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Your product fails about 2% of the time, on average. Some customers purchase the extended warranty you offer in which you will replace the product if it fails. Would you want to price the extended warranty at 2% of the product price? Discuss both moral hazard and adverse selection issues.
Bob’s utility function is given by . 0.5 0.5 U = X Y Bob earns $400. The price of X is $2 and the price of Y is $4. a. What is Bob’s optimal consumption bundle before any price change? b. Suppose the price of X increases to $4. What does Bob consume ..
Initially, two steel firms are each releasing 100 units of pollution, for a total of 200 units. The government wants to reduce emissions by 40%. The steel firms have the following marginal abatement costs (MAC): If Pigou tax approach is used, what wo..
what happened to real output? by how much would the price index have had to rise for real income to remain constant?
What is the firms revenue function? Graph this function. Give a plausible reason why a firms demand might look like this.
Which of the coefficients are statistically significant and which are not? Explain. d. What percent of variation are restaurant sales explained by this equation?
Economists frequently point out that factor movements between two countries can be a substitute for goods movements between the countries in terms of the impact on relative factor prices in the countries. Explain why the two types of movements can be..
On the same day, the San Francisco Chronicle had an article with the headline "Sharp Drop in Bay Area Home Sales"
ADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P = 90 - 2Qd and Supply is represented by the equation P = -5 + 3Qs where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.
“If the legal standard of care in a negligence rule is necessarily vague, the court should set it below the level of efficient precaution.” Explain the economic argument in favor of this proposition. Doctors are liable when their negligence injures p..
Explain how many fish should a commercial fisherman try to catch a day. Should he catch as many as possible or return to dock before filling the boat with fish.
in march 2010 hertz pain relievers bought a message machine that provided a return of 8 percent. it was financed by
Calculate market demand and market supply. How this affects golden rule of capital per worker and golden rule of savings rate in so low model and explain your results.
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