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Recall the looser pay winner auction experiement done in class. (a) Discuss how these experiments why bidders change their minds toward wanting to bid well above the value of the prize, even though they refused to do so at the beginning. (b) Discuss how the experiment explains why George Bush and many citisens changed their minds about a "preemptive" attack on Iraq. (c) Explain why England wanted to tax trade in the American colonies; which led to rebellion and the formation of the United States.
A company produces and sells a consumer product and is able to control the demand for the product by varying the selling price. The approximate relationship between price and demand is. What is the number of units that should be produced and sold eac..
how resource growth and improvements in technology can allow a nation to increase its production of government goods and services while also increasing its output of private goods and services
Diseconomies of scale exist over the range of output for which the long-run average cost curve is: If a monopolist finds that at the present level of output marginal revenue exceeds marginal cost, the firm should:
Describe how regional economic integration affects the ability of the South Korea to do business with the United States. For example, consider how NAFTA influences Mexico’s business with the United States. Review the WTO site Participation in Regiona..
At a university faculty meeting in 2012, a proposal was made to increase the housing benefits for new faculty to keep pace with the high cost of housing. What will likely be the long-run effect of this proposal?
"A higher minimum wage means some low wage workers will get fired because there will be less money available for labor costs. An international minimum wage, scaled according to the working conditions and cost of living in a particular country, would ..
Do the hold out values fall within the forecast 95% confidence limits?
Calculate the price elasticity and write it only as a function of q. Calculate the marginal revenue. Draw demand and marginal revenue together on 1 graph. Show that the expected relationship between elasticity and marginal revenue holds
If the money supply increases, show with should happen if we assume we live in a classical world. With assumptions are you making about the quantity theory of money theory?
The government releases a report saying that drinking coffee makes you live a longer, healthier life. At the same time, we discover that a very bad winter has killed most of the coffee plants in Brazil. How will these two changes affect the equilibri..
Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium quantity?
When a perfectly competitive firm is producing at its profit maximizing level of output, its MR is equal to price and its MC while it may or may not be making an economic profit. The price a profit maximizing monopoly charges is always greater than i..
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