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A symetric information can have deleterious effects on market outcomes.
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.
According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.
Suppose the domestic appliances industry faces severe foreign competition, and asks you to prepare a position paper its lobbyist.
Using the exchange rates and prices in the tables above:
Compute the income elasticity of demand for product below, by using average values for quantities and incomes.
Let the market demand for rye bread be given by Q = 500 + I - 250P rye + 400P wheat , where Q is monthly demand in number of loaves, I is average monthly income in dollars
Describe how a change in investment can have big impact on GDP causing a nationwide slump. Recall that investment is "small" relative to the entire economy.
What does Friedman believe about expansionary monetary policy? Do you think Keynesian economists would agree?.
Explain why the authors cite ethnically segmented markets as a factor that holds back private sector development and building entrepreneurial capacity.
Suppose you are running a photo copy center that makes illegal copies of the textbook. An illegal copy of the book sells for $10 and you only have one copy machine.
For several years, Palm was the dominant manufacturer of PDAs (personal digital assistants). However, a number of other manufacturers have since entered the PDA market.
There are many factors might change AD and AS, and equilibrium. Please evaluate the effect of following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
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