The absolute price of a luxury watch is $10,000.  The absolu…

The absolute price of a luxury watch is $10,000.  The absolute price of a laptop  is $800.  a. Find the relative price of a laptop in terms of a luxury watch. b.  Give me the interpretation of your answer in A.  What is your answer in letter A really telling us?   Here is the formula that you will need:   Rel price of a laptop (in terms of a watch) =   Absolute price of a laptop —————————— Absolute price of a watch 

The absolute price of a luxury watch is $10,000.  The absolu…

The absolute price of a luxury watch is $10,000.  The absolute price of a laptop  is $800.  a. Find the relative price of a luxury watch in terms of a laptop. b.  Give me the interpretation of your answer in A.  What is your answer in letter A really telling us?   Here is the formula that you will need:   Rel price of a watch (in terms of a laptop) =   Absolute price of a watch —————————— Absolute price of a laptop 

Fill up the empty boxes labeled G, H, I, J, K, and L.  Only…

Fill up the empty boxes labeled G, H, I, J, K, and L.  Only these boxes, nothing else.  Write your answers in the space provided below; there is no need to create your own table to write your answers. SUMMARY OF CHARACTERISTICS OF 4 MARKET STRUCTURES   Perfect Competition Monopoly Monopolistic Competition Oligopoly Sellers and Buyers Many sellers and buyers       Products Homogeneous products (aluminum)       Entry and Exit Entry and exit are easy G H I Relevant Info Buyers and sellers have all the relevant info they need N/A N/A N/A Long Run Economic Profit No Economic Profit in the long run J K L

According to the textbook, when applied to Speed Limit Laws,…

According to the textbook, when applied to Speed Limit Laws, why does Game Theory – Prisoner’s Dilemma have a different outcome as opposed to cutting down on nuclear weapons?  Both parties (those who abide by the speed laws and those who do not abide by the speed laws) agree to obey the speed laws.  Explain why.

According to Game Theory – Prisoner’s Dilemma, the US and th…

According to Game Theory – Prisoner’s Dilemma, the US and the Soviet Union both cheated during the Cold War, and instead of sticking to the agreement of cutting down on nuclear weapons, they both increased their production of nuclear weapons (because whichever country that breaks the agreement will have a superior advantage over the other). Let’s apply Game Theory – Prisoner’s Dilemma to gun control.  There are 2 types of people living in the US: criminals and law abiding citizens.  If guns are banned tomorrow, will both parties obey the gun ban?  Explain your answer.