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a. In the early 20th century, there were many local opera and theatre companies and other local providers of musical entertainment. With the rise of mass media and duplicative technologies (such as television, radio, and recordings), manyof these local services disappeared. What do you think happened to the demand for the services of performers with extraordinarily high charm or talent (the LucianoPavorrotis, Britney Spearses, and Tom Cruises of their day)? What do you think happened to the equilibrium price of the services of the most exceptionalindividuals? How do you think the price of the services of performers of somewhat less talent changed?
b. Near the turn of the millennium, duplicative and transmission technology (the Internet, CDs) led to a further development: easy acquisition and duplicationof music without paying the supplier. Assume that such piracy is cheap but not costless to consumers. Based on supply/demand analysis, what effect do you thinkthis development had on the demand for the services of the very highest talent performers? Of performers with somewhat less talent?
The inverse demand for a homogeneous-product Stackelberg duopoly is P = 20,000 -4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 2,000QL and CF (QF) = 4,000QF.
Include the $50 as part of the new money supply and assume the bank does not hold excess reserves.
a. What is the probability of selecting a family that prepared their own taxes? b. What is the probability of selecting two families, both of which prepared?
Insurance regulations like "community rating" and "guaranteed issue" have the effect of worsening the adverse selection problem.
Suppose that demand for a product is Q=140-6P and supply is Q=2P-20. Furthermore, suppose that the marginal external damage of consuming this product is $4 per unit. Does it result in under-consumption? Or over-consumption? How many more or less unit..
If the firm wishes to maximize profits how much Q should it produce and what is the corresponding amount of profits.
Ricardian equivalence implies
What is economics all about? How do you see economics relate to you in your own life?
Consider the utility-maximizing model in a two-good world, where our representative consumer has well-behaved preferences that result in smooth indifference curves that are convex to the origin.
Sam has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C,L) = CL. The household also has a home production technology summarized by a production function. How much time will Sam spend in leisure? How ma..
What is the growth rate of its real GDP? Assume that population was 100 in year 1 and 102 in year 2. What is the growth rate of GDP per capita?
Problem: For the Atlantic City budget crisis from 2015, what are the financial issues that the City faces.
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