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You hold an auction among three bidders. You estimate that each bidder has a value of either $16 or $20 for the item, and you attach probabilities to each value of 50%. What is the expected price? If two of the three bidders collude, what is the price?
Using one or more recent examples reported in the U.S. media, explain why the state plays a key role in shaping economic processes.
The Index of Small Business Optimism declined 3 points in June 2012, falling to 91.4 and losing gains achieved earlier in the year, according to the NFIB Research Foundation report. Labor market indicators and spending plans for inventories and capit..
Ben is the manager of a branch of a large bank. He has regularly taken money from customer's accounts for his own use and changed the bank records to cover his actions. Ben is guilty of
Why did the federal bond backing provision and the ability of national banks to hold reserves at other banks encourage nationwide bank runs and financial panics during the National Banking System?
Suppose the equilibrium quantity of movie tickets is 1000. If the demand curve shifts _________, the equilibrium quantity of movie tickets will ____________.
When inflation occurs some economic agents gain and some lose. Who would gain and lose if deflation occurs? Why? What will happen to interest rates and investment according to Keynesian and Classical/ Monetarist theories? Is inflation still a possibl..
Illustrate what is the point price elasticity of supply at the equilibrium quantity. Illustrate what is the new equilibrium quantity also price if every capita income increases to 20.
Elucidate how on your diagram also calculate the profit maximizing output also price. Calculate the consumer surplus at the profit maximizing price also quantity.
How much profit does the monopolist earn? How much consumer surplus is left? (if any) Calculate the social welfare loss.
Ocean water contains .9 ounces of gold per ton. Method A costs $550 per ton of water processed and will recover 90% of the metal. Method B costs $400 per ton of water processed and will recover 60% of the metal. The supply of ocean water is essential..
What are the negative consequences of development? Can development occur without destruction of the old social fabric? Please provide examples where these will help to clarify your answer.
Which of the following statements best explains federalism?
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