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Explain how the agency problems have played a role in different parts of the economy: moral hazard (unobserved effort), and adverse selection (unobserved type). Define clearly who are the economic agents involved (managers, stockholders, borrowers, government, etc.). For additional points, use a simple model to illustrate the situations: remember that the most important conditions are the incentive compatibility constraint and the participation constraint. Be concise and clear in your explanation and focus on what the theory says. Avoidmaking unfounded statements.
Assume that the interest parity condition holds and that both the expected exchange rate and foreign interest rate are constant. Given this information, an increase in the domestic interest rate will cause:
Does the monopoly serve both groups of customers? Compare the monopoly’s profit from the optimal pair of two part tariffs with the profit that she could make if she ignored the poor consumers altogether.
Explain how market structure affects market performance and conduct. Identify three types of government regulation that help to improve market performance and conduct and explain how each regulation achieves its objectives and the economic justifi..
Distinguish macroeconomics and microeconomics. What is the difference between positive and nonnative economics? How can knowledge of positive economics be useful in normative economics?
Elucidate why the $5.15 minimum wage in New Jersey likely has less of a detectable impact on employment.
Draw a graph that shows the usual relationship between the marginal product of labor and the average product of labor. Why do the marginal product of labor and the average product of labor curves have the shapes you drew?
Illustrate what happens to the demand curve and the supply curve when any of these determinants change.
"Most of the firms spend considerable amounts of money on advertisement". Explain advertising elasticity of demand and its practical applications in this context.
A country has the per-worker production function, y=5k^1/2, where y is the output per worker and k is the capital- labor ratio. The depreciation rate is 0.15 and the population growth rate is 0.05. The saving function s=..
Calculate the nominal GDP in 2005 and 2006 Tropic Republic and calculate the GDP in 2006 using the method of the base year prices.
What is value added in every sector also what is total output for the economy.
Suppose you purchase a 3-year, 5-percent coupon bond at par and hold it for two years. During that time, the interest rate falls to 4%. Calculate your annual holding period return. Assume that the coupon bond has a face value of $100.
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