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Which of the following examples is an adverse-selection problem and which is an incentive problem? Explain why. In each case, give one method that the restaurant might use to reduce the problem. (A) A restaurant decides to offer an all-you-can-eat buffet that is sold for a fixed price. The restaurant discovers that the customers for this buffet are not its usual clientele. Instead, the customers tend to have big appetites. The restaurant loses money on the buffet. (B) A restaurant owner hires a manager who promises to work long hours. When the owner is out of town, the manager goes home early. This action results in lost profits for the firm.
Economic theory offers ______ about the full range of possible events and responses, which can prevent _______ about how households will respond to changes in prices or incomes.
If they currently at point B, what is the opportunity cost of 100 additional cups? if they currently at point D, what is the opportunity cost of 100 additional cups?
Mark Sexton and Todd Story, the owners of S&S Air, Inc., were impressed by the work Chris had done on financial planning. Using Chris’s analysis, and looking at the demand for light aircraft, they have decided that their existing fabrication equipmen..
q1. explain and show graphically the effect on the supply and demand for bonds in a deflationary period. what is the
A large automobile manufacturing company is considering the installation of a high-tech handling system. The initial cost of the system is $3,000,000 and it is estimated it will save $750,000 per year in manual labor, and will incur $27,500 in operat..
Consider a Cournot duopoly with the inverse demand p = 130 - Q. Both firms have constant marginal and average cost MC = AC = 10. Find the Cournot-Nash equilibrium output and profit of each firm. Calculate the con-sumer surplus and DWL.
A person signs an agreement to offer personal services over a period of five years. The company that hires him, offered to pay him an advance of $30,000 for his professional services at the moment of signing the contract and five additional payments ..
If Sammy refuses to contribute to the butterfly garden, he'll not be able to enjoy its benefits if it is built.
pecifies that the real wage will rise by 10 percent in the second year of the contract. The CPI is 1.00 in the first year and 1.1 in the second year. Illustrate what dollar wage must be paid in the second year.
This project will replace some existing equipment which currently has a book value (BV) of $200k and an estimated market salvage value of $375k. The new project will require new equipment costing $2.0 M, which will be depreciated straight-line to ..
What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant. Elucidate what money supply should the Fed set in year 2009 if it wants to keep the price level stable.
Compute the optimal pricing scheme of the iphone, Assume which there are equal numbers of every customer type.
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