Suppose You Wanted to Add Together the Numbers in Cells

question 3

Short Answer

Suppose you wanted to add together the numbers in cells A1, A2, and A3. Write three versions of the Excel formula you would type to perform this calculation.

Understand the difference between normative and positive economic statements.

Recognize the role and importance of assumptions in economic theories.

Identify the challenges of applying the scientific method to economics due to the unpredictable nature of human behavior.

Calculate and interpret the slope of budget lines in various economic scenarios.

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Definitions:

John Nash

An American mathematician known for his pioneering work in game theory, and the Nobel laureate in Economic Sciences.

Nash Equilibrium

A concept in game theory where each player's strategy is optimal given the strategies of all other players, and no player has anything to gain by changing only their own strategy.

Simultaneous Pricing Game

A strategic game in which multiple sellers set prices for their products at the same time, considering the potential reactions of competitors.

Best Response

A strategy that produces the most favorable outcome for a player, given other players' strategies in a game.