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Is the lottery a fair way to allocate economic resources? Discuss, referring to both of the following:
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- Is the lottery a fair way to allocate economic resources? Discuss, referring to both of the following: procedural judgements of fairness substantive judgements of fairness →Is the lottery a fair way to allocate economic resources? Discuss, referring to both of the following:a)procedural judgements of fairnessb)substantive judgements of fairnessDefine scarcity, choice, and opportunity cost and explain how they are related and why they are so essential in the study of economics.
- What is an real-life example of a opportunity cost?Banks do not take steps to increase security since they believe it is less costly to allow some bank robberies than to install expensive security monitoring equipment. Explain how this demonstrates that economic agents respond to incentives.Two people have $4 to divide between themselves. They use the following process to divide the money. Each person names a number of dollars (a nonnegative integer), at most equal to 4. If the sum of the mounts that the people name is at most 4, then each person receives the amount of money she names (and the remainder is destroyed). If the sum of the amounts that the people name exceeds 4 and the amounts named are different, then the person who names the smaller amount receives that amount and the other person receives the remaining money. If the sum of the amounts that the people name exceeds 4 and the amounts named are the same, then each person receives $2. (a) Write a payoff matrix to represents the game. (b) Find all strictly dominated strategies for each player. (c) Find all weakly dominated strategies for each player. (d) Find all the Nash equilibria of the game in pure strategies.
- Solve all questions ...Introduction to the Production Possibilities Curve (PPC) As you know, the basic economic problem is scarcity. Since we do not have enough scarce resources to satisfy everyone's needs and wants, we all have to make choices. We must choose how to spend our time, our energy, our money, and our material possessions, and for every choice that is made, a cost is suffered. The relationship between choice and cost can be shown in a graph called a production possibilities curve, or PPC. For example, consider a student who has 4 hours of free time in the evening. He or she can choose to spend some, all, or none of those 4 hours studying for a test the following day. He or she could also use the time to catch up on sleep. These choices can be graphed: Choice A - spend all 4 hours studying Choice B- spend 2 hours studying, and 2 hours getting extra sleep Choice C- spend all 4 hours sleeping Of course, other combinations of the 4 hours exist. The student could study for 3.5 hours, and get an extra…Use the following information to answer questions 11 and 12 Bart Simpson has $50 that he is thinking of using to buy a new skateboard. Instead, he could use it to buy an iPod shuffle, a state-of-the-art slingshot, or a gift card for his sister, Lisa. Your answer # 11 If Bart spends the $50 on the skateboard, * his opportunity cost is whichever of the other three alternatives he values most. his opportunity cost is whichever of the other three alternatives he values least. his opportunity cost is all of the other three things. 1 point
- How is the first mover advantage related to schelling's paradox of commitment. {note please do not copy paste any article from Google I allready complaint about it}Both Geppetto and Lewis are toy store owners. They decide that they would like to trade puzzles and puppets in order to better stock their toy store shelves. The table below compares their production possibilities schedules. Production Possibilities Schedules Geppetto Puzzles 188 88 68 48 28 8 Puppets 8 4 8 12 16 20 Puzzles: (Click to select) Lewis: Puzzler 58 Geppetto: 48 30 20 18 8 Instructions: Enter your answers as a whole number. a. Geppetto and Lewis agree to trade at a rate of 3 puzzles for each puppet With those terms of trade, who is most likely to be the supplier of puzzles? Who is most likely to be the supplier of puppets? Lewds Puppets: (Click to select) b. The two toy store owners agree to specialize and to trade 30 puzzles for 10 puppets. The terms of trade are still 3 puzzles for each puppet How many puzzles and puppets will each one have after they complete their trade? puzzles and Puppets 8 S 18 15 20 25 puzzles and puppets puppetsSuppose that in an hour Chip can gather 8 pounds of fruit or 4 pounds of nuts. In an hour, Monk can gather 9 pounds of fruit or 3 pounds of nuts. Which of the following choices would benefit both Chip and Monk if trade occurred? Please choose the correct answer from the following choices, and then select the submit answer button. 1 pound of fruit for 2/5 pound of nuts 1 pound of fruit for 1 pound of nuts. 1 pound of fruit for 3/4 pound of nuts 1 pound of fruit for 1/10 pound of nuts I dont understand the math breakdown for these types of trade question I realize Chip Fruit to nuts is 2:1 and Monk is 3:1 but that is where I dont undersand the further breakdown