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Consider the basic Rothschild-Stiglitz model with asymmetric information and two types on consumers. A policymaker who has taken this class suggests that is might be beneficial to impose a flat tax on healthy people and distribute the tax revenue to sick people, providing partial insurance to people.
a. Since the tax will only offer partial insurance, there will still be a private competitive market for additional insurance. Will a separating equilibrium be possible in the insurance market if this tax is implemented? Draw a diagram to justify you answer.
Present in detail the following two theories/models associated with “post-Heckscher-Ohlin” trade theory. In the case of each theory/model, be sure to indicate important characteristics of real-world international trade that the theory/model is attemp..
From an economist's perspective, an important consideration for policies to address global warming is: When a producer cannot get all consumers of their product to pay for enjoying it, such as in the case of a fireworks display, then we'd have a dema..
Illustrate that there are any extra costs or benefits due to this shift.
Find the amount of capital and labor that will maximize profit. Show second order conditions for the maximum.
When the competition is intense and the environment is changing rapidly, it is especially important to
Guided Response: Review the discussion board posts of your classmates. Note their responses to the determinants of price elasticity of demand. Respond to at least two of your classmates. Discuss with your peers the characteristics of an inelastic ver..
Which of the following is a major difference between the AD-AS model and the dynamic AD-AS model? The dynamic .AD-AS model assumes the economy does not experience long-run growth, while the AD-AS model assumes there is constant inflation in the ec..
Explain is it irrational for an individual to take the time to be completely rational in economic decision making.
The unemployment rate in the U.S is currently 5.6%. If the unemployment rate in March 2016 is 5.0%, what will be the rate of GDP growth according to Okun's law? Suppose GDP growth this year is 2%, what will be the rate of unemployment next year?
A dealer in Singapore quotes S$ 1.7430/$ while a dealer in Paris quotes $0.8610/€. What should be the direct quote for the Euro in Singapore? Another dealer in Frankfurt quotes €0.6680/S$. Is there an opportunity to arbitrage for an American investor..
If inflation expectations rise, how do the short-run Phillips curve and unemployment change?
Explain the events below using supply and demand. At a restaurant that does not take reservations, people arriving at 7:30 normally have to wait for an hour, but some people arriving at that time give money to the hostess and are promptly seated.
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