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N players are competing for a prize of 20 dollars. Who wins the prize is determined as follows. Each player submits a real number between 0 and 100 simultaneously. A player wins if his number is the closest to 2 of the average of the numbers of all N participants. 3 If two players tie, then they split the prize. If all the participants are rational, what guess will each participant submit?
Describe the differences between shortages and scarcity. In answering this question you should think difference between the short run and the long run in economic analysis.
ALS ( labor hrs per unit to produce sausage) = 1 hr per pound. Find hourly wage rate of Home's economy.
Javier is travelling from his home in New York to Dallas, Texas. While driving through Oklahoma, his brakes fail and he is injured in the ensuing crash. Javier wants to sue the maker of his car, Energy-Auto Inc. Energy's headquarters is in New York. ..
Does this event increase or decrease demand and/or supply? How does this change in demand and/or supply affect the equilibrium prices and quantity in the market? In other words, do they increase or decrease? Find the new equilibrium and compare it wi..
Can anyone recommend a resource for very long term trade data? (1500-2014). I have looked and found bits and pieces here and there but haven't come across any single data-set covering all of it. I am thinking of mashing my own together but I really d..
Suppose for a moment that someone with legislative power decides to abolish Fractional Reserve Banking and passes a law that forces banks to only lend the money they own, that is M0. What would be the economy-wise implications of such a change in the..
Calculate the elasticity for each variable. On this basis, discuss the relative impact that each variable has on the demand. Illustrate what implications do these results have for the firm's marketing and pricing policies.
Identify whether all the elements of negligence are present and, if so, who or what entity will be sued successfully: The same patient, same history, same symptoms, has a different ER doctor who decides without examination that the patient has indige..
Suppose independent truckers operate in a perfectly competitive industry. If these firms are earning positive economic profits, what happens in the long run to the following: The price of trucking services, The industry quantity of output, and The pr..
Compare the efficiency of monopolistic and perfectly competitive markets. Discuss the economic factors that lead to the development of monopolies. Examples of monopolies include electric utilities, railroads, airlines, cable television, and sports le..
Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the yea..
Which of the following would cause an increase in long-run aggregate supply?
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