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Suppose that John wants to purchase a new car and meets a prospective seller who owns a vehicle, the quality of which John does not know how to assess. The seller does know the quality of the vehicle, it may be any number x from [O,1] - uniformly distributed. Thus x constitutes her reservation price: he/she will not sell the car for any less than x. John is an eager buyer, so he value quality x at ax; a> 1. Note that there is a one to one mapping of the sellers reservation price and quality. Write down an expression for social surplus. Define this expression as W. Are there any gains from trade? Explain Now we consider the lemons problem. We know the seller will accept a sale if p > x. That is the price exceeds that of the reservation price. Thus for a given price p find the expected quality of the vehicle for John and his average valuation. Define this his average valuation as E[v].
Create a hybrid theory/philosophy which combines the common elements found in the thinking of Case, Kouzes, and Drucker. In your philosophy, be sure to include the new definition of entrepreneurial leadership presented in Understanding Entrepreneu..
the management of regional hospital has made substantial improvements in their hospital and would like to test and
suppose that the residents of veggieland spend all of their income on cauliflower broccoli and carrots. in 1998 they
3. In explaining the 2003 bill to cut taxes, President Bush is quoted as saying, "When people have more money, they can spend it on goods and services."
2000 years ago gladiators fought in the coliseums of ancient rome making huge salaries. is this an example of a winner
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
What are some of the advantages, disadvantages to Replacing the Canadian personal income tax system with consumption tax: benefits and challenges.?
Historically, shifts towards a more expansionary monetary policy have often been associated with increases in real output. Is this surprising? why or why not?
Instead of asking for a price, you offer to give them the product in exchange for 50% of their cost savings. Describe the information asymmetry, the adverse selection problem, and why soft selling is a successful signal.
suppose you are the main negotiator between your company and retailers carrying your companys line of dairy products.
a. suppose your local congress representative suggests that the federal government intervene in the gasoline market to
• Identify an industry that the Internet has transformed or destroyed. • Then think of a new industry that the Internet has created. • What are the reasons behind the changes
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