Question takeaways?

Question 1

MPL?

Answer 1

Derivative of production function with respect to labour

Question 2

MPL bigger?

Answer 2

-which firm is bigger

Question 3

When conducting RCT, what do we need to account for?

Answer 3

-sample representitive of what we are trying to show effect for, size and type of people

-Large sample, SB averages to zero

Question 4

Key for wages?

Answer 4

wages = MPL

Question 5

More labour for MPL?

Answer 5

-more diminishing MPL ,as more labour so lower wages

Question 6

Monopoly for Cournot?

Answer 6

Revenue - cost

price is rearranged and Q(market demand)

FOC for market demand

Question 7

Perfect comp for Cournot?

Answer 7

Revenue - cost

but price = Constant -Q(market demand) but market demand is q1+q2

FOC quantity of initial firm as the quantity of other firm is given treat as a constant

Question 8

How to get to MC for cournot and bertrand?

Answer 8

• two firms for Bertrand
  -more firms , more closer to MC with Cournot so rules of game matter

Question 9

If only income in period 1?

Answer 9

we adjust for value in future by dividing by c1 everytime for next period coming

Question 10

Nudges in relation to key words in question?

Answer 10

-overcoming bounded rationality

Question 11

How to describe MPL?

Answer 11

-diminishing or higher MPL