Question
3Use a diagram(s)of your choice to illustrate and answer the following: a)Can a given consumer have more than one indifference curve when deciding between (say)
3Use a diagram(s)of your choice to illustrate and answer the following:
a)Can a given consumer have more than one indifference curve when deciding between (say) free time and working? If so, can those indifference curves cross at any point? Why or why not? Why are the indifference curves convex?
b)Is the concept of Nash equilibrium useful when we have a dominant strategy equilibrium? Why,' or Why not? Is the concept of Nash equilibrium useful to predict outcomes of complex strategic interactions (like for example the outcome of the ongoing Brexit negotiations), when we have more than one Nash equilibria? Why? or Why not?
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