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King Lear was worried about how his children would treat him in his old age. Much to his regret, he discovered that children do not always deliver what they promise. In addition to love and respect, children are also motivated by the possibility of an inheritance. Let us consider how a strategic use of inheritance can manipulate children to visit their parents. Imagine that parents want each of their children to visit once and phone twice a week. To give their children the right incentives, they threaten to disinherit any child who fails to meet this quota. The estate will be evenly divided among all the children who meet this quota. (In addition to motivating visits, this scheme has the advantage of avoiding the incentive for children to suffocate their parents with attention.) The children recognize that their parents are unwilling to disinherit all of them. As a result, they get together and agree to cut back the number of visits, potentially down to zero. The parents call you in and ask for some help in revising their will. Where there is a will, there is a way to make it work. But how can you make it work? You are not allowed to disinherit all of the children. Can you think of any other incentive strategy that may achieve the same desired outcome (from the perspective of the parents) i.e. the children visit once and phone twice a week? Would that strategy also work for couples with an only child? Please explain your answer.
Suppose there are three types of consumers who attend concerts at your university’s performing arts center: students, staff, and faculty. Each of these groups has a different willingness to pay for tickets; within each group, willingness to pay is id..
Explanation and Analysis The student will correctly identify changes in market conditions and their effect on equilibrium price and quantity. In the market for dental services, perform the following for each event:
Derive an expression for average cost. Derive an expression for marginal costs.
Explain why it might be desirable to have a regressive tax structure, even if the social welfare function is utilitarian, when general equilibrium effects of taxes are taken into account. Would it ever be desirable to impose a negative marginal tax r..
You’ve just opened a margin account with $15,000 at your local brokerage firm. You instruct your broker to purchase 800 shares of Landon Golf stock, which currently sells for $77 per share. Suppose the call money rate is 6.5 percent and your broker c..
A firm is considering whether the following project should be undertaken if its life is 10 years and it has no salvage value. The firm uses an interest rate of 10% to evaluate engineering projects. The Net Revenue below is dollars per year for the li..
Using appropriate diagrams and notations, carefully explain the relationship between elasticity, total revenue and marginal revenue. Describe the uses of elasticity of demand.
In late 1991 two firms, Delta Airlines and the TRump shuttle, provided air shuttle service between New York and Boston of Washington. The one-way price charged by both firms was $142 on weekdays and $92 on weekends, with lower off-peak advance purcha..
When one is conducting an ROR analysis of mutually exclusive service projects
Illustrate what an identification and discussion of economic issues of special concern at the present time or in the future.
Pretend that you are opening up a new restaurant in your neighborhood. Describe how you would use digital technology including an outstanding customer database to maximize the relationships with your customers. What could you do in order to obtain pe..
An engineer is considering the purchase of a copy machine for his/her consulting officc. The copy machine will cost $2,000 and have a resale value of $400 at the end of its 5-year life. Having the machine in the office will reduce copy costs by $1,00..
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