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Which of the following two examples illustrates adverse selection and which illustrates an incentive problem? Explain your answer. In each case, give one method that the restaurant might use to reduce the problem. a. A restaurant offers an all-you-can-eat buffet sold at a fixed price. The customers for the buffet are not the restaurant's usual clientele, but new customers who have big appetites. The restaurant discovers it is losing money on the buffet. b. The restaurant owner hired a new manager who promised to work at least 8 hours per day. If the owner is not on site, the manager leaves work early, reducing restaurant profits.
What is the maximum it would be reasonable for the owner of a building to pay for a new sprinkler system if it would save $843 per year in insurance premiums? Assume it would have a life of 20 yrs and a salvage value equal to 10% of it's first cost.
A traffic light is set to switch from red to green according to a uniform distribution with a mean of 45 seconds. The difference between the smallest and largest number of seconds it takes the light to switch is 8 seconds.
If the market has a very elastic demand curve and inelastic supply curve, how would the application of a subsidy is shared between consumers and producers? Use the tools of producer surplus and consumer surplus to answer this question. Is there a dea..
consider the following utility function uxy min 3x xy 2y. sketch the indifference curves and show where the corners
The rights to peaceably assemble is found in the first amendment.
Suppose that the market price of new housing is $100,000 in Las Vegas, and local government officials modify regulations which increase the cost of building new homes. The higher costs cause supply to drop by 18 percent, the price elasticity of deman..
Imagine a society that reduces military good and customer goods, which we will call “butter” and “guns”. Draw a production possibilities frontier for butter and guns. Using the concept of opportunity cost, describe why it most likely has a bowed-out-..
Many analysts in both developed and developing worlds have heavily criticized the cases of monopolies. Discuss using relevant examples whether it is a good policy for the government to completely eliminate monopoly power.
What is the relationship of the demand curve and marginal cost of equilibrium in a perfectly competitive firm and a monopolistically competitive firm
commercial recording inc. is a manufacturer and distributor of reel to reel recording decks for commercial recording
assume that the risk-free rate is 3.5 and the market risk premium is 5. what is the expected return for the overall
1. let uxy x13y23 and let i 100 px py 1. write the foc for the consumers ump and compute the consumers demand
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