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A seller uses a second-price sealed-bid auction to sell a painting to two bidders. The seller claims that the painting was drawn by a famous painter, say Monet. Both bidders are not sure about the seller's claim, and think that the probability of the painting being drawn by Monet is 1=2. Both bidders can examine the painting before bidding. After examination, bidder 1 gets signal x1 and bidder 2 gets signal x2. Both x1 and x2 are independently drawn from a uniform distribution on [0; 1]. Let us assume that if a bidder is an expert on Monet's painting, then after examination he or she can immediately know whether the painting is authentic. Otherwise, he or she still thinks that the probability of the painting being authentic is 1=2. If the painting is authentic, it will worth 10+x1 to bidder 1, and will worth 10+x2 to bidder suppose you know that neither you nor bidder 2 is an expert. But bidder 2 is not sure whether you are an expert or not. Suppose you could pretend to be an expert and convince him that you are an expert. Will you choose to do so? Why?
Demand and supply situtaions in the perfect competitive market for unskilled labor are as follows, Estimate the industry equilibrium price or output combination.
a. Explain how asymmetric information about a hidden action or a hidden characteristic can lead to moral hazard or adverse selection. b. Discuss a few tactics that managers can use to overcome these problems.
List the federal government's three most important sources of tax revenue. How do these differ from your state government's three most important sources of tax revenue Why do you think that these different government entities use different tax bas..
Discuss how the Air Transportation Safety and System Stabilization Act and the Homeland Security Act both financially assisted the airlines and increased their financial burden.
Hurricane Katrina which hit the Gulf Coast region in August 2005, resulted in massive flooding which destroyed large sections of New Orleans. Suppose prior to this event, New Orleans was producing an output combination given by a point.
Illustrate what is the present value of a contract that promises to make year end payments to you of $100 for the next 20 years if the interest rate is 5%.
How does the total effect of this $20 billion tax cut compare to the total effect of a $20 billion increase in government purchases? Why?
Assuming a linear demand relationship determine the demand equation for cigarettes. Show all your calculations. Determine the nature of the Return to Scale as exhibited by the above production function.
If the terms of the contract are uncertain or incomplete, the parties cannot have reached an agreement in the eyes of the law?
Brad can fix the same kind of meal in 2hours, and his opportunity cost of one hour is $20. Will both Angelina and Brad be better off if Brad fixes meals for her and she pays him $45 per meal? Explain
In bankruptcy A, unsecured creditors receive £0.40 in the pound. A lender is owed £250,000, of which 30% is secured against assets.
Progress that meets the needs of the present without compromising the ability of future generations to meet their own needs is
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