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In class, we discussed a first price sealed bid auction with two bidders. Each bidder’s valuation v was a random draw from the interval [0, 1] according to the uniform cumulative distribution function F(v) = v for 0 £ v £ 1. Now suppose there are n ≥ 2 bidders. Show that in a Bayes-Nash equilibrium each players will bid (n – 1) /n times his or her valuation.
Goleta Brewing Company hires only two types of labor, managers and brewing assistants (denoted by M and B, respectively). GBC has the following Cobb-Douglas production function F(M,B) = m5 B5 and wants to produce 10 barrels of pale ale this week. How..
The Ascot Corporation, which produces stationery, hires a consultant to estimate its production function. The consultant concludes that Q = 0.9P + 0.06L where Q is the number of pounds of stationery produced by Ascot per year, L is the number of hour..
Over the last months, a growing score of economists have suggested that the Federal Reserve should raise interest rates (by reducing the money supply). Do you think that recent figures on employment and GDP growth lend support to such claims?
A firm is considering entering a market where demand for its product is Q = 100 - P. This demand function implies that the firm's marginal revenue function is MR = 100 - 2Q. The firm's total cost of producing the product for that market is TC = 1000 ..
The Credit Company offers to loan a college student $6200 for school expenses. Repayment of the loan will be in monthly installments of $308.75 for 24 months. What nominal interest rate is being charged on this loan? The nominal interest rate that i..
A small consulting company is planning to make deposits such that each one is 3% larger than the preceding one. What is the annual equivalent of this cash flow if the company makes 12 deposits and the interest rate is 8%? The first deposit is $7,000 ..
Calculate the price elasticity for each of the following combination of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly inelastic, or unit elastic in each case. (a) Price falls from $2.25 to $1.75;..
Given the budget equation 5M + 10P = 100, where M represents movies and P represents pizza, the slope of the budget line is
Discuss the advantages and disadvantages of doing business as a Sole Proprietorship, Partnership, Corporation and Limited Liability Company.
Domar properties plc have a site covering 20,000 meters square on which they wanted to build a mixed estate of 2- & 4-bedroom houses. The 2-bedroom houses will each occupy a plot of 60 meters square and will be sold at a profit of $15,000. On average..
Similarities in the definitions of management quoted from authors of management textbooks
When consumer is provided a $50 gift certificate that is good only at store X, she moves to a new equilibrium at point D. Prices of goods X and Y. Explain how many units of product Y could be purchased at point A.
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