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Game Theory economics help


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from memory, doesn't it have to do with achieving the best outcome (ie. economies of scale)? 

for example, depending on the market (suppy and demand) and your capabilities vs your competitors (efficiency). also you may be both producing the same products, but instead of being jack of trades, it may be more worthwhile to focus on what you do best. in a perfect/ideal world, you would be producing things that you are better at and your rival producing something different (that they're good at), thus achieving the max efficiency. 

 

correct me if i'm wrong, but this is what i vaguely remember (i slept through micro class lol.)

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from memory, doesn't it have to do with achieving the best outcome (ie. economies of scale)? 

for example, depending on the market (suppy and demand) and your capabilities vs your competitors (efficiency). also you may be both producing the same products, but instead of being jack of trades, it may be more worthwhile to focus on what you do best. in a perfect world, you would be producing things that you are better at and your rival producing something different (that they're good at), thus achieving the max efficiency.

 

correct me if i'm wrong, but this is what i vaguely remember (i slept through micro class lol.)

 

 

yeah.. thats it!! but the homework i have is fucking difficult. i was gonna scan it and post it on here if anyone offered to help me :(

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