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Suppose that all of the numbered diamonds and spades from a deck of cards (excluding Ace, King, Queen, and Jack) are used to set up a market. The diamonds determine demands, e.g. a 10 represents a buyer with a redemption value of $10. Similarly, the spades determine supply. There are nine buyers and nine sellers, each with a single card.
a) Graph supply and demand, and derive the competitive price and quantity predictions.
b) What is the predicted effect of removing the 3, 4, and 5 of spades.
Suppose that the U.S. government decides to charge wine producers a tax. Before the tax, 35,000 bottles of wine were sold every week at a price of $7 per bottle. After the tax, 30,000 bottles of wine are sold every week; consumers pay $9 per bottle, ..
Suppose that a formerly closed small economy becomes open. What will happen to the effectiveness of fiscal and monetary policies in affecting GDP if the economy operates under flexible exchange rate? Illustrate your answers graphically. How does your..
When people decide to buy cars, they have to decide between fuel economy and other features. It is argued that there is a "public good" issue involved in this decision. Why might that be? How the existence of public-good characteristics affect the pr..
Define “intra-industry trade” and indicate several reasons why such trade can take place in any given product category. Then indicate the characteristics of a country that might lead you to expect that the country would have a substantial amount of i..
To derive the uncovered interest parity (UIP) condition we assume, among other things, that there is free movement of capital across countries. Is there a variant of the UIP that we can expect to hold (given the other assumptions) under such asymmetr..
Suppose your business had an e-commerce Web site where it sold goods and accepted credit card payments. Discuss the major security threats to this Web site and their potential impact. What can be done to minimize these threats?
Suppose a firm takes two inputs, labor and capital, as perfect substitutes. In addition, this firm can substitute one labor for one capital. If wage is $2000 and rental rate for capital is $3000, what is the optimal labor and capital usage for this f..
What is the primary driving force in a market economy?
A monopolist faces a demand given by p = 40 – 4y . Its cost function is c ( ) = 2 + 4 y . a) What is the optimal level of output for a monopolist? b) What is a monopolist price? c) What is the total profit (or loss)?
What lessons should companies learn from Siemens’ reliance on bribery?
Draw the Edgeworth box of this situation and draw the contract curve. What dowe know about the proportion of peanut butter to jam held by Adam in any equilibrium?
Due to a bust of stock prices, consumer wealth declines, and consumer confidence drops dramatically. Use the AD-AS model to predict what happens to the economy, both graphically and verbally. What happens to aggregate demand? What happens to the leve..
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