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King Lear was worried about how his children would treat him in his old age. Much to his regret, he discovered that children do not always deliver what they promise. In addition to love and respect, children are also motivated by the possibility of an inheritance. Let us consider how a strategic use of inheritance can manipulate children to visit their parents. Imagine that parents want each of their children to visit once and phone twice a week. To give their children the right incentives, they threaten to disinherit any child who fails to meet this quota. The estate will be evenly divided among all the children who meet this quota. (In addition to motivating visits, this scheme has the advantage of avoiding the incentive for children to suffocate their parents with attention.) The children recognize that their parents are unwilling to disinherit all of them. As a result, they get together and agree to cut back the number of visits, potentially down to zero. The parents call you in and ask for some help in revising their will. Where there is a will, there is a way to make it work. But how can you make it work? You are not allowed to disinherit all of the children. Can you think of any other incentive strategy that may achieve the same desired outcome (from the perspective of the parents) i.e. the children visit once and phone twice a week? Would that strategy also work for couples with an only child? Please explain your answer.
Which of the following is not a correct comparison between an expansionary monetary policy in the basic aggregate demand and aggregate supply model and in the dynamic aggregate demand and aggregate supply model? In the dynamic model, expansionary pol..
Under Stackleberg competition between two firms, if both firms have the same marginal cost:
How would I find out by how much the price of water needs to be raised to reduce demand by 40% if the price of elasticity is 2.0.
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The budget of an economy is said to be in deficit when. The members of the Board of Governors of the Fed are. The reserve ratio is the ratio of
Find out the real rate of interest earned by Albert in each of the three years and his total real return over the three-year period. Suppose that interest earnings are reinvested each year and themselves earn interest.
If thousands of consumers begin buying MP3 players, illustrate what will take place to provide as a result.
Pick a firm in the fashion/retail industry. In your opinion, how does the firm you selected acquire market power? What impact do barriers to entry have on the firm's market power?
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The law of supply states that there is a negative relationship between price and quantity demanded. An increase in consumer income will affect the supply of any given product. Joint output of individuals or nations will be maximized when goods are ex..
Consider a monopolist in a market with linear inverse demand p(q) = 4 - q/2. The monopolist's cost function is c(q) = 2q. Write down the monopolist's profit function. Compute the profit-maximizing quantity and the corresponding price.
Suppose my grand grandmother in 1909 put $100 in the bank account for me. The bank has been paying the compounded (annual compounding) interest rate of 5% per year. If I go and pick up this money now (that is in 2009) how much money will I get?
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