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Explain why an economy in which airlines charge different passengers different prices for the same flight will not have exchange efficiency. b. Going back to our two good (Apples, Oranges), two person (Ed, Mary) economy, suppose that at a given allocation, Ed’s MRSAO is 3 and Mary’s MRSAO is 1. Use proof by contradiction to show that this allocation is not exchange efficient. Identify a trade that will increase the utility of Ed and Mary. Explain. Show this graphically (with indifference curves).
Going back to our two good (Apples, Oranges), two person (Ed, Mary) economy, suppose that at a given allocation, Ed’s MRSAO is 3 and Mary’s MRSAO is 1. Use proof by contradiction to show that this allocation is not exchange efficient. Identify a trade that will increase the utility of Ed and Mary. Explain. Show this graphically (with indifference curves).
elucidate explain why the cost structure associated with many kinds of information goods also services might imply a
Graph the best response functions. Find the Nash Equilibrium of this game. What happens with the levels of law enforcement and crime (in Nash Equilibrium) when the cost of law enforcement c goes up?
A university has a fixed number of parking spaces for students on campus. They are currently sold at a price that clears the market. Suppose there is a proposal that the price should be lowered and a lottery held to determine who may park on campus. ..
What is MPS? What are the non-income determinants of consumption and savings? What is interest rate? What is expected rate of return?
Southern Airways, a small regional airline, has a daily late evening flight into Atlanta. The plane must be in Atlanta at 8:00 am each morning for a flight into Richmond, Virgina. Unfortunately, the charge for a plane remaining overnight in Atlanta i..
How many workers should the firm hire if the price of the output is $10? Suppose the price of the output falls to $7.50. Illustrate what do you think would be the short-run impact on the firmâ??s production.
At the 0.05 level of significance, is there evidence that the population mean force is greater than 1,500 pounds? What assumption about the population distribution is needed in order to conduct the "t test" in (a)?
Suppose the repeated application of a pesticide used on orange trees contaminates groundwater. The pesticide is applied annually in almost all of the orange groves throughout the world. Most orange growers regard the pesticide as a key input in their..
If the marginal cost of the separate products is high, a seller should consider _______ bundling instead of ________ bundling.
However, firms that have installed expensive air purification systems are able to eliminate fumes from the glue inside the plants. Suppose that 50 of these pillow-manufacturing jobs exist in firms with air purification systems, while the other 150 of..
Suppose the government increases both taxes and government purchases by $10,000. Assuming that the marginal propensity to consume is 0.75, calculate the change in private saving, government saving, and total saving. Then draw a graph of the loan able..
Find an article in a recent newspaper or magazine illustrating a change in price or quantity in some market. Analyze the situation using economic reasoning. Has there been an increase or decrease in demand? Factors that could shift the demand curve i..
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