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Smith can produce with or without a filter on his smokestack. Production without a filter results in greater smoke damage to Jone. The relevant gains and losses are as follows: Gains to Smith: $200/wk with filter; $245/wk without filter. Damage to Jones: $35/wk with filter; $85/wk without filter.
a. If Smith is not liable for smoke damage and there are no negotiation costs, will he install a filter? Explain carefully.
b. How, if at all, would the outcome be different if Smith were liable for all smoke damage and the cost of the filter were $10/wk higher than indicated in the table? Explain carefully.
Describe whether capital generated in the industrialized countries is finding its way to the less-developed.
Jason is indifferent between $10 for sure and a lottery that pays $100 with probability 0.09 and $0 with probability 0.91. He is also indifferent between $70 for sure and a lottery that pays $100 with probability 0.80 and $0 with probability 0.20.
Illustrate what happens to bicycle supply. What happens to bicycle demand.
Assume that more firms receive permission to drill for oil in Alaska and United States controlled waters. In addition, suppose that the popularity of SUVs declines in favor of smaller, more fuel efficient automobiles.
An economy can be stimulated by printing more money. Illustrate what are the dangers of doing that. Inflation can be decreased by reducing the money supply.
Illustrate what will happen in the short run and long run to the world real GDP and the price level. Moreover, describe what policymakers could do after this has happened.
Econ 304 Spring 2013 - Compute a consumer price index for apples for each year. Assume that year 1 is the base year in which the consumer basket is fixed. How does your index change from year 1 to year 2?
What are the three different approaches used to schedule advertising, and under what conditions are they used. Describe/discuss the communication process of both traditional (mainstream) media and social media.
Most commercial fish species in nearly every ocean and sea are rapidly depleted. The world fisherman and vessels represent twice as much fishing power as major stocks of fish can sustain.
Utilizing demand and supply analysis to assist you, what are the effects on the exchange rate between the British pound and the Japanese.
Assume that you have drawn a total product curve for labor given a specific technology. Now let some sort of technological change increase the productivity of labor.
For each of the following events, state whether the aggregate demand curve would increase, decrease, or stay the same.
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