v Question Completion Status:QUESTION 14Suppose there are three people that can bake bread or making pies. The first is Merrick whose opportunity cost of making pies is 1/2 a loaf of bread. Egg's opportunity cost is 1 loaf of bread per pie.Robert's opporunity cost is 2 loaves of bread per pie. The daily joint PPF is depicted below:Loav esof Bread27• E20102429Pies14Which of the following is true about point A?a. Robert is making only pies, Egg is making only pies and Merrick is making bread and piesb. Merrick is making only pies and Egg and Robert are making only breadc. Egg is making bread, Robert is making bread, Merrick is making both bread and piesd. Merrick is making pies, Egg is making both pies and bread, Robert is making only bread.QUESTION 15

Answered: Image /qna-images/answer/6a47874e-7888-409e-a34e-d79dd45c7779.jpg

Answered: 24 29 Pies 14 Vhich of the following is…

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

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Suppose there are three people that can bake bread or making pies. The first is Merrick whose opportunity cost of making pies is 1/2 a loaf of bread. Egg's opportunity cost is 1 loaf of bread per pie. Robert's opporunity cost is 2 loaves of bread per pie. The daily joint PPF is depicted below: Loav es of Bread 27 • E 20 10 14 24 29 Pies Which point is unattainable? O a. E b.C c. D d.B e. A
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dent A boss notices that one of his unscrupulous employees has been stealing company materials lately. He values honesty in himself and his employees, but the stolen property was not valu Consequently, the boss prefers keeping her around rather than having to fire and train a repl Nevertheless, he would ideally like to stop her from stealing. The boss is thinking about issuing a warning: the next person caught stealing any company property will be immediately fired. I Should the boss issue such a warning? (Hint: You need to first find the subgame perfect equilibrium (SPE)) Below is the game in extensive form. The top payoffs belong to the Boss, the bottom payoff belong to the employee. Employee Stop No warning Steal Figure 1: Extensive form of the game Boss Ignore Boss Fire Warning Boss Follow Test Forgive 21 Employee Quit 0

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