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Class Participation. Consider a course with 40 students, some of whom are confused after the professor explains a concept. The professor doesn t know whether students are confused but will clarify the concept if one student asks a question. A student who asks a question and reveals his or her confusion loses 10 utils. When the professor clarifies the concept in response to a question, each confused student gets a benefit of 2 utils.
a. At what level of confusion (measured by the number of confused students) is a question from a confused student socially efficient?
b. In the absence of participation incentives, will a confused student ask a question when it would be socially efficient to do so?
c. Design an incentive system to generate efficient questioning.
A large chemical plant is being planned with the capacity to produce 3 million pounds (lb.) of product annually. Raw-materials costs for the product are $0.45/lb. and utility costs are $0.25/lb. Overhead costs are 75 percent of the labor costs.
Let X be the number of minutes it takes to drain a soda filler of a particular flavor in order to change over to a new flavor. The probability density function for X is: f(x)=X/15, x= 1,2,3,4,5 a) What is the probability that it will take exactly t..
The deadweight loss of a tax is the area of the triangle between the supply and demand curves. Solve for the deadweight loss as a function of T. Graph this relationship for T between 0 and 300. (Hint: Looking sideways, the base of the deadweight l..
elizabeth M. suburbs makes $200 a week at her summer job and spends her entire weekly income on running shoes and designer jeans, because these are the only two items that provide utility to her. Furthermore, Elizabeth insists that for every pair ..
When the government imposes a price floor = $20, disequilibrium between quantity demanded and quantity supplied results in. Consider a market where demand is D: P = 30 - Q and supply is S: P = 0.5Q. 1. Equilibrium quantity Qe is
what is the maximum loan that the bank could extend. indicate how the banks balance sheet would be altered if it extended this loan. suppose that the required reserves were 20 percent. if this were the case, would the bank be in a position to extend..
Provide a critical analysis of M&R's implementation of the balanced scorecard, including an identification of the strengths and weaknesses of the program.
The government is considering two alternative types of taxes. The first is a tax on interest income, the second is a tax on labour income. Both are to be imposed at rate t (i.e., t=.20, or 20%). Your job is to help the government understand the im..
A. Calculate the equilibrium price and equilibrium quantity of rice for 2009. B. Calculate the elasticity of demand and elasticity of supply; what do you conclude from these answers whether these are elastic or inelastic.
during the beginning of the 21st century, the growth in computer sales declined for the first time in almost two decades. As a result, PC makers dramatically reduced their orders of computer chips from Intel and other vendors.
Consumer surveys indicate that 40% of newspaper readers read automobile ads and 5% of those who read the ads actually purchase automobiles. On the other hand, 50% of magazine readers read automobile ads but only 3% of those.
Discounting is examined. Suppose that individual demand for a product is given by QD=1000-5P. Marginal revenue is MR=200-0.4Q, and marginal cost is constant at $20. There are no fixed costs. a) The firm is considering a quantity discount. The firs..
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