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In Akerlof’s lemons problem, with symmetric information, suppose that 5 cars are available in equal quantity and with quality levels 0, 1, 2, 3, and 4. Suppose the sellers have a reservation price of $2,000 per unit of quality, and the buyers value cars at $3,000 per unit of quality. There is more buyers than sellers, and all agents have no information about car quality. Will a market exist in this case? Is there an equilibrium price? Explain.
he or she rents 63 movies per year at the same price per movie. What is the implied income elasticity of demand for movies? Are movies a normal good or an inferior good?
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances.
Illustrate what is price should Big Steel set to maximize its profits. Explain how much steel will Big Steel sell? How much will its competitors sell.
Give an example from your workplace or personal experience of the law of diminishing marginal productivity. How might managers use the concept of diminishing marginal productivity to improve efficiency?
q.a construction company is bidding on a project comprising five high-rise buildings to be erected one after the other.
Federal Express (a package company) lobbying the U.S. Department of Transportation to increase annual terminal fees at airports. Sailboat manufactures lobbying to increase the tolls on New York City’s George Washington Bridge.
A farmer owns a plot of ground also sells the right to pump crude oil from his land to a crude oil producer.
Sergei is a computer programmer with a utility function equal to U=Y+120L-L . He contracts with Uber that allows him to set his own work hours; they pay him $50/hour. He has allocated himself a work-hour time budget of a maximum of 250 hours per mont..
Indicate the type of sales promotion that a producer might use in each of the following situations and briefly explain your reasons: (1) A firm has developed an improved razor blade, but customers are not motivated to buy it.
If the Boca Raton Company has only one rival also if its rival too makes such a declaration does this change payoff matrix? If so, in illustrate what way.
q.as weve been discussing and identifying the issues that our local and global communities currently face how do you
The cost of delay is an important expense to consider when redesigning a procedure. In addition, there is uncertainty in identifying future needs and new procedure that the space will need too accommodate.
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