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Author Question: If quantity demanded for rice falls by 4 when price increases 8, we know that the absolute value of ... (Read 70 times)

casperchen82

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on: Jul 1, 2018
If quantity demanded for rice falls by 4 when price increases 8, we know that the absolute value of the own-price elasticity of rice is:
 a. 2.5.
 b. 0.5.
 c. 2.
 d. 0.40.

Question 2

A tit for tat strategy, players __________
 a. Never strikes first
 b. Responds immediately to cheating
 c. Limits the punishment to only one period
  d. All of the above


cclemon1

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

d


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