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Explain how moral hazard, asymmetric information, and adverse selection molded tort law regarding compensation for injuries to slaves, livestock, and free passengers caused by, or occurring on, common carriers (steamboats and railroads). Explain why the outcome was, or was not, economically efficient.
Some firms with monopoly power are more focused on market share, size and influence in the economy. This is particularly true if there is a tendency for ownership (stockholders) and control (managers) to be separated. These firms sometimes are willin..
Two firms, the Alliance Company and the Bangor Corporation, produce vision systems. The demand curve for vision systems is P = 200,000 - 6(Q1+ Q2) where P is the price (in dollars) of a vision system, Q1 is the number of vision systems produced and s..
In 2014, Thomas Piketty came out with a popular book, “Capital in the Twenty-First Century.” In it was a model not unlike the Solow growth model, discussing the long-run implications for the capital-to-income ratio, k/y. The traditional Solow growth ..
Suppose the government sets a controlled price below the market clearing price for a commodity. Draw a diagram and use the idea of a maximum buying price to explain whether the total price paid by the buyers will end up lower or higher than before.
Autocorrelation does not bias the parameter estimates, however, few econometricians would trust parameter estimates derived from models with auto-correlated residuals. Why?
An airline loses money on one of its routes but has decided to continue to provide service. Could this decision be economically rational in the short-run? In the long-run?
Instructional designers typically employ models to guide their day-to-day work. Due to the increased practice of the systematic design of instruction in a growing number of settings, available models become more and more proliferated, focusing on par..
Suppose that your utility function is U = ln(3I), where I is the amount of income you make in a given year. Suppose that you typically make $30,000 per year, but there is a 5 percent chance that, in the next year, you will get sick and lose $20,000 i..
Workers in the country of Andalia can produce either 10 tons of cheese or 20 tons of yogurt using a certain quantity of resources. With this same quantity of resources, workers in the country of Barragon can produce either 6 tons of cheese or 18 tons..
Money has several uses, in society. You might want to start by explaining what money does for us. Could we live without physical (cash) money? The banking system creates the money in the US ( the few physical bills are just receipts for bank reserves..
You and your boss are having a discussion about a changing supply factor for the good you bring to market. You manufacture widgets, specifically left-handed widgets for sale in the Maryland marketplace. Your boss has won awards celebrating her entrep..
Assume that the economy can experience high growth, normal growth, or recession. Under these conditions, you expect the following stock market returns for the coming year: State of the Economy Probability Return High Growth 0.2 60% Normal Growth 0.7 ..
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