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- Two identically able agents are competing for a promotion. The promotion is awarded on the basis of output (whomever has the highest output, gets the promotion). Because there are only two workers competing for one prize, the losing prize=0 and the winning prize =P. The output for each agent is equal to his or her effort level times a productivity parameter (d). (i.e. Q2=dE1 , Q2=dE2). If the distribution of “relative luck” is uniform, the probability of winning the promotion for agent 1 will be a function of his effort (E1) and the effort level of Agent 2 (E2). The formula is given by...Prob(win)=0.5 + α(E1-E2), where α is a parameter that reflects uncertainty and errors in measurement. High measurement errors are associated with small values of α (think about this: if there are high measurement errors, then the level of an agent’s effort will have a smaller effect on his/her chances of winning). Using this information, please answer the following questions. Both workers have a…A lake has two species of fish: bass and catfish. The number of bass and catfish living in the lake, B and C respectively, depend on the temperature of the lake, T (in degrees Farenheit). The functions modeling this dependency are given below: B(T) = 8T2 + 976T – 28890 С(Т) 3D — 2T?+244T — 6893 What are the two temperatures at which the number of bass in the lake is the same as the number of catfish? Enter exact expressions or round your answers to the nearest thousandth. T : Tisnt there only one unique outcome of iterated elimination?
- Am. 398.Problem 2. (SW 12.8.) Consider a product market with a supply function Q₁ =B₁ + B₁P₁ + už, a demand function Q 7o+u, and an equilibrium condition Q = Q, where u and u are mutually independent i.i.d. random variables, both with a mean of 0. = (a) Show that P; and us are correlated. (b) Show that the OLS estimator of 3₁ is inconsistent. Hint: The standard strategy for showing inconsistency: first, argue that ₁ will Var(P) converge in large samples to Co(P), second, use OLS calculations to show that Cov(Q³,P) # B₁. Var(P) (c) How would you estimate Bo, B₁, and %0?As the manager of Smith Construction, you need to make a decision on the number of homes to build in a new residential area where you are the only builder. Unfortunately, you must build the homes before you learn how strong demand is for homes in this large neighborhood. There is a 60 percent chance of low demand and a 40 percent chance of high demand. The corresponding (inverse) demand functions for these two scenarios are P = 400,000-400Q and P=900,000-2500, respectively. Your cost function is C(Q)=125,000+ 430,0000. How many new homes should you build, and what profits can you expect? Number of homes you should build: homes
- As the manager of Smith Construction, you need to make a decision on the number of homes to build in a new residential area where you are the only builder. Unfortunately, you must build the homes before you learn how strong demand is for homes in this large neighborhood. There is a 80 percent chance of low demand and a 20 percent chance of high demand. The corresponding (inverse) demand functions for these two scenarios are P = 300,000 −300Q and P = 800,000 −200Q, respectively. Your cost function is C(Q) = 180,000 + 260,000Q. How many new homes should you build, and what profits can you expect? Give typing answer with explanation and conclusionk : ces As the manager of Smith Construction, you need to make a decision on the number of homes to build in a new residential area where you are the only builder. Unfortunately, you must build the homes before you learn how strong demand is for homes in this large neighborhood. There is a 50 percent chance of low demand and a 50 percent chance of high demand. The corresponding (inverse) demand functions for these two scenarios are P= 300,000-400Q and P= 500,000 -225Q, respectively. Your cost function is CQ) = 165,000+ 243,750Q. How many new homes should you build, and what profits can you expect? Number of homes you should build: homes Profits you can expect: $1Competition means that Multiple Choice O O sellers can manipulate market price by causing product scarcities. there are independently acting buyers and sellers in each market. a product can be purchased at a number of different prices. there is more than one seller in a market. 18 11,027 AUG 24 .... < Prev Saved 5 of 12 átv # Next N
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