Can you answer the following questions?.Finish all Unit 4 work to help you with the assessment.We will discuss questions students have in zoom session.Just do SOMETHING, since Dana is the only one that did the last one and just a few people have been doing these. The Unit 4 Summative Assignment is due by 11:59pm on Friday, 4/17.ĭo Now: Tell me something, or share a picture, or a joke, or a meme. Hiring Decisions for labor and capital markets Read Krugman Text and Complete Reading Guides:Ĩ) Supply and Demand: Price Controls ( Ceilings and floors)ģ6) The Cost-Minimizing Input CombinationĤ2) Income Inequality and Income Distribution Unit V: Factor Markets, Market Failure, & the Role of the Government Khan Academy – Oligopoly and Game Theory.Welker’s Wikinomics – Game Theory Intro.ACDC Leadership – Episodes Topic 4.5 and EconMovie #8.IN AP MICRO YOU WILL ONLY EVER SEE A 2×2 matrix!!!.
Pareto Optimal – if both players could COLLUDE (trust the other to hold to their agreement, this WOULD be the best possible outcome for both players).Nash Equilibrium – occurs when you choose your best option (self-interest), given your understanding of the other players options (will result in both players choosing the same option since they don’t trust each other).Dominated Strategy – since the other player beats you either way, you choose the best possible outcome for yourself (least bad option).Dominant Strategy – your best strategy irregardless of the other player’s strategy (you will choose this no matter what).Moves are SIMULTANEOUS (not moves and counter moves like chess, but more like rock, paper, scissors).Firms are interdependent (their moves rely on that of the other player).Payoff Matrix: a tool used to show the possible outcomes (payoffs) depending on the decisions of players and their interests.MR University – Office Hours: Game Theory.Prisoner’s Dilemma: a basic example of game theory, that shows the strategies of two competing players (people accused of a crime) where each must decide their best choice, and that of their counterpart in order to act (must act simultaneously).Game Theory: strategic competition based on potential moves by an opponent/s.Mjmfoodie – Episode 30: Oligopoly (only up to 1:40) and Episode 30A: Collusion.Preview final unit (and what will not be covered on the AP Exam).Review Key Concepts, focus on Oligopoly.Zoom will answer questions and go over the Unit 4 Summative.ZOOM Meeting will be on Wednesday at 9:15 or 10:15ĭo Now: Share school appropriate highlights from the past week.
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