Differentiate between a payoff matrix and a game tree
What will be an ideal response?
A payoff matrix and a game tree both show the payoff for each action players can take. However, a payoff matrix is used for a simultaneous move game, while a game tree is used for an extensive-form game.
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When there are only two firms in a market, a Stackelburg leader will choose the monopoly output
Indicate whether the statement is true or false
Give several economic examples of how to test various joint linear hypotheses using matrix notation
Include specifications of R? = r where you test for (i) all coefficients other than the constant being zero, (ii) a subset of coefficients being zero, and (iii) equality of coefficients. Talk about the possible distributions involved in finding critical values for your hypotheses. What will be an ideal response?
On average, collective bargaining increases wages
a. true b. false
What does it mean to say economics is an empirical science, and how is this related to the question of deciding on the usefulness of a model?
What will be an ideal response?