Pls help with below homework. Consider the multiround dictator game we looked at last class (see below),played 5 times in a row. What does the standard model predict will be eachplayer's payoff, summed over all 5 rounds?255075Boat 1SmallLargeSmall 10,100,15Large15,05,5Suppose that, after each round, each person has a chance to take 5 pointsaway from the other person, if she chooses to do so. It costs the"punisher" 5 points to make the punishment. Based on the evidence welooked at in class, do you think overall payoffs will be:The same as without punishmentHigher than without punishmentLower than without punishmentThere is insufficient information to answer this questionBoat 2

Answer 1. If this game is played five times in a row, then the standard model will predict each…

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ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

Pls help with below homework.

Consider the multiround dictator game we looked at last class (see below),
played 5 times in a row. What does the standard model predict will be each
player's payoff, summed over all 5 rounds?
25
50
75
Boat 1
Small
Large
Small 10,10
0,15
Large
15,0
5,5
Suppose that, after each round, each person has a chance to take 5 points
away from the other person, if she chooses to do so. It costs the
"punisher" 5 points to make the punishment. Based on the evidence we
looked at in class, do you think overall payoffs will be:
The same as without punishment
Higher than without punishment
Lower than without punishment
There is insufficient information to answer this question
Boat 2

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ADDED DISCUSSION WITH QUESTIONS TOPIC: MARGINAL UTILITY 5 6 7 No. of Pieces Total Utility (Q) 1 2 3 4 (TU) 150 225 250 220 8 9 10 11 Marginal Utility is calculated using the formula given below 12 Marginal Utility (TU-TU)/(Q-Q) 13 14 D For 1 Piece For 2 Piece For 3d Piece (86-0)/(A6-0) -(87-86)/(A7-A6) 150 75 (88-87)/(AS-A7) 25 Marginal 15 Utility Formula 16 Marginal Utility 17 For 1st Piece of the Cake Marginal Utility1 = (150-0)/(1-0) Marginal Utility1 = 150 For 4th Piece (89-88)/(AS-AS) -30 For 2nd Piece of the Cake Marginal Utility2=(225-150)/(2-1) Marginal Utility2 = 75 For 3rd Piece of the Cake Marginal Utility3 = (250-225)/(3-2) Marginal Utility3 = 25 For 4th Piece of the Cake Marginal Utility4 = (220-250) / (4-3) Marginal Utility4 = -30 Therefore, here we can see how the marginal utility of a piece of cake declines after the consumption of the previous one. Here, the highest utility is reached at the consumption of the 3rd piece, beyond whichthe total declined. This is a…
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