Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: icient? D) What is efficient? A) See left. B) Each will think, if the other person kills 1, I am better off killing 5 and if the other kills 5 I am still better off killing 5, so either way I should kill 5. C) & D) The market equilibrium makes both worse off than i f they cooperated and each took only 1 per day , which is the efficient outcome; they’d each get more money ($700 rather than $500 each) because the herd is more productive and the buffalo are easier to catch....
View Full Document

This document was uploaded on 03/11/2014 for the course ECON 328 at Wisconsin Milwaukee.

Ask a homework question - tutors are online