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A local department store puts out products at an initial price, and every week the product goes unsold its price is discounted by 25% of the original price. If it is not sold after 4 weeks, it is sent back to the warehouse. There is a set of butcher knives that was just put out for the price of $200. Your willingness to pay for the knives (your dollar value) is $180, so if you buy them at a price P, your payoff is u=180-P, and if you don't buy the knives, your payoff is 0. If you don't buy the knives, the chances that they are sold to someone else conditional on not selling in the week before are given as follows: Week 1: 0.2 Week 2: 0.4 Week 3: 0.6 Week 4: 0.8 For example, if you do not buy during the first two weeks, the likelihood that it is available at the beginning of the third week is the likelihood that it does not sell in either weeks 1 or 2, which is 0.8 x 0.6 = 0.48.
The government of British Columbia has suggested a “cash-for-clunkers” program. Under this program, the government would buy up “clunkers” (older cars that emit a lot of pollutants and do not meet current pollution standards). Is this a sensible poli..
Back in 2000, the Canadian unemployment rate averaged 6.8 percent and current dollar GDP reached $1056 billion (or $1.056 trillion). Pierre Fortin, a leading Canadian macroeconomist affiliated with the Université du Québec à Montréal, had estimated C..
Export subsidies levied by foreign governments on products in which the United States has a comparative disadvantage?
Everything else equal, if health depreciation rate decreases, the EQUILIBRIUM Health level
The classical political economists shared, to a large extent, a vision of an emerging social system. Smith referred to this as the “society of perfect liberty” while Marx called it the “capitalist mode of production.” What were the central characteri..
Suppose the own price elasticity of demand for good X is -3, its income elasticity is -2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is -5. Determine how much the consumption of this good will chan..
The aggregate demand and aggregate supply model is a useful simplification of the macro economy used to explain short-run fluctuations in economic activity around its long-run trend. The vertical axis of a diagram of the aggregate demand and aggregat..
q.assume that you live in a simple economy in which only three goods are produced and traded fish fruit and meat.
Find the equilibrium price and quantity after the shift of the demand curve.
What is its short run total variable cost function SVC? Short run average variable cost function AVC? Could you conclude that average variable cost is always less than marginal cost? What is the minimum price that the firm is short run profitable (fi..
A firm facing perfect competition is known as a price taker and therefore cannot employ the use of _______?
The United States has an absolute advantage in making many goods, such as short-sleeve cotton golf shirts. Why do Cost a Rica and Bangladesh make these shirts and export them to the United States?
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