economics

3. Farmer Jones and Farmer Smith graze their cattle on the same field. If there are 20 cows grazing in the field, each cow produces $4000 of milk over its lifetime. If there are more cows in the field, then each cow eats less grass, and its milk production falls. With 30 cows on the field, each produces $3000 of milk; with 40 cows, each produces $2000 of milk. Cows cost $1000 apiece. (a) Assume Farmer Jones and Farmer Smith can each purchase either 10 or 20 cows but that neither knows how many the other is buying when he makes his purchase. Calculate the payoffs of each outcome; (b) What is the likely outcome of this game? What would be the best outcome? Explain.

  1. 👍 0
  2. 👎 1
  3. 👁 698
  1. You have to type out the entire question, please. Copy and paste usually does not work.

    1. 👍 0
    2. 👎 1
  2. What is the answer to the above question

    1. 👍 0
    2. 👎 0

Respond to this Question

First Name

Your Response

Similar Questions

  1. Algebra

    Farmer Ed has 9,000 meters of​ fencing, and wants to enclose a rectangular plot that borders on a river. If Farmer Ed does not fence the side along the​ river, what is the largest area that can be​ enclosed?

  2. math

    A farmer with 2000 meters of fencing wants to enclose a rectangular plot that borders on a straight highway. If the farmer does not fence the side along the highway, what is the largest area that can be enclosed?

  3. Social Studies

    1. Why Did Cattle Owners have to buy private property on which to keep their cattle? A. They couldn't graze their cattle on Native American reservations. B. Cattle in open range herds got mixed together C. Farms and the railroads

  4. math(5th grade)

    A poor farmer is going to market with his faithful hungry dog, two plump geese to sell, and three bags of corn. The farmer knows that unless he is right there, the dog will eat a goose or a goose will eat some corn. Traveling

  1. Science

    A farmer wants to determine if a new fertilizer gives her a better crop yield than her old fertilizer. She spreads the old fertilizer in field A, which has a brand new irrigation system. She spreads the new fertilizer in field B,

  2. science

    6. A farmer planted a field of Bt 123 corn and wants to estimate the yield in terms of bushels per acre. He counts 22 ears in 1/1000 of an acre. He determines that each ear has about 700 kernels on average. He also knows that a

  3. Math

    A farmer wishes to put a fence around a rectangular field and then divide the field into three rectangular plots by placing two fences parallel to one of the sides. If the farmer can afford only 1600 yards of fencing, what

  4. Math

    A farmer with 8000 meters of fencing wants to enclose a rectangular plot that borders on a river. If the farmer does not fence the side along the river, what is the largest area that can be enclosed? Does that mean I have to

  1. English

    select the correct form of the possessive for the bolded word(s). with MS.SMITH assistance, we learned to paddle a cone. *Ms Smith's Ms Smiths's Ms Smitheses' Ms Smiths After several HOURS worth of work, she finished the project.

  2. yetf8edfueidcyt87e

    a farmer wishes to fence off a rectangular field with 1,000 feet of fencing.if the long side of the field is along a stream, express the area of the field as a function of its width

  3. Science

    A farmer wants to determine if a new fertilizer gives her a better crop yield than her old fertilizer. She spreads the old fertilizer in field A, which has a brand new irrigation system. She spreads the new fertilizer in field B,

  4. Math

    A farmer has some chickens and some goats. Altogher there are 43 heads and 108 legs. How many chickens does the farmer have? How many goats does the farmer have?

You can view more similar questions or ask a new question.