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The FCC has hired you as a consultant to design an auction to sell wireless spectrum rights. The FCC indicates that its goal of using auctions to sell these spectrum rights is to generate revenue. Since most bidders are large telecommunications companies, you rationally surmise that all participants in the auction are risk neutral. Which auction type-first-price, second-price, English, or Dutch-would you recommend if all bidders value spectrum rights identically, but have different estimates of the true underlying value of spectrum rights? Explain.
As the manager of monopoly, you face potential government regulation. Findout the monopoly price and output.
Fill in the missing data for price (P), total revenue(TR), marginal revenue (MR), total cost (TC), marginal cost (MC), profit (π), and marginal profit (Mπ) in the following table:
How might there be increase in total spending on a child's education in response to providing a fixed level of education?
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
What happens to the demand for pizza if the price of that product decreases? What happens to the supply of tomatoes if the wages of tomato pickers increase?
Provide brief but theoretically sound explanation for each of the following.
Assume the government decides to pass a law that requires all businesses to delay all future layoffs, giving at least 3 months notice to any workers they plan to lay off.
Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?
What takes place to the equilibrium price and quantity of ice cream in response to each of the following? Describe your answers.
Changes in government spending and interest rates
Assume that the following information about the economy is correct. The potential GDP is 3 percent. Real GDP has fallen at a minus two percent rate in the last 12 months.
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
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