978-0077247164

Microeconomics by David Colander 8th edition

Please do as many as you can thanks.

b. The ultimatum game. connect Questions and Exercises ECONOMICS a. How is this likely to change the outcome? 1. The chapter outlines two approaches to economics. b. What does your answer to a suggest about the value of a. What are those two approaches? b. Which approach is more likely to rely on experimen cheap talk? tal evidence? c. How could Player A make her pronouncement c. Which approach is more likely to rely on formal game believable! LOZ theory? 5. State whether each of the following situations is a d. How might the two approaches be reconciled? LOI simultaneous or sequential game. Explain your 2. Write down a payoff matrix different than the one presented answer. in the text that demonstrates a prisoner's dilemma. LO2 a. A congressional vote by roll call. 3. Write down a payoff matrix in which players would not face the prisoner's dilemma. LOL c. The Civil War. 4. In the following payoff matrix, Player A announces that d. The segregation game (requires reading the box "The she will cooperate Segregation Game and Agent-Based Modeling' on page 266). LOZ Player B 6. the solution to the prisoner's dilemma game a Nash Defect Cooperate A-1 A: 0.5 7. If a player does not have a dominant strategy, can the Cooperate 8. True or false? If a game has a Nash equilibrium, that equilibrium will be the equilibrium that we expect to Player A B: 2 AO A: 1 9. Two firms have entered an agreement to set prices. The Defect payoff matrix on the next page shows profit for each firm in a market depending upon whether the firm cheats on equilibrium? Why? LO3 game still have a Nash equilibrium? LO3 B: 1 observe in the real world. LO3 B: 0.5 the agreement by reducing its prices. a. What is the dominant strategy for each firm, b. What is the Nash equilibrium, if any! LO3 if any? b. The ultimatum game. connect Questions and Exercises ECONOMICS a. How is this likely to change the outcome? 1. The chapter outlines two approaches to economics. b. What does your answer to a suggest about the value of a. What are those two approaches? b. Which approach is more likely to rely on experimen cheap talk? tal evidence? c. How could Player A make her pronouncement c. Which approach is more likely to rely on formal game believable! LOZ theory? 5. State whether each of the following situations is a d. How might the two approaches be reconciled? LOI simultaneous or sequential game. Explain your 2. Write down a payoff matrix different than the one presented answer. in the text that demonstrates a prisoner's dilemma. LO2 a. A congressional vote by roll call. 3. Write down a payoff matrix in which players would not face the prisoner's dilemma. LOL c. The Civil War. 4. In the following payoff matrix, Player A announces that d. The segregation game (requires reading the box "The she will cooperate Segregation Game and Agent-Based Modeling' on page 266). LOZ Player B 6. the solution to the prisoner's dilemma game a Nash Defect Cooperate A-1 A: 0.5 7. If a player does not have a dominant strategy, can the Cooperate 8. True or false? If a game has a Nash equilibrium, that equilibrium will be the equilibrium that we expect to Player A B: 2 AO A: 1 9. Two firms have entered an agreement to set prices. The Defect payoff matrix on the next page shows profit for each firm in a market depending upon whether the firm cheats on equilibrium? Why? LO3 game still have a Nash equilibrium? LO3 B: 1 observe in the real world. LO3 B: 0.5 the agreement by reducing its prices. a. What is the dominant strategy for each firm, b. What is the Nash equilibrium, if any! LO3 if any