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Consider a piece of property that is jointly owned by two individuals, each with one half share. Suppose that, in order to sell, owner 1 requires $3,000 for his half share, but owner 2 requires $6,000 for her half share. A buyer arrives and offers $10,000 for the entire property.
(a) If the two owners can bargain with each other costlessly, do you expect a sale to occur (assuming both owners have to give their consent)?
(b) Suppose instead that the two owners cannot bargain with each other (for example, they are a divorcing couple). If each is entitled to one half of the proceeds, do you expect a sale to occur in this case?
(c) Describe the trade-off involved in a rule that allows either one of the parties to "force" a sale of jointly owned property when they cannot come to an agreement.
Circle the new equilibrium if there is an increase in cocoa prices.
A firm has the opportunity to invest in a project having an initial outlay of $20,000. Net cash inflows (before depreciation and taxes) are expected to be $5,000 per year for five years. The firm has a marginal income-tax rate of 40%.
the crockett land winery must replace its present grape-pressing equipment. the two alternatives are the quik-skwish
What is the price elasticity of demand for bananas?
A cannery is considering installing an automatic case-sealing machine to replace current hand methods. If they purchase the machine for 3800 in June, at the beginning of the canning season, they will save 400 per month for the 4 months each year.
the gateway arch in St. Louis was built in 1965.it is the tallest monument in the united states. the arch can modeled.y=-0.00635x2(. Exponent at cubic) +4x, where x and y are in feet
Suppose that gunk has marginal benefits of reduction equal to 20 - 2x, and marginal costs of reduction equal to 5 + x/2, where x is the tons of gunk reduced.
hurricane delayed the cash inflows that the managers of firm metro expected from a project that being built and
An increase in the demand for green tea raises the price of apples from $16 a pound to $20 a pound. As a result, quantity supplied increases by 30 percent. Using the midpoint formula, calculate the value of the price elasticity of supply.
what is the expected revenue from auctioning the item
Supposed a firm faces an inverse demand function of p(y)=20-y and a total cost function of c(y) = a + y^2 What would be the economic interpretation of the variable a
According to the News on page 162 : Economy: Sharpest Decline in 26 Years The U.S. economy suffered its biggest slowdown in 26 years in the last three months of 2008, according to the government's first reading about the fourth quarter released Fr..
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