23 Jul WHAT WILL BE THE TOTAL INCOME OF THE RESIDENTS OF ENFIELD?
number Enfield is a small economy consisting of five identical people who can earn a living in either of tw Show more Enfield is a small economy consisting of five identical people who can earn a living in either of two ways: by acting or by growing corn. A corn farmer can earn $10000 and the best actor in Enfield will be chosen for a film contract that pays in accordance with the performers acting ability. The only audition requirement is to be filmed working as an unpaid actor which means not getting paid to work as a farmer. From among the filmed performances a winner is chosen and paid. All contestants perceive the same likelihood of being chosen and the payment to the winner increases with the number of contestants. a. If all villagers have the same tastes and are risk neutral how many will compete to become an actor? What will be the total income of the residents of Enfield? b. What is the socially optimal number of villagers to enter the competition? How much would village income be if only the optimal number entered? Show less
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