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First Price Auction Sample Homework
Question: An (honest) stamp collector is considering selling one of her prize stamps. Based on some very insightful market research she knows that there are two bidders and each bidder just wants to add the stamp to their own private collection and is not worried about resale value. Depending on their mood the day of the auction each bidder is equally likely to value the stamp at $10, $20 or $30. (The realized values are not correlated across the two bidders, i.e. they are independent, private values. Also assume everyone, including the seller, is risk neutral and if there is a tie we can flip a coin to determine the winner.)
The demand-supply market models (for each market below) to graphically illustrate and explain the following scenarios (in the short run). Identify for each scenario what the effects on price and quantity are likely to be. State your assumptions.
Define the standard of living. Describe the measure or measures that you would include in this concept and justify your answer. Describe the ways that the standard of living has changed for Americans in the past two centuries or so.
Cockatoos are drugged and smuggled in suitcases to the United States. Half of the smuggled cockatoos die in transit. Each smuggled cockatoo has a 10% probability of being discovered, in which case the smuggler is fined.
What level of output will these firms produce in the short run and are these firms operating under perfect or imperfect competition?
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Suppose that aggregate demand increases such that the amount of real output demanded rises by $7 billion at each price level. By what percentage will the price level increase? Will this inflation be demand-pull inflation or will it be cost-push infla..
Sandra purchases 5 pounds of coffee and 10 gallons of milk per month when the price of coffee is $10 per pound. She purchases 6 pounds of coffee and 12 gallons of milk per month when the price of coffee is $8 per pound.
Assume that the demand and supply curves for broccoli in the United States market are given by:
Discuss the factors that affect the price elasticity of demand as they apply tolamb and make a suggestion based on your appraisal as to the likely priceelasticity coefficient.
Company M and N compete for market and decide independently how much to advertise. Every one can expend either $10 million or $20 million on advertising.
What is meant by adding "autonomous" net exports 2] What affect would positive net exports have on Y* negative? Net Exports equal to zero How would the aggregate expenditures function be affected in each case Present each case graphically.
What are your recommendations to the current administration considering the state of the economy and the level of national debt? What are the implications of your recommended course of action?
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