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1. asymmetric infomation
Define asymmetric information. Distinquish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal agent problem?
2. The principal agent problem
Disscuss the nature of the principal agent problem. Determine which is the principal and which is the agent in each of the following relationships:
a. A firm that produces export goods and the export management company that helps market its goods overseas.
b. The management of a firm and its stockholders
c. A homeowner and the plumber hired to make repairs
d. A dentist and a patient
e. An employee pension management firm and the company using its services
3. Adverse selection and moral hazard
Describe the problems faced by health insurance companies as a result of adverse selection and moral hazard. How do insurance companies try to reduce these problems?
Calculate the profit maximizing price and quantity of subscriptions for the U.K. and indicate each on the appropriate graph. Do the same for the U.S.
Compute CS ,PS and the deadweight lossD)if firm 1 and 2 leaders and 3 follower (Stackelberg),What are the quantity choices for all three firms?
Briefly explain whether you agree with the following statement: "If at the current quantity marginal benefit is greater than marginal cost, there will be a deadweight loss in the market.
Jamaica is the 4th largest island nation of the Greater Antilles.It is situated in the Caribbean Sea south of Cuba, and west of Hispaniola, the island containing the nation-states of Haiti and the Dominican Republic. Jamaica is the 5th largest isl..
Describe the difference between a movement along the demand curve and a shift in demand and determine what factors cause the supply curve to shift? describe each factor.
Find the probability that on a given Tuesday more than 30 students will be absent and compute the expected value of X
Analyze the characteristics of each of these goods. Focus on the characteristics that define each good as public or private.
You are required to analyse the strategy of a firm of your choice. You need to pick a firm and identify the strategy that the firm uses to compete with its rivals.
Draw the diagram showing the cost structure of price taker and a market price well above minimum average cost. Given that any firm is price taker, how can a firm capture any economic rent (profits in excess of opportunity cost of capital)?
The cranberry market is perfectly competitive. Reports that consuming cranberries can lead to improved health result in a permanent increase in the demand for cranberries and an immediate upward jump in the price of cranberries.
Johnston production is the price taker which utilizes this cost structure in the short run:
what would this price be in order to eliminate the deadweight loss. Show and explain. Why would the monopoly not charge this price? Show and explain.
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