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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 informyou 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.
3.why a consumer who chooses a consumption bundle in which the relative price exceeds the marginal rate of substitution can't be at an optimum?
A company in the US develops and patents a technique to produce low cost computer chips: Which account is impacted by this.
Illustrate what range of labor input is marginal product smaller than average product. What is happenning to average product as employment increases over this range.
Suppose if 100$ million in excess reserves are made available to banking system, by how much can the banking system increase the money supply?
Elucidate economic influences which can affect the airline industry in a negative way.
Suppose the demand for ABC product has an elasticity coefficient. Explain how many it will sell per month if the price
Indicate 5-of the world's economies that are the most free. How do income levels and growth rates of freer economies compare with the that are less free?
How will each of the following changes in demand or supply affect equilibrium price and equilibrium quantity in a competitive market, that is do price & quantity increase, fall, remain unchanged,
Assume government imposed a minimum wage above what otherwise would be equilibrium wage rate for the segment of labor market.
Illustrate what are your preconceptions of economics. Do you think economics will be a relatively difficult course.
Elucidate how an increase in your nominal income and a decrease in your real income might occur simultaneously.
Utilizing Edgeworth box diagrams for a society of two people, explain why societies that promote market exchange are likely to be more efficient. Are they also likely to be more equitable.
Describe a sequential game facing your firm, and represent it in extensive or tree form. Compute and analyze the equilibrium of the game.
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