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Author Question: In general, the smaller the price elasticity: a. the smaller the responsiveness of price to changes ... (Read 86 times)

beccaep

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on: Jul 1, 2018
In general, the smaller the price elasticity:
 a. the smaller the responsiveness of price to changes in quantity.
  b. the smaller the responsiveness of quantity to changes in price.
  c. the larger the responsiveness of price to changes in quantity.
  d. the larger the responsiveness of quantity to changes in price.

Question 2

If the simultaneous game is instead changed into a sequential game where the shoplifter can see whether the security guard is vigilant or not before deciding to steal. What is the Nash equilibrium of the game?
 a. Steal, Vigilant
 b. Steal, Not vigilant
 c. Not steal, Vigilant
 d. Not steal, Not vigilant


1_Step_At_ATime

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

b

Answer to Question 2

c


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beccaep

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Reply #2 on: Jul 1, 2018
Correct answers!


1_Step_At_ATime

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Reply #3 on: Jul 1, 2018
Great! Please up vote :D


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