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A reserve price is a minimum price set by the auctioneer. If no bidder is willing to pay the reserve price, the item is unsold at a profit of $0 for the auctioneer. If only one bidder values the item at or above the reserve price, that bidder pays the reserve price. An auctioneer faces two bidders, each with a value of either $25 or $90, with both values equally probable. What reserve price should the auctioneer set, and what is the expected revenue from auctioning the item with and without a reserve price?
Now suppose that each bidder has a value of either $75 or $90. What reserve price should the auctioneer set, and what is the expected revenue from auctioning the item with and without a reserve?
What is the rationale behind the Taylor rule?
Assume a machine which has a useful life of only one year costs $2000. Assume, also, that net of such operating costs as power, taxes and so forth, additional revenue from output of this machine is expected to be $2300. What is rate of return on ..
Why might M1 and M2 grow at very different rates during a given year? If excessively rapid growth in the money supply is associated with all inflationary episodes, why do central banks ever allow the money supply to increase so rapidly?
Suppose government spending increases in a closed economy. Would the effect on aggregate demand be larger if the Bank of Canada took no action in response, or if the Bank were committed to maintaining a fixed interest rate.
In this problem, we consider replacing an existing water heater with an array of solar panels. The net installment cost of the panels is $1260($2100 less a 40% tax credit from the government) Based on an energy audit the existing water uses 190 kilow..
Explain the concepts of scarcity also choice also elucidate how they function in economic system.
A newspaper article once reported that U.S. economy was experiencing a low rate of inflation. Why does inflation affect increase in Social Security and or profits.
Suppose that inflation is 2 percent, the Federal funds rate is 4 percent, and real GDP falls 2 percent below potential GDP. According to the Taylor rule, in what direction and by how much should the Fed change the real Federal funds rate?
Consider a supply and demand model of the wholesale gasoline market. If a tropical storm forces some refineries to temporarily withdraw from the market, what curve shifts and in which direction?
What is the name of the business? Which industry does the business operate in? What does the business produce? What are some examples of factors of production that the business uses? Be specific. What type of market structure does the business operat..
Suppose you make 30 annual investments in a fund that pays 4% compounded annually. If your first deposit is $6,000 and each successive deposit is 4% greater than the preceding deposit, how much will be in the fund immediately after the thirtieth depo..
Suppose that you were a dictator. Describe a law that you could decree that would eliminate or reduce frictional unemployment but would likely reduce productivity, and explain why. Describe a law you could decree that would increase frictional unempl..
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