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Consider the following games Find the equilibria

Question # 00510782
Subject: Economics
Due on: 04/12/2017
Posted On: 04/12/2017 06:09 AM

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1. Consider the following games. Find the equilibria in the following payoff matrices. 

2. Imagine that a contingent valuation study is done asking residents about their
willingness to pay for a new Whirlydome in the twin cities metropolitan area, which has
about 400,000 households. The households that were told the dome would cost them
$400 per year had a probability of approval of 5%. Those that were told the dome would
cost them $200 per year had a probability of approval of 40%. Those that were told that
the dome would cost them $50 per year had a probability of approval of 80% and those
that were told that the dome would cost them $10 per year had a probability of approval
of 95%. Using these figures, calculate an estimate of the annual benefits associated with
a new Whirlydome.

3. For each of the four following diagrams, clearly indicate the efficient (optimal) level
of either emissions or abatement. 

4. Imagine that you are trying to value a particular piece of wilderness that people use for
recreational hiking and cycling. While this area has no entrance fee, statistics have been
kept on who visits and how frequently they visit the area. Visitors come from two cities. City A is 20 miles away and has 10,000 residents.
They make an average of 4 visits per year. City B is 80 miles away and has
40,000 residents. They make an average of 1 visit per year. The cost of traveling to the wilderness area is $0.25 per mile.
Using the travel cost method, estimate the annual active use value of this area to the
people living in these cities.

5. Imagine that an environmental regulation will increase the demand for a particular
good, increasing gains from trade in that market. Further, imagine that supply of this
good might be relatively elastic or relatively inelastic.
A. If supply is relatively elastic, who will enjoy most of the benefit of the demand
increase, consumers or producers? Explain or show this.
B. If supply is relatively inelastic, who will enjoy most of the benefit of the demand
increase, consumers or producers? Explain or show this.

Tags equilibria games following consider year cost area relatively dome probability imagine told following approval cities supply city visits annual make average estimate value wilderne away miles households demandincrease benefit consumers producers explain visit enjoy

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Consider the following games Find the equilibria

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