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Mandatory Insurance. Consider a city with 100 drivers and a perfectly competitive market for automobileinsurance. The demand curve for auto insurance is linear and negatively sloped, with a slope of $10 per customer. At the initial price of $1,500, half the city s drivers (50 drivers) buy insurance. The price is just high enough to cover all the costs of providing insurance, including a 50 percent premium to cover the costs associated with uninsured drivers. Suppose the city makes auto insurance mandatory.Predict the new equilibrium. (Related to Application 4 on page 631.)
Describe the steps you would use to undertake White's test for homoscedasticity for first equation and what assumption has been made about the error variance in first equation
The government collects $7 in taxes and spends $10 on locally-made goods. Firms borrow $7 and make $7 in domestic investment spending. The government and firms buy no import
Find the recent evidence in the wall street journal and other business publication on how companies expanding the use of techniques described in the opening case to understa
Imagine that the current price of waste disposal is $0.025/lb and the average waste disposal is 2.40 lb/p/d. When the price was previously $0.01/lb, the average waste dispos
Suppose that the demand for Federal funds curve is such that the quantity of funds demanded changes by $120 billion for each 1 percent change in the Federal funds interest r
Derive marginal distribution of x and y. Derive conditional distribution of y given x = 0 and x = 1 separately. Prove the "law of iterated expectations" i.e. E[y]=E[E[y¦x]]
Consider a Cobb-Douglas production function with three inputs, K is the capital(number of machines), L is labor (nuber of workers) and H is human capital (the number of coll
Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic Illustrate your answer by assuming that with advertising, a firm's demand curv
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