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Assume the market for used cars is set up as in the table below. There are two types of cars: lemons and peaches. Peaches are more reliable than lemons and thus have a higher value to both buyers and sellers. Sellers know the quality of their car, but buyers cannot distinguish between the two. Buyers are risk neutral and only care about the average quality of the cars on the market. Assume that the seller has more bargaining power and cars will sell at the buyer’s value. Everyone has the information in the table, but the buyers only know the percentage of cars that are lemons. Perfection Information Prices Peach (reliable) Lemon (unreliable) Buyer’s Value $15,000 $10,000 Seller’s Value $13,000 $8,000 Suppose 20% of the cars are lemons. At what price will cars sell? Input only your numerical answer below. Give the number only with no dollar sign.
Elucidate the common kinked-demand model. In the oligopolist's marginal-revenue curve, elucidate the reason for gap. In this model explain how does price rigidity in oligopoly.
He projects that his costs also revenue will be similar this year if he continues farming. Illustrate what is Bowen's accounting profit from farming an additional year.
- To liaise with stakeholders and suppliers to source the expertise that can deliver the digital prototype(s) which should be in a format that can be directly integrated with existing social media - To integrate external partner sites and collabo..
According to the Bureau of Labor Statistics, the distribution of consumer expenditures. If the negative income tax rate is set at 50 percent and the income floor is set at $5,000, a family that earns $3,000 would have a total income (including the in..
Congress is proposing a bill that will roll back gasoline prices to four dollars a gallon. Analyze the consequences of such a bill and whether or not you would personally favor it. Consider all the costs involved in your analysis.
find out an expression for her marginal cost and her average cost per patch of grass as a function of the amount of grass she gets from every patch
You decide to start a business that provides computer consulting advice for students in ur residence hall. what would be an example of an implicit cost you would incur in operating this business ?
Illustrate what is the key assumption of the basic Keynsian model? Explain why this assumption is needed if one is to accept the view that aggregate spending is a driving force behind short-term economic fluctuations.
Compare the primary available economic resources that health insurance payers may use to monitor, assess, and regulate health care providers' behavior.
What are the major institutional changes that take place with economic development? Are these institutional changes causes or mere correlations of growth? Or is growth a cause of institutional change?
Trace the evolution of work on the laissez-faire doctrine through two arcs. First those theorists who are trying to prove that the system is stable.
Explain four macroeconomics objective from conventional perspective
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