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Economics Homework Eleven - Model (view source)
Revision as of 22:37, December 6, 2009
, 22:37, December 6, 2009added two
:I like the concept of the invisible hand: one of mankind's great flaws--greed--is turned for the benefit of society. (Duncan)
:I like the concept of the invisible hand: one of mankind's great flaws--greed--is turned for the benefit of society. (Duncan)
:My favorite economics concept is cross elasticity because I find it interesting to see how one good can affect another. (Courtney)
:Coase Theorem is my favorite because it reminds us that the only obstacle to an efficient market is excessive transaction costs. (Elizabeth)
10. Nash equilibrium, revisited: What is the Nash equilibrium for two gas stations (an oligopoly) that are situation immediately across the street from each other? In other words, what price do they sell at, expressed in terms of one of their cost measures? Explain the process that reaches that "equilibrium".
10. Nash equilibrium, revisited: What is the Nash equilibrium for two gas stations (an oligopoly) that are situation immediately across the street from each other? In other words, what price do they sell at, expressed in terms of one of their cost measures? Explain the process that reaches that "equilibrium".