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Describe what Smith meant by the "invisible hand." What is the mechanism by which selfish interests are made compatible with-indeed, made the agent for- successful social provisioning?
demonstrate a seeming peculiarity about mixed strategy Nash equilibria. Consider the following game between the Chicago Bears' oense and the Detroit Lions' defense. Payos are the number of yards advanced (positive yards for Chicago are negative ya..
At an initial point on the aggregate demand curve, the price level is 100, and real to GDP is $15trillion. After the price level rises to 110, however, there is an upward movement along the aggregate demand curve, and real GDP declines to $14 tril..
Chart the time path of the adjustment to the new steady state. Does the investment ratio rise during transition? If so, is this effect temporary?
What is his price elasticity of demand for jazz at this set of prices? [Hint: Once you compute the new quantity of jazz purchased you can compute the percentage change in quantity demanded.
The length of time patients must wait to see a doctor in a local clinic is uniformly distributed between 15 minutes and 2 1/2 hours. b. What is the probability of a patient waiting exactly 50 minutes c. What is the probability that a patient would h..
Suppose the central bank wants to achieve an inflation rate equal to 1% and the current growth rate of real GDP is 2%. If the quantity theory of money holds, what should the Fed set the money growth rate equal to
Derive GGC's marginal revenue (MR) and marginal cost (MC) curves in each market. Show graphically GGC's demand, MR, and MC curves for each market.
The purchase price for the diesel is $97,995, the engine size is 300 hp, the average speed is 21.4, the fuel consumption is 17 gallons per hour and fuel capacity is 300 gallons. Insurance premiums are $500 more per year for gasoline powered boats.
Do these utility functions exhibit diminishing marginal utility of X Explain. For each utility function, calculate the marginal rate of substitution of good X for good Y (i.e. -marginal value of X, measured in units of good Y) associated with the bun..
Market demand is given as QD = 200 - 3P. Market supply is given as QS = 2P + 100. Each identical firm has MC = 0.5Q andATC = 0.25Q. 1.) What quantity of output will a typical firm produce 2.) What is a firm's average total cost 3.) What is each firm..
Consider the market for soft drinks. You know that the demand curve in this market contains the points (Q, P) = (100,000, $1.00) and (50,000, $2.00). How big an excise tax will the government need to implement in order to reduce consumption to 50,0..
Why are prices in the United States different in (c) and (b)? Are consumers better off with free trade? In what ways?
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