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Rank the following six transactions from lowest to highest transaction costs. Explain your ranking by reference to search, bargaining, and enforcement (There is no uniquely correct answer here).
a) Getting Married
b) Buying an artichoke
c) Acquiring an easement to run a gas line across your neighbor's property
d) Selling a Burger King Franchise
e) Going to College
f) Purchasing a warranty for a new car.
Utility producing firms often practice second degree price discrimination. How might this help consumer welfare?
The demand for 1,000 units of a part to be used at a uniform rate throughout the year may be met by manufacturing. The part can be produced at the rate of 3 per hour in a department that works 1,880 hours per year.
Suppose a representative firm with total costs given by the expression TC = 100 + 4q + q2 operates in a perfectly competitive market for avocadoes, where q is the quantity of avocadoes in bushels. What is the long run equilibrium price? What is the s..
Which of the following statements regarding a monopolist is false? The marginal revenue curve lies below the demand curve for the monopolist's output. Unlike a perfectly competitive firm, a monopolist faces little or no competition. The monopolist se..
Identify a cultural practice that is considered acceptable in one country but is not acceptable in another. What are some cultural considerations that affect the resulting ethical perspectives in differing cultures?
Single exponential smoothing models differ from moving average models in that. moving average models use weighted averages of the data whereas single exponential smoothing models use simple averages. single exponential smoothing models use weighted a..
Write down a utility function that represents Britney's preferences over dresses also hats.
Evaluate the statement: “The only time that a change in resource allocation clearly increases social welfare is when the change represents a “win-win” situation.”
The Teenager Company makes and sells skateboards at an average price of $70 each. During the past year, they sold 4,000 of these skateboards. The company believes that the price elasticity for this product is about -2.5. What would total annual reven..
Suppose the market for oranges initially has supply described by P=10+Q (with price measured in dollars per bag and quantity measured in millions of bags) and demand described by P=20 - Q. Suppose a snow storm causes the supply curve to shift to the ..
Illustrate the graph for a natural monopoly. Where is price efficiency on the graph? Describe three consequences of price efficiency.
Canada has a private market for the provision of health services, and until about 1970, spent the same % of GDP as the US on healthcare. Since that time, however, the rate of healthcare inflation in Canada is far lower than in the US. Does this mean ..
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