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Question: Groceries for the Gourmet Palate No food, it seems, is safe from being repackaged to look like an upscale product. Samuel Adams' $120 Utopias, in a ridiculous copper-covered 24-oz. bottle meant to resemble an old-fashioned brew kettle, is barely beer. It's not carbonated like a Bud, but aged in oak barrels like scotch. It has a vintage year, like a Bordeaux, is light, complex, and free of any alcohol sting, despite having six times as much alcohol content as a regular can of brew
a. Predict whether the $120 price tag on the Utopias is at, above, or below marginal cost: (i) in the short run and (ii) in the long run.
b. Do you think that Samuel Adams' Utopias makes the market for beer inefficient?
For the Parade2005 data of the preceding exercise, obtain a kernel density estimate of the earnings for the full data set. It will be necessary to transform the data to logarithms (why?). Comment on the result. Be sure to try out some arguments to..
Show that the optimal amount of the public good isthe same in every Pare to efficient allocation. What is this amount? Will the optimalamount of the public good change if the initial wealths of the two individuals change?
Write the MR and MC functions below. Remember, MR = dTR/dQ and MC = dSTC/dQ. See Assignment 5 for a review of derivatives.
Discuss, with the help of Krugman-Obstfeld-Melitz' AA- and DD-curves, the effects of a contractive fiscal policy (a decrease in government spending) on the interest rate, the nominal and real exchange rates, output and the price level.
"A shift outward in the demand curve always results in an increase in total spending (price times quantity) in a good. On the other hand, a shift outward in the supply curve may increase or decrease total spending."
When a small car ("Economy"-"E") collides with a larger car ("SUV"-"S") passengers in the E are put at greater risk. However, when an E collides with another E damags are minimal, whereas when an SUV collides with another SUV the damages are higher.
Define and discuss what is meant by risk aversion in financial markets. The definition and discussion can include a comparison of two assets.
Describe at least two such claims that you have heard people make, and analyze the main reasons why such claims do or do not meet rigorous scientific methodology standards.
What is the purpose of a warranty given by a used-car dealer? Evaluate one used-car warranty that gives your money back if not satisfied in a certain time.
Describe the ultimate goal of the product campaign for the new shampoo - Discuss your methods for achieving this goal.
a. All your costs are fixed and your goal is to maximize the total revenue received from selling advertising. Suppose that the expected number of viewers is one million people. What price should you charge? How many minutes of advertising will ..
Can the Farm produce 500 bushles of corn and 500 pounds of beef per year? Can the farm produce 800 bushels of corn and 1200 pounds of beef a year? What is the opportunity cost of the farm increasing beef production from 900 pounds to 1200 pounds per ..
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