Possible Answers: 1. a) $0 b) $1 c) $3 d) $6 e) $5 2. a) 3,000 b) 0 c) 500 d) 1,
ID: 1100949 • Letter: P
Question
Possible Answers:
1. a) $0 b) $1 c) $3 d) $6 e) $5
2. a) 3,000 b) 0 c) 500 d) 1,500 e) 2,500
3. a) 2,000 b) 2,500 c) 1,500 d) 2,250 e) $1,250
4. a) 2,000 b) $1,250 c) $2,500 d) 2,250 e) $1,500
5) a) decrease b) increases
6) a) $2.50 b) $2 c) $4.50 d) $3.50
7) a) $4,000 b) $2,500 c) $2,000 d) $1,500 e) $4,375
8) a) $4,375 b) $3,375 c) $2,000 d) $1,500 c) $1,875
9) a) $2,500 b) $2,000 c) $1,500 d) $2,250
10) a) $2,250 b) $2,500 c) $1,500 d) $2,000
11) a) $4,500 b) $0 c) $3,375 d) $4,000
12) True or False
13) a) a prisoners' dilemma b) a Nash equilibrium c) tying d) a tit-for-tat strategy
Suppose that there is a town only two of the residents, Rajiv and Hilary, own wells that product water safe for drinking, and suppose that Rajiv and Hilary can pump and sell as much water as they want at no cost. For them, total revenue equals economic profit. The following table the town's demand schedule for water.Explanation / Answer
1- (c) $3
2-(d) $1500
3-(d)$2250
4-(d)$2250
5-(a) decreased
6-(a)$2.5
7-(b)$2500
8-(e)$1875
9-(b)$2000
10-(d)2000
11-(d)4000
12- true
13-(d) a tit for tat strategy