In 207 BC, Xiang Yu Led a Small Force to Attack

question 11

Short Answer

In 207 BC, Xiang Yu led a small force to attack the larger Qin army at Julu. Upon crossing the Zhang river, Xiang Yu ordered his men to sink their boats and destroy the cooking utensils. He distributed just three days' rations to his men. Use game theory to explain Xiang Yu's orders.

Recognize the ideological and strategic alliances that defined the World War II landscape.

Understand the concept and components of economic profit.

Grasp the concept of the time-value of money and its implications.

Differentiate between present value and future value in financial calculations.

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Definitions:

Property Rights

Legal rights to possess, use, and dispose of assets, including real property or intellectual property, ensuring control and economic benefits to the rights holder.

External Costs

Costs of a transaction or activity that affect parties who are not directly involved in it, such as pollution affecting the wider community.

Law of Demand

The principle that, all else being equal, an increase in the price of a good will decrease the quantity demanded, and a decrease in price will increase the quantity demanded.

Income Taxes

Taxes levied by governments on individual or corporate income.