Economic principles for minimum wages
Task:
Should the United States pass a minimum wage that assures all workers earn a wage above the poverty level? Defend your position using economic principles.
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Given that a) and b) hold, find conditions on a and c such that (R1, C1) is a Nash equilibrium. Given that a) - c) hold, find conditions on d, e such that (R1, C1) is the unique Nash equilibrium.
1) Write down the normal form (payoff matrix) of this game. 2) Find the Nash equilibrium.
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Fill in the following game matrix using the numerical information provided.
If the actions don't match, the reviewer wins with a payoff of 35 and the employee loses with a payoff of -35. Diagram this game and comment on the equilibrium.
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