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1. Imagine that you're on vacation in Russia, when suddenly you're arrested and accused of spying for the United States. (You're innocent, of course.) Your captors inform you that if you confess, you'll receive a prison sentence of two years, while your co-conspirator (whom you've never heard of) will receive a prison sentence of twenty years. If you both confess, you'll each receive a prison sentence of five years. You're also told that your co-conspirator is being offered the same option. If you both maintain your innocence, however, there's not enough evidence to convict either of you. Applying economic theories to the problem, what should you choose to do, and why?
2. A hotel owner, having heard that new hotels plan to open in his area, saysl "We have too many hotels in this town already. Statistics show that vacancy rates average 20 percent on any given night." Assuming this is correct, evaluate his negative assessment of the situation in terms of business-stealing and product-variety externalities
The law of diminishing returns applies to which of the subsequent segments of the marginal product of labour curve.
Projects A requires an initial outlay of $1000 and yields $41200 in 4 year's time. Project B requires an outlay of $30 000 and yields $35 000, after 4 years. Which of these projects would you choose to invest in when market rate is 3 percent."
If by bad management components of a corporation become competitive, the system is destroyed. A common example lies in the practice of ranking people,
Describe the point at which diminishing returns occurs. indicate the points that delineate the 3 stages of production.
limit popular influence without destroying popular sovereignty. Illustrate why the framers wanted to achieve each of these objectives and how the Constitution does so.
What is the outcome of the case and whether you agree with the final decision and why?
Illustrate what is the minimum price neccessary for this firm to produce any output in the short run.
Explain why government regulation is or is not needed, citing the major reasons for government involvement in a market economy. Provide support for your explanation.
How many units of labor should be employed? b. How many units of capital should be employed? c. What would be the total cost of production?
Elucidate how much should Joseph's income increase to compensate for the rise in the prices of roses.
The vertical long run AS curve compatible with classical economics implies that AD only determines the price level
If the foreign country enters the market first, determine the equilibrium price and quantity. Will both countries produce. Show both average cost curves and the equilibrium.
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