AP Economics – 11/27/18

I.  Bellwork Q&A

A.  https://www.cnbc.com/2018/06/07/opec-meeting-on-june-22-likely-to-see-disagreements.html

  1. Why do some oil producing nations prefer to restrict output to keep prices high?
  2. Why do others prefer a lower price strategy?
  3. How does the article illustrate the difficulty of maintaining collusion?

II.  Objectives:

  • Use game theory to enhance your understanding of oligopoly
  • Analyze a prisoners’ dilemma using a payoff matrix
  • Determine dominant strategies and Nash equilibria in a variety of games

III.  Discussion: Game Theory Pages 648-655

IV.  Classwork:  on iLearn


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