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1. asymmetric infomation
Define asymmetric information. Distinquish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal agent problem?
2. The principal agent problem
Disscuss the nature of the principal agent problem. Determine which is the principal and which is the agent in each of the following relationships:
a. A firm that produces export goods and the export management company that helps market its goods overseas.
b. The management of a firm and its stockholders
c. A homeowner and the plumber hired to make repairs
d. A dentist and a patient
e. An employee pension management firm and the company using its services
3. Adverse selection and moral hazard
Describe the problems faced by health insurance companies as a result of adverse selection and moral hazard. How do insurance companies try to reduce these problems?
Identify as the need for organisations to develop their services offerings and discuss how organisations design and build services to attract new and existing customers to buy their services.
Derive a total revenue function and a marginal revenue function for the firm. Calculate the profit maximizing level of price and output for One and Only Inc.
In the United States real estate brokerage industry, brokers employed by large brokerage companies have traditionally worked for a portion of the commissions they generate.
Which of the following statements best describes the retail market for electricity - Estimate the (own) price elasticity (of demand).
A manufacturer of outdoor clothing makes wax jackets and trousers. Each jacket requires 1 hour to manufacture, whereas each pair of trousers takes 40 minutes.
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
What is the internal rate of return on this investment? Assume that the cab is paid for at the beginning of the ?rst year, but that the annual cash ?ows happen at the end of the year.
Discuss the welfare effects of four possible policies: price floor, price support, production quota and voluntary production reduction. Which policy is least efficient? Discuss the differences in the benefits to farmers and the cost to the governme..
A $2.50 decrease in the price of the $17 salmon entrée increased sales from 40 to 75 meals per week. Which entree should he choose to put on sale?
What effect is the new diet likely to have on the number of apple orchards within 100 miles of New York City?
Suppose a medical study reveals new benefits to consuming beef, and at the same time a bumper corn crop reduces the cost of feeding cattle. The equilibrium quantity of beef will stay the same.
Explain the effects of the new factory on the items below. Then place the number of each item on the circular-flow diagram to show whether the activity takes place in the product market or resource market
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