game is played with complete information, is a tit-for-tat strategy case? Explain using your own words. Using your own words, explain the backward bending labor sup Using your own words, explain the production contract curve. ionship between the production contract curve and the producti ibilities frontier? Explain using your own words. You graduate from UCI with a 3.8 GPA. Is your GPA a stro re employers that you will be a productive worker? Explain w y not?
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- The leader of a federal political party made the following campaign promise: "My administration will increase national defense without requiring sacrifices elsewhere in the economy." The promise can only be kept if: O a) the economy moves along the production possibilities in the direction of a greater quantity of defense. b) This can only happen if the point of production of the economy shifts outwards. Oc) This could never happen. d) This will always happen..Need help with this homework thinking question (about opportunity costs) Sigmund Freud, in his 1930 essay Civilization and Its Discontents, argues that thesublimation of sexual desire leads to the mental energy required for advances in civiliza-tion: science, art, politics, etc. He writes,“Sublimation of instinct [such as sexual instinct] is an especially conspicu-ous feature of cultural development; it is what makes it possible for higherpsychical activities, scientific, artistic, or ideological, to play such an impor-tant part in civilized life... it is impossible to overlook the extent to whichcivilization is built up upon a renunciation of instinct...” How would an economist phrase Freud’s argument, in terms of opportunity costs? Might this explain the development of monogamous marriage as an institution?Michael owns a strawberry farm in central California and is deciding how many strawberries to supply this month. Which question appropriately applies the cost-benefit principle to the supply decision? Is the price Michael gets for the extra bushel of strawberries at least as large as the marginal cost? What is the fixed cost of production for Michael's strawberries? If Michael was not producing strawberries, how else could he use his resources? Is Michael "holding all else constant" when making this decision?
- Study the following diagram and answer the question that follows: Submarines C b 0 Hospitals With reference to the above production possibilities frontier, we can say that... O A. the opportunity cost of producing one more hospital is higher at f than at g. O B. the opportunity cost of producing Oa hospitals is Ob submarines. O C. the opportunity cost of producing one more submarine is higher at g than at f. O D. the opportunity cost of producing Oa hospitals is cb submarines.Which of the following would shift an economy's production possibilities curve to the left? Select one: O a. the country discovers a new energy source O b. dramatic increases in economic growth O c. a major increase in the number of people in the labour force O d. an increase in the retirement age O e. the country experiences a major natural disaster affecting its capital goodsEconomics Consider the following set of constraints (Maixmization problem): 22X+ 44Y>= 18, and 66X+ 22Y >= 9. The following is true for this problem: a. X= 0, Y 22 is the only optimal solution. O b. Infeasible problem. C. Unbounded problem. d. X-22, Y=-2 is the only optimal solution.
- dent A boss notices that one of his unscrupulous employees has been stealing company materials lately. He values honesty in himself and his employees, but the stolen property was not valu Consequently, the boss prefers keeping her around rather than having to fire and train a repl Nevertheless, he would ideally like to stop her from stealing. The boss is thinking about issuing a warning: the next person caught stealing any company property will be immediately fired. I Should the boss issue such a warning? (Hint: You need to first find the subgame perfect equilibrium (SPE)) Below is the game in extensive form. The top payoffs belong to the Boss, the bottom payoff belong to the employee. Employee Stop No warning Steal Figure 1: Extensive form of the game Boss Ignore Boss Fire Warning Boss Follow Test Forgive 21 Employee Quit 0why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphicallyAssume that a business firm finds that its profit is greatest when it produces $40 worth of product A. Suppose also that each of the three techniques shown in the following table will produce the desired output. a. With the resource prices shown, which technique will the firm choose? Why? Will production using that technique entail profit or loss? What will be the amount of that profit or loss? Will the industry expand or contract? When will that expansion or contraction end? b. Assume now that a new technique, technique 4, is developed. It combines 2 units of labor, 2 of land, 6 of capital, and 3 of entrepreneurial ability. In view of the resource prices in the table, will the firm adopt the new technique? Explain your answer. c. Suppose that an increase in the labor supply causes the price of labor to fall to $1.50 per unit, all other resource prices remaining unchanged. Which technique will the producer now choose? Explain. d. “The market system causes the economy to conserve most…
- Consider a 2x2 production economy with two firms, X and Y, and two factors of production, labor L and capital K. The total endowment of factors in the economy is 100 units of labor and 100 units of capital, so (L, K) = (100, 100). Firm X can produce output good X using labor and capital. The firm's technology is described by the following continuous and differentiable production function: fx(lx,kx) = alx + (1 – a)kx, where lx 2 0 is the quantity of labor and kx > 0 is the quantity of capital employed by firm X, and a e (0, 1) is a production parameter. Firm Y can produce output good Y using labor and capital. The firm's technology is described by the following continuous and differentiable production function: fr (ly, ky) = lk8, where ly > 0 is the quantity of labor and ky >0 is the quantity of capital employed by firm Y, and ß E (0, 1) is a production parameter. This is a small open economy, so output prices for goods X and Y, (px,pY) >> 0, are given. For all of the following…If the price of chili increases, there will be of chili cheese fries. an increase in the quantity supplied a decrease in the quantity supplied a decrease in the supply an increase in the supplynvellu Xl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld=8&flushed%3Dfalse ITMG 1B Econ 2100 Homework: Basics ... Question 8, 1.1 Question... HW Scor > O Point: nic The problem of scarcity O A. can be solved in a market economy. O B. exists because the unlimited human wants cannot be satisfied with limited resources. O C. would disappear if there were no market failures. O D. exists because the limited human wants cannot be satisfied with available resources. O E. always results in shortages of some goods.