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The United States claims that Canada subsidizes the production of softwood lumber and that imports of Canadian lumber damage the interests of U.S. producers. The United States has imposed a tariff on Canadian imports to counter the subsidy. Canada is thinking of retaliating by refusing to export water to California. Table 1 shows a payoff matrix for the game that the United States and Canada are playing.
Is this game like a prisoners' dilemma or different in some crucial way? Explain. Which country would benefit more from a free-trade agreement?
What is meant by Pareto efficiency? What is required for the economy to be Pareto efficient? If the conditions of the basic competitive model are satisfied, is the economy Pareto efficient?
A firm can sell its product at a price of $150 in a perfectly competitive market. Below is an incomplete table of a firm's various costs of producing up to 6 units of output. Fill in the remaining cells of the table, and then calculate the profit ..
In the absence of participation incentives, will a confused student ask a question when it would be socially efficient to do so?
Economists estimate that on weekends the demand for your product is much higher than on the weekdays (monday-wednesday). On weekends. the inverse demand curve for a typical customer is P= 10 - 0.001Q; on weekdays, it is P=5- 0.01Q.
Explain the implications for the disturbance terms in (1) and (2) if (3) is the correct specification and wt satisfies the Gauss-Markov conditions. What problems, if any, would be encountered if ordinary least squares were used to fit (1) and (2)?
A local realtor estimated the long-term income elasticity of demand for rental properties to be 0.9 and the long-run income elasticity for owner-occupied housing to be 1.10. Recent estimates indicate that income is forecast to rise at 5% per year ..
Suppose insurance companies have access to the results of genetic tests and they require all customers to get the test. How will the insurance company change its price of X insurance?
Suppose Carl's wage-schooling locus is given by Years of Schooling Earnings Derive the marginal rate of return schedule. When will Carl quit school if his discount rate is 4 percent What if the discount rate is 12 percent
let A be the number of persons that are alive and let S be the number of couples in which both partners are alive. For any survivor number a, find E[S I A = a] .
A bullock cart can travel at the rate of 4 kmph for the first two hours of a trip. After the firsttwo hours, the bullock cart's speed drops to 3 kmph. How many hours will it take thebullock cart to travel 20 km?
Based on the transition matrix for ECB, which positions are experiencing a labor surplus or a labor shortage?
What has been happening to the reported releases over time? These data are self-reported by the companies. Do you trust its accuracy? If you were concerned about the health risk posed by the toxic releases in your neighborhood, what would you do a..
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