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Consider an economy populated by three agents: Tom, Dick, and Harry. Let MRS be exact compensation (measured in some numeraire) for the loss of one unit of a public good (say, football fields). Each person's MRS depends only upon the quantity of football fields, G.
Here, max [0, x] means "the greater of the numbers x and 0." Find the optimal quantity of football fields when the marginal rate of transformation between football fields and the numeraire is 150. Also, find the optimal quantity when the marginal rate of transformation is 50.
Professor Moore forgets to set his alarm with a probability of .10. If he sets the alarm, it will wake him on time to make his first class with a probability of .95. If he forgets to set the alarm, he wakes up in time for his first class with a pr..
What do you expect would happen to stock prices if the risk premium decreased unexpectedly? Explain in words.
The city has authorized two companies to provide baseball games in two stadiums, and the public considers the games in each stadium to be equivalent.
She estimates that the total cost of operating the office is approximately $48,000 per year. The potential revenue is estimated as $100,000 per year. Compute accounting cost, accounting profit, conomic cost, and economic profit.
Assume an open, mixed economy. That is, foreign trade is part of the economy, and the economy includes both a public (government) and a private (consumers and businesses) sector. Given this, aggregate demand is expressed as (C + I + G + X). Assume..
Explain the human-capital view of education and the signaling view of education.
Carbon Tax/Emission Trading scheme - Compare Australia with one of these countries or group of countries like Europe, USA and China/India and discuss the similarities or differences in ETS and its affect on the economy.
The demand for widgets is found to be Q=100-11P +0.5Y, where P is the price of widgets in dollars, Y is average income in thousands and Q is the quantity of widgets in thousands. Say that P=7 and Y=50.
How would your answer to part (a) change if you ignore the profit earned after the patent expires?
You are the manager of a company that vaccinates human beings for biological diseases. Your company uses two inputs to produce vaccinations: physicians and laboratories. However, this is a short-run analysis where physicians are variable but labor..
Suppose that the supply curve for the labor to a firm is given by: L=100w And the marginal expense of labor curve is given by: MEL= L / 50 Where w is the market wage. Suppose also that the firms demand for labor (marginal revenue product) curve is gi..
A 12% $50,000 bond is offered for sale at $45000. If the bond interest is payable monthly and the bond matures in 20 years, what nominal and effective rates of return per year will the purchaser make on the investment
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