Microeconomics
Assignment 1
微观经济作业代写 1、There are only two goods in the economy X and Y. It is found that good X is inferior for all income ranges for Anna.
1、 微观经济作业代写
There are only two goods in the economy X and Y. It is found that good X is inferior for all income ranges for Anna. If the five axions of consumer choice hold (i.e. completeness, transitivity, convexity, local non satiation and continuity) prove that good Y must be normal throughout. [30%]
2、 微观经济作业代写
Consider the following expected utility or Bernoulli functions: (i)u=x (ii) u=x2-10 (iii) u=22x [20%]
Which of these (or none) represent identical preferences over lotteries? Explain
3、 微观经济作业代写
2 players choose a number between 0 and 50. The winner is whoever’s number is closer to half the average of the two chosen numbers. The winner gets a payoff of z>0. If the two numbers are equally close, they each get z/2. Show that this game can be solved by the elimination of dominated strategies and find the solution. 微观经济作业代写 What happens when there are N players (each choosing a number between 0 and 50) and the winner is the person whose number is closest to half the average (in case of ties a fair coin decides the winner). When this game is played in the real world, what might be the reason(s) behind people choosing a number that differs from what game theory predicts? [50%]
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