Use the following normal-form game to answer the questions below. player 2 strategy c d player 1 a 3, 7 – x 2, 3 b 4, 4 7 – x, 5 a. for what values of x is strategy d (strictly) dominant for player 2? x > 5 x < 5 x < 4 x > 4 b. for what values of x is strategy b (strictly) dominant for player 1? x > 4 x > 5 x < 5 x < 4 c.
for what values of x is (b, d) the only nash equilibrium of the game?
a. x < 5
b. x > 4
c. x > 5
d. x < 4

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.

Which of the following is one of the five fundamental questions? which products will be in scarce supply and which in excess supply? who should appoint the head of the central bank? how much should society save? correct what goods and services will be produced?

Harmon inc. produces joint products l, m, and n from a joint process. information concerning a batch produced in may at a joint cost of $75,000 was as follows: