MAT 1341 Midterm: MAT 1341 University of Ottawa Tests Fall 2012
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Nb this questionnaire has 1 page: (50 points) a tragedy of the commons. Suppose that two goat herders have access to a pasture. The only input to the pasture takes the form of the number of goats sent grazing. Let x denote the total number of goats. Then y = f (x) is the total output produced in kilograms of meat. To simplify, assume that f (x) = ax bx 2. Each herder must independently choose the number of goats to send grazing. Let xi [0, ] denote that number chosen by herder i, i {1, 2}. Each herder incurs a constant costs c per goat sent grazing and goat meat fetches a constant unit price p per kg. The herders are assumed identical in that each goat input is equally productive at producing meat.
