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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 substantial number of relatively unskilled persons reported that they can't find work. At the same time, there're many unfilled jobs for relatively skilled people. Apparently, the problem is that there're more unskilled peop..
Describe the effect of a third party payer system on equilibrium price and quantity. I have a neighbor who had bi-pass surgery that cost us all $150,000 and he was ninety years old.
Illustrate what are the pros and cons of companies competing in the global environment and how this has affected the U.S. economy and the global economy.
Suppose the commodity market and the money market for an economy are described throughfollowing IS and LM curve.
if demand for milk is inelastic, but there is an increase in supply, what would happen to milk prices and total revenue of milk salesif floods destory a corn crop and i wanted to estimate the impact of the decrease in the supply of feed crops on t..
At some universities and colleges, economics professors earn hugh salaries than professors in some other fields.
Indicate whether each of the following statements is true, false, or uncertain, and explain your answer.
It is your first day on the job at the Itty Bitty Machine (IBM) company and your new boss wants your advice. The company has invested $10 million in its new computer software.
How would you characterize the market for crude oil production? Explain your answer. Explain the long run profit behaviour of firms in this kind of industry.
Illustrate ahat are the general equilibrium values of the real interest rate, price level, consumption, and investment.
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
If there is a recessionary gap in the short run, then in the long run a new equilibrium arises when input prices and expectations adjust downward,
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