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Suppose the average value that a person in a certain city places on having 1000 extra police of?cers out on the streets for a year is $10. Some people have a higher value and some a lower value. The population is 7 million. The city government decides to ask people how much they value an extra 1000 police to see if it is worth spending the $50 million a year needed. Two questionnaires are proposed. The ?rst version of the question- naire asks people to assess the value to them of the extra police and explains that people will pay whatever amount they answer-on the condition that the total of answers is at least $75 million. The second version of the questionnaire also asks people to reveal how much they value the extra police, but it says that everyone will pay the same amount if the police are hired, provided the sum of the personal valuations exceeds $75 million.
(a) What would be the results of the different surveys?
(b) Which is better?
(c) Does either survey give people the incentive to tell the truth?
(d) Can you devise a survey that does make people reveal the truth?
Find the price at which output is sold in a Nash equilibrium and show that this price decreases as n increases as the number of firms increases without bound.
Let q=K^(.75)*L^(.25) denote the production function, and w and r denote the prices of K (captial) and L (labor). Suppose K is fixed at 10 and L is variable. Compute and illustrate MPL and APL
Beer and pizza are complements because they are often enjoyed together. When the price of beer rises, what happens to the supply, demand, quantity supplied, quantity demanded, and the price in the market for pizza.
If the price of Seiko wristwatches increases from $125 to $200 and as a result the number of Seiko wristwatches purchased decreases, then:
Draw a supply and demand diagram of a commodity you buy every day for your own consumption or a hypothetical commodity, say X, and show the equilibrium price and quantity demanded and supplied in the diagram.
Josh and Alex work as design engineers creating high-end lighting fixtures. After one particularly enlightened afternoon, they decide to follow their dreams and open a cupcake bakery. Please sort their various costs, listed below, into the correct ca..
What is the monopolist's optimal markup of price above marginal cost
Oil is shipped from Alaska to California and Florida. It is also shipped from the Persian Gulf to Florida and to Europe, and from the North Sea to Europe. Assume that the world market and the individual markets for oil are competitive and that a t..
Discuss the advantages and benefits of job costing. Explain how job costing works. Include how job costing handles direct and indirect costs?
science knowledge grows on the basis of either human curiosity or human need. explain this statement with the help of
The table immediately below shows the national accounts for an imaginary economy. The Expenditure-based estimate of the economy's GDP? The amount of Capital depreciation experienced by the economy? How did you find this? The Income-based estimate of ..
A firm’s Marginal Revenue curve (in class we called this also Marginal Value) is given by w=1200-2L, where w stands for the wage and L for the quantity of labor. The labor supply curve is given as w=L.
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