An inferior good is a type of welfare whose demand decreases when consumer income increases or demand increases when consumer income decreases. Therefore, if a consumer considers shirts to be inferior goods, the way he will stop consuming it will be when there is a real increase in his income.
In the case narrated, Alex had an increase in salary and remained working for the same number of hours. This means that with the same job, he will have a higher income, meaning there was a real increase in Alex's income. If he considers the $ 3 shirts a much lower asset, he will lessen the demand for it.
When I am in a conflict that I am not passionate about, it
is seen as gracious to sometimes nothing because it did not hurt me in any way
because first and foremost, it is not my concern to start of. Conflicts maybe
hard but as long as I am not affected, it does not matter.
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$300,000 / 30% = 1,000,000 - 300,000 = $700,000 </span>
Answer: The answers are provided below.
Explanation:
1. A payoff matrix is a table whereby strategies of one player are listed in the rows and the strategies of the other player is listed in the columns while the cells show the payoffs to each player in such a way that the payoff of the row player is first listed.
The payoff matrix for this game has been attached.
2. In game theory, a strategic dominance occurs when a strategy is better than the strategy of another player. In this scenario, even does not have a dominant strategy because both strategies are providing equal payoffs for the pure strategy.