Consider the following 3-card poker game between two players. There are 3 cards in the deck: High (H), Low (L) and Middle (M). (with the ranking L < M < H) Each player pays an ante of 1. The deck is shuffled and each player is dealt a card. The players each observe their own card. Player 1 chooses to Fold or to Bid. If folding, the payoffs are (-1,1). If Player 1 bids, then player 2 may respond by folding or bidding. If Player 2 folds, the payoffs are (1,-1). If Player 2 bids, the players show their cards. The payoff to the player with the highest card is 2, the other player's payoff is -2. Assume that if player 2 has the chance to bid, she will always bid when she has H, and always fold when she has L, and that player 1 knows this (because these choices are best responses for player 2) Suppose that Player 1 is dealt M. Given the above information about player 2, determine player 1's expected payoffs from bidding and folding. a) E(bid) = 0, E(fold) = 0
b) E(bid) = -1, E(fold) = 0
c) E(bid) = 0.5, E(fold) = -0.5
d) E(bid) = -0.5, E(fold) = -1
e) E(bid) = 0, E(fold) = -

The price of trade suppose that portugal and sweden both produce rye and wine. portugal's opportunity cost of producing a bottle of wine is 4 bushels of rye while sweden's opportunity cost of producing a bottle of wine is 10 bushels of rye. by comparing the opportunity cost of producing wine in the two countries, you can tell thatportugal/sweden has a comparative advantage in the production of wine.andportugal/sweden has a comparative advantage in the production of rye. suppose that portugal and sweden consider trading wine and rye with each other. portugal can gain from specialization and trade as long as it receives more rye for each bottle of wine it exports to sweden. similarly, sweden can gain from trade as long as it receives more bottles of wine for each bushel of rye it exports to portugal. based on your answer to the last question, which of the following prices of trade (that is, price of wine in terms of rye) would allow both sweden and portugal to gain from trade? a. 1 bushels of rye per bottle of wineb. 8 bushels of rye per bottle of winec. 9 bushels of rye per bottle of wined. 3 bushels of rye per bottle of wine

Bruno's pizza restaurant makes full payment of $8,300 on an account payable to stella's cheese co. stella's would record this transaction with a

Sarah is an accountant with desires to open her own business. she is looking for office space at a reasonable rate along with internet service. of the conditions that need to be put in place for the entrepreneurial ecosystem, she needs