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According to a recent article in the Wall Street Journal, side-impact crashes are among the deadliest, accounting for nearly 10,000 deaths per year. Child safety concerns have kept auto manufacturers from making side-impact airbags standards equipment, though they are optional on most middle to higher-market automobiles. Openly critical comments by General Motors Ron Zarrella that other manufacturer's airbag systems inflate too powerfully and present a potential hazard to children have led to an industry wide study aimed at devising a common set of safety standards for side-impact airbag systems. Part of the trick of developing a set of standards that will protect both adults and children equally is getting the industry to agree on a single set of standards. Suppose that such standards are developed and that Ford and GM most simultaneously decide whether to make side-impact airbags standard equipment on all models. Side-impact airbags raise the price of each automobile by $500.00. If both Ford and GM make side impact airbags standards equipment, each company will earn profits of $1.5 billion. If neither adopts the side-impact airbag technology, each company will earn $0.5 billion (due to lost sales to other automakers). If one company adopts the technology as standard equipment and the other does not, the adoption company will earn a profit of $2 billion and the other company will lose $1 billion. If you were a decision maker at GM, would you make side-impact airbags standard equipment?
The investment demand curve is a useful tool to summarize an important and complex relationship in the economy. The determinants that may cause this Investment Demand Curve for the U.S. economy to shift are acquisition
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
Exchange and markets, Demand supply and market equilibrium
Suppose that yi receives $ 60 per day as interest on inheritance and her wage is $25 per hour, and she can work a maximum of 16 hours per day at her job. draw her daily budget constraint.
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
The demand function for VCRs has been estimated to be Qv = 123 - 1.7Pt + 46 Pm - 2.1Pv -5M, where Qv is the quantity of VCRs,Pt is the price of a videocassette, pmis the price of a movie, Pv is the price of a VCR, and M is income.
What is the opportunity cost of going to a doctor to be examined for skin cancer? Would eliminating research reduce or increase the cost of U.S. health care?
Discuss the impact on wages, employment in the industry, and the economic welfare of the following input market structures. In which case will the deadweight loss be the smallest?
Consider the problem of the book assuming that the utility is Cobb-Douglas (U (C, l) = C α l β )
Develop an exponential smoothing forecast with smoothing constants α =0.1 and 0.3. What would be the forecast for week 11?
The average weekly earnings of bus drivers in a city are $950 with a standard deviation of $45. Assume that we select a random sample of 81 bus drivers.
Suppose planned investment falls by 100. Graphically illustrate using the AE-Y graph the effects of this reduction in planned investment on the economy. Also calculate the new equilibrium level of income.
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