5,000 of your own savings. If you keep your money in a savings account, you can earn an interest rate of 7 percent. You choose to start your own consulting firm. At the end of the first year, you add up all of your expenses and revenues. Your expenses include $14,000 for rent, $1,000 for office supplies, $24,000 for labor, and $4,500 for telephone expenses. After operating your consulting firm for a year, your total revenues are $88,000. Instructions: Enter your answers as a whole number. a. What is your accounting profit? 2$ b. What is your economic profit? 2$

James has been working as a Mechanical Engineer ever since he graduated five years ago. Two years ago, he bought and financed a new $25,000 Jeep Compass and still owes $15,750 on his car loan. He has never been late with a car payment. James has one major credit card, with a $1,000 limit. He has had it since his senior year of college and was two months late with a payment one time during that first year. He is currently carrying a balance of $600 on this card. In the last year, James applied for six store credit cards at places that he shops a lot so that he can earn points and get discounts. He carries no balances Part 1: Calculate James’ credit score. Recalculate his credit score if he had not opened the six store credit cards.   Part 2: James is tired of paying rent and would like to purchase a condo so that he can start building equity in his home. He is looking for a 30-year mortgage to purchase a $240,000 condo. What interest rate does James qualify for on a mortgage with his…

Someone’s uncle leaves them $10,000 in his will, but with a requirement that they invest the money into retirement savings. Their brother suggests a Roth IRA, but their sister suggests a Traditional IRA. Explain which one they should choose.