Question: 8. There is a single capitalist (c) and a group of 2 workers (ml and 1112). The production function is such that total output is

8. There is a single capitalist (c) and a group of 2 workers (ml and 1112). The production function is such that total output is 0 if the firm (coalition) is composed only of the capitalist or ofthe workers (a coalition between the capitalist and a worker is required to produce positive output). The production function satisfies: - F(ch1)=F(ch2)=3 - F(ch1Uw2)=4 What is the Shapley value of each worker? O a) 1; O laws; 0 C) 3/4; 0 d) 1/2

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

9. There is a single capitalist (c) and a group of 2 workers (ml and 1172). The production function is such that total output is 0 ifthe firm (coalition) is composed only of the capitalist or ofthe...

I. Which of the following is correct? a) The pivot of the budget line shows the substitution effect while a slope gives the income effect. b) The pivot of the budget line shows the substitution...

please help in solving this economic question.......its a complete question * Exercise 5 A housewife buys 2 kilo of meat a week. Assume that the price of the meat increases 60.50 per kilo. Verify: a)...

Economics questions... . Suppose that a market is composed of two firms that simultaneously choose quantities. Firm 1 has 22 a cost function C1(q1) = q1^2. Firm 2 has a cost function C2(q2) =...

here are economics questions help me answer them all.its a complete kindly help mi.... Money in the Utility Function (Final, 2005) Assume that consumer's utility in period / depends on consumption...

What is the summary and analysis Credit Constraints & Productive Entrepreneurship in Africa ? While most African countries have recently recorded relatively high growth, even during and in the...

Question 1(1 point) Which of these strategies would NOT solve the tragedy of the commons? Question 1 options: a. Encourage local solutions to the tragedy of the commons. b.Solve it through communal...

Solve. Part A. 1. During a period of contractionary monetary policy, a)the price level is increased, which leads to an increase in the money supply. b)the price level is decreased ,which leads to a...

Question tint Consider the same information in question 83 {same relative prices. production function. and output target}. what happens to the total cost of production when the firm switches to a...

4. The length of pregnancy for the Asian elephant has anapproximately normal distribution with an average length of 609days and standard deviation of 31 days. A) What percent ofthe elephant...

Sandy acquired business machinery (which qualified as 7-year MACRS property) on July 15, 2012, for $10,000. In 2012, Sandy claimed a $1,429 regular MACRS depreciation deduction and she elected not to...

1 Joe owns a business which produces wooden furniture. He employs 20 workers in the Production department and three workers in the offices. Joe pays all his workers wages which are calculated by time...

Discuss the Human Aspects in Technology Management in details with examples. Integration of People and Technology Organizational and Psychological Factors Organizational Structure

2. In this chapter, the reader should reflect on the following concepts: Patterns, symmetrical relationships, complementary relationships.

1. To provide insight into how setting an overly narrow boundary can give a mes-sage a specific meaning, while setting a wider boundary can give a completely different meaning.

12. What is meant by the statement, often we do not know what the real problem is until we look at its possible consequences or solutions?.