This post was updated in August to include new information and examples. At many points in the semester you will be asked to calcula Do used car sales count in GDP? Consider the following scenario: You decide to purchase a used car or a house, or anything used for that matter from a used car dealer.
The 7 best sites for learning economics for free. This post was updated in August with new information and sites. Since creating this website I have scoured the web to see which sites The five fundamental principles of economics, basic terms we need to know in order to move on. There are five fundamental pri How to draw a PPF production possibility frontier. This post was updated in August of to include new information and more examples. The idea of a production possibility frontier PP Updated August of to include more information and examples.
Previous posts have gone over the description and construction of the p How to create a payoff matrix, and example of a 3x3. Jeff game theory, microeconomics,. This post is going to go over how to create a payoff matrix, associated with the game theory side of economics.
We hope you like the work that has been done, and if you have any suggestions, your feedback is highly valuable. Let's connect! Definition Presentation Example. All Chapters in Economics. Current Chapter. One of the most promising uses of CBD is to help treat and possibly prevent the occurrence of seizures in those suffering from epilepsy. Since hemp oil and CBD are in its most natural form, it is safe for use in food, cosmetics and dietary supplements.
It can even be used for aromatherapy and skin care treatments as well. In game theory , the extensive form is away of describing a game using a game tree. The payoffs are represented at the end of each branch. In the first game tree we can see how player 1 is the first to decide, while player 2 will make a decision after observing what player 1 has decided. The payoffs represented at the end of each brand represent all possible outcomes.
For instance, if player 1 chooses strategy A and player 2 chooses strategy B, the set of payoffs will be p 1A ,p 2B. A good example of a sequential game described with the extensive form is when considering collusion agreements , as depicted in the second game tree.
Two firms share the market, colluding and maintaining high prices. Each firm can decide to stop colluding and start a price war, in order to increase their market share, even force the other to quit the market. Firm 1 can either keep colluding with firm 2, or start a price war. If firm 1 decides to keep colluding, firm 2 will need to make a decision. If they both agree to collude, they will get 5,5.
0コメント