Answer ALL the following questions and ALL parts for each question.
In order to write excellent answers you need to use additional resources and to critically analyse, summarise, compare and contrast the resources chosen.
1. Identify and analyse the characteristics of the Cournot’s Duopoly model. Illustrate the reaction functions for the Cournot Duopolists and explain how a stable equilibrium is reached. (In total maximum 800 words; 40 points)
2. Illustrate what is meant by signalling and how it is relevant in the labour market. Analyse how the level of education can act as a signal that allows a separating equilibrium to develop. (In total maximum 600 words; 30 points)
3. With the use of examples to show its application, discuss the concept of backward induction in game theory. (In total maximum 600 words; 30 points)
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