1. Graph a typical indifference curve for the following utility functions and determine whether they obey the "law of diminishing marginal rate of substitution (MRS)" and the "law of diminishing marginal utility (MU)". Are they homogeneous? Are they homothetic? (1) U = 2X +Y (2) U = /2x + Y (4) U = /XY %3D (3) U = XY %D

Q: A dominate strategy is?

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A: A prisoner's dilemma is a well-known decision-making and game theory paradox in which two rational…

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Q: What is prisoners dilemma? and how it works?   Explain in detail

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Q: High monopoly profits are possible.

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Q: hy is a cooperative outcome more likely in an often repeated prisoners’ dilemma?

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Q: Chess is an example of a simultaneous move game – true or false. Explain your  answer.

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Q: Discuss the kinked demand curve model of an oligopolist

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Q: All of the following terms are used for Game Theory except for one: O Collusive Oligopoly O…

A:

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Q: What is an example of a legal collusive agreement

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