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According to a recent article in the Wall Street Journal, side-impact crashes are among the deadliest, accounting for nearly 10,000 deaths per year. Child safety concerns have kept auto manufacturers from making side-impact airbags standards equipment, though they are optional on most middle to higher-market automobiles. Openly critical comments by General Motors Ron Zarrella that other manufacturer's airbag systems inflate too powerfully and present a potential hazard to children have led to an industry wide study aimed at devising a common set of safety standards for side-impact airbag systems. Part of the trick of developing a set of standards that will protect both adults and children equally is getting the industry to agree on a single set of standards. Suppose that such standards are developed and that Ford and GM most simultaneously decide whether to make side-impact airbags standard equipment on all models. Side-impact airbags raise the price of each automobile by $500.00. If both Ford and GM make side impact airbags standards equipment, each company will earn profits of $1.5 billion. If neither adopts the side-impact airbag technology, each company will earn $0.5 billion (due to lost sales to other automakers). If one company adopts the technology as standard equipment and the other does not, the adoption company will earn a profit of $2 billion and the other company will lose $1 billion. If you were a decision maker at GM, would you make side-impact airbags standard equipment?
In a simple model with no government or foreign sector, the amount of involuntary inventory accumulation at equilibrium is
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."
The investment demand curve is a useful tool to summarize an important and complex relationship in the economy. The determinants that may cause this Investment Demand Curve for the U.S. economy to shift are acquisition
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
Describe the creation of money from excess reserves and multiple deposit expansion in banking system. How does the multiplier affect the supply of money?
Indicate whether each of the following statements is true or false and explain why.
What is your economic cost of buying a ticket? What is your economic cost of attending the game (once you already bought the ticket)?
Suppose that yi receives $ 60 per day as interest on inheritance and her wage is $25 per hour, and she can work a maximum of 16 hours per day at her job. draw her daily budget constraint.
Consider the following Solow model of growth. Both population and work force grow at the rate of n=1% per year in a closed economy.
Efficiency and sustainability are management goals with respect to renewable resources. As Field explains, biological and economic considerations are typically blended in determining the efficient allocation of these resources.
What does Friedman believe about expansionary monetary policy? Do you think Keynesian economists would agree?.
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