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a. In an auction, potential buyers compete for a good by submitting bids. Adam Galinsky, a social psychologist at Northwestern University, compared eBay auctions in which the same good was sold. He found that, on average, the higher the number of bidders, the higher the sales price. For example, in two auctions of identical iPods, the one with the higher number of bidders brought a higher selling price. According to Galinsky, this explains why smart sellers on eBay set absurdly low opening prices (the lowest price that the seller will accept), such as 1 cent for a new iPod. Use the concepts of consumer and producer surplus to explain Galinsky’s reasoning.
b. You are considering selling your vintage 1969 convertible Volkswagen Beetle. If the car is in good condition, it is worth a lot; if it is in poor condition, it is useful only as scrap. Assume that your car is in excellent condition but that it costs a potential buyer $500 for an inspection to learn the car’s condition.
Use what you learned in part a to explain whether or not you should pay for an inspection and share the results with all interested buyers.
Insurance agents receive a commission on the policies they sell. Many states regulate the rates that can be charged for insurance. Would higher or lower rates increase the incomes of agents Explain, distinguishing between the short run and the lon..
W(sub)a= 1/a1(Y1)+1/a2(Y2)+1/a3(Y3)+1/a4(Y4) where a(i) are the constants. a) What restriction on the ai is needed for Wa to be an unbiased estimator of mu? b) Find the variance of Wa.
describes a measure used to compare two different tests with the same group of participants to see how closely correlated the two sets of scores are with each other. Inter-rater reliability, Test-retest reliability, Parallel-forms reliability, Intern..
Explain the difference between fixed-production technology and variable-production technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed-production technology Should they d..
Investment rejects some of the furnishings because they do not match the plans, and subsequently refuses to allow Justus to finish the work or to col¬lect payment. Could Justus sue successfully for payment for the entire contract.
Assume that the experts sre correct and Canada is losing its competitiveness relative to other countries. We can take strong action to reverse this trend, or we can continue on as we have been doing. Explain which course of action you favour.
Structures and Functions of Financial Institutions
Suppose that Neptune Music has the copyright to the latest CD of the heavy Iron Band.Production requires a fixed cost of $100,000 and a constant marginal cost of $2 per unit.
The Business Cycle is the short-term fluctuations in the economy relative to the long-term trend in output; the recurring and fluctuating levels of the GDP growth rate over time.
What type of externalities arise from driving automobiles fueled by gasoline and what is your view on whether the United States should raise the gas tax to the European level and why?
How do you propose to enact these standards when you are an administrator? What is the regulation or statute for? Who does the act protect? What are the consequences for violating it? Why are laws like this good for protection? How do you propose..
Assume you can only consume good X and Y out of abudget of $120. Your utility function is U = ln(X)+ln(Y ).
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