Explain the attached questions below.
4. (30 points) Consider the following game. There are ten dollars to divide. Two players are each required to simultaneously name an integer between 0 and 10. The player who names the higher number gets to keep the money. If they name the same number, the money is equally shared between them. (a) Describe the set of players N, the set of strategies { Silien, and the payoff function QuitiEN. (b) Are there strategies that are strictly dominated? Demonstrate your reasoning. What are the resulting strategies after iterated elimination of strictly dominated strategies? (c) Find the best responses (correspondence) for each player. That is, find the strategies that maximize a player's payoff given what the other player does. (d) Find the Nash equilibria of the game. (e) Suppose now the game is changed. Whenever there is a tie, each player receives nothing. Answer the same questions in parts (b) and (c). Find the pure-strategy Nash equilibria of the game.1. Towards the end of the 20th century, the U.S. government wanted to save money by closing a small portion of its domestic military installations. While many people agreed that saving money was a desirable goal, people in areas potentially affected by a closing soon reacted negatively. Congress finally selected a panel whose task was to develop a list of installations to close, with the legislation specifying that Congress could not alter the list. Since the goal was to save money, why was this problem so hard to solve? 2. Your car gets 29 miles per gallon (mpg) at 60 miles per hour (mph) and 25 mpg a 70 mph. At what speed should you make a 525-mile trip: a. If gas costs $3 per gallon and your time is worth $18 per hour b. If gas costs $4 per gallon and your time is worth $12 per hour C. If gas costs $5 per gallon and your time is worth $9 per hour 3. A firm is planning to manufacture a new product. As the selling price is increased, the quantity that can be sold decreases. Numerically the sales department estimates: P = $475-0.250 Where P = selling price per unit and Q = quantity sold On the other hand, management estimates that the average unit cost of manufacturing and selling the product will decrease as the quantity sold increases. They estimate C = $480 + $22,500 Where C = cost to produce and sell Q per year The firm's management wishes to maximize profit. What quantity should be sold? How much profit will be made?QUESTION 48 Consider three items that might be included in GDP: (1) the estimated rental value of owner-occupied housing and (2) the purchase of newly constructed houses and (3) the rental of an apartment. How are these three items accounted for when GDP is calculated? All three items are included in the consumption component of GDP. Item (1) and item (3) are included in the consumption component of GDP, while item (2) is included in the investment component of GDP. G Items (1) and (2) are included in the investment component of GDP, while item (3) is included in the consumption component of GDP. Item (2) Is included in the investment component of GDP and item (3) is included in the consumption component of GOP, Item (1) is not included in GOP at all because it is considered a used good. QUESTION 49 How is the real rate of interest determined? The real interest rate is set by the central bank of a nation, such as our Federal Reserve. The real interest rate is determined by the equilibrium of the supply and demand for loanable funds. The real interest rate is determined by the nominal interest rate plus the inflation rate. The real interest rate is determined by the demand for private savings and the supply of public savings. QUESTION 50 Which of the following occurs when the Ford Motor Company removes a 2020 Ford Taurus from inventory and sells it to an American household for $22.000? U.5. consumption increases by $22,000, U.5. investment decreases by $22,000, and U.S. GDP does not change. U.5. consumption increases by $22,000, U.S. investment does not change, and U.S. GDP Increases by $22.000. U.S. consumption does not change, U.S. investment decreases by $22,000, and U.S. GDP decreases by $22,000. U.5. consumption increases by $22.000, U.5. investment increases by $22,000, and U.S. GDP increases by $44,000.DATE NAME 1. What are the main purposes of a legal system? (that is, what benefits does a legal system give to a nation?] 2. Name and describe the two most common types of legal systems in the world today. 3. What are the main sources of law in the U.S. common law system? 4. What is the difference between procedural law and substantive law? 5. What is federalism? 6. How do past decisions issued by judges make the law more predictable? 7. What are the three branches of the federal government, and how do they exercise the powers given to them in the U.S. constitution? B. Subject matter jurisdiction is the power to issue orders affecting the rights of a plaintiff and defendant. True or false? 9. Federal question jurisdiction is one of the types of jurisdiction exercised by federal courts. True or false? 10. The Tenth Circuit Court of appeals exercises which of the following types of jurisdiction? (Circle the correct answer) a. Appellate jurisdiction b. Original jurisdiction c. Special court jurisdiction d. Personal jurisdiction 11. A party who begins a lawsuit by filing a is called a plaintiff. 12. The party who files an indictment in a criminal court is called the 13. Describe two ethical duties of an attorney who represents a party in a lawsuit. 14. After all the evidence is presented in a trial, what is the job of the jury? 15. A person who has an actual stake in the outcome of litigation is said to have 16. A court may exercise filed. Jurisdiction over a party who has minimum contacts with the state in which a case is 17. A court may permit the filing of a class action if (Circle all that apply)
