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Suppose that your city government is interested in reducing littering. Currently, there is a $100 fine for littering and there is a 10 percent probability of being caught if you litter. The city deciding between two different policies: (1) It can increase the number of police that monitor littering, which would make the probability of being caught if you litter 20 percent rather than 10 percent; or (2) it can keep the monitoring the same yet raise the fine for littering from $100 to $200. (Notice that both policies have the same expected cost of littering.) If litterers are risk averse, which policy would lead to a larger reduction in littering? What if litters are risk loving (that is, they have a concave utility function, and so prefer an uncertain outcome to the certain outcome with the same expected cost)?
If there are 200 rooms also the operating costs $20,000 plus a cleaning fee of $5 per room per day, compute the profit during the one-week period.
What happens to price of a bond that pays a fixed percent of face value every year when interest rates in economy increase.
What happens to price and output in the Cournot, Bertrand, and Stackelberg models if marginal costs increase by 10 percent? The market demand is p = a-bQ and the marginal cost is constant across firms, i.e. mc1 = mc2 = c. You may consider for two fir..
Society is likely to over-allocate resources to produce goods that
The U.S. faces the world price, and domestic suppliers sell as many. Discuss the effect of the tariff on the number of imports.
q.use demand and supply curves feel free to use graphical depictions but it is not required to help you determine the
between patents and copyrights which reflects a free market and which is a grant of monopoly privilege by the state?
The following equation relates housing price (price) to the distance from a recently built garbage incinerator (dis). Interpret the coefficient on log(dist). Is the sign of this estimate what you expect it to be?
How might you construct a measure of the change in the price level. Illustrate what additional information might you need to construct your measure.
Which of the subsiquent arguments is the president using to justify the trade restriction on ball bearings
Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. a. How do you know that the industry is in long run equilibrium? b. Suppose that there is an increase in demand for this product. Show and explain the short-run ad..
What sense is the marketplace cruelly capricious - One of the important things.is to counter the notion that big corporations are faceless machines
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