The island game economics answers

Economy Game Assignment

This assignment has to do with Resources that are being used in the game that is played for at least 3 hours. Answer the following questions in the attachment, which involve Supply and Demand, Resource market, economic rent, etc.

Please view the attachment for the 3 game selections available to choose from -The Settlers – Rise of an Empire, Tropico 3* or Dune II – The Beginning of a Dynasty.

*If playing Tropico from Gametap, will provide log-in info for this one.

P.S. This assignment is due in 48 hours, as well. I had it posted earlier this week, but the person that was assigned to it had internet issus and just now told me about it. If you are able to work within these parameters, send me a handshake agreement. Thank you and God bless.

Assignment Goals

Directions

1. Go to www.gametap.com and download The Settlers – Rise of an Empire OR Tropico 3 (This should work for Windows 7) OR if you have trouble with that not working go to www.myabandonware.com and download Dune II – The Beginning of a Dynasty. ** There are installation instructions for Tropico 3 if you need them.

2. Start your Empire/Island/Dynasty. You may play more but you must play the game for at least 3 hours total and have your Empire/Island/Dynasty to a point that you can answer the related questions.

3. Answer the questions below as complete as you can.

4. Submit your answers in Word format by 11:59pm, Friday – 9/20/13. Answer each question and put the number of the question before your answer. Keep each group of questions together under each answer. Each answer should be a complete sentence that is able to stand alone without the question it is part of. Example: 1. The game I played was Pirates. 2. In this game my Economic Profit was…

Questions:

1. What game did you play?

a.

2. Tell me about your Resource Demand and Supply.

a. How did you choose to allocate your resources both in labor and physical resources?

i.

b. What did you determine you needed to obtain right away for your Empire to begin to grow?

i.

c. Was this a temporary resource or was it something you found you had to maintain a high supply throughout the game?

i.

d. What did you find was the most important resource in your Empire at the end of your play?

i.

e. Were there any cost changes for your resources throughout the game?

i.

f. If there were, what were they?

i.

g. Why do you think there was a change?

i.

3. What was your opportunity cost and your economic rent?

i.

b. Which Resource Market did you fall into? (A, B, or C)

i.

c. Why do you think you were in this market?

i.

4. Tell me what you consider your market work, nonmarket work, and leisure within the game were. (Put yourself in the mind of your character for this question.)

i.

b. How did you balance your utility?

i.

c. What was your income within the game?

i.

d. How did you make sure to maintain it?

i.

5. If you could pay the “workers” in your Empire, how would you choose who got paid what?

i.

b. What factors would contribute to the differences in wages? (Pages 179-181 should be a good starting point for the last question.)

i.

6. What was the boundary of your firm?

i.

b. How did you decide if you should expand or stay where you were?

i.

c. Did you conduct any research before deciding to expand?

i.

d. What was that research?

i.

e. If you didn’t conduct any research do you think you should have in retrospect?

i.

f. What would that research have been?

i.

7. How did you decide what to do in your market with the information not being perfect?

i.

b. Did you guess on what might happen?

i.

c. Did you observe other’s actions before making your own move?

i.

d. Explain your Marginal cost of a search, your marginal benefit of a search, and how you worked towards an optimal search?

i.

e. Did you find yourself in a Winner’s Curse situation?

i.

f. What happened?

i.

g. If not, how could you have ended up in one?

i.

8. Do you see there being any Hidden Actions or a Principal-agent problem?

i.

b. What would that problem be?

i.

c. If you don’t think there is one in this game, is there another game where you could see this being a problem?

i.

d. Was there a Moral Hazard in the game?

i.

e. What was it?

i.

f. If not, what is a game where you can see one?

i.

9. Would an auction site or area that involves real money work for this game like they do for EVE, WOW, and EQ?

i.

b. Why or why not?

i.

c. Would it be better if the game controlled the auction or if it was a free-for-all?

i.