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2.1. Consider a fiat money/barter system like that portrayed in this chapter. Suppose the number of goods J is 100. Each search for a trading partner costs an individual 2 units of utility.
a. What is the probability that a given random encounter between individuals of separate islands will result in a successful barter?
b. What are the average lifetime search costs for an individual who relies strictly on barter?
c. What are the average lifetime search costs for an individual who uses money to make exchanges?Now let us consider exchange costs. Suppose it costs 4 units of utility to verify the quality of goods accepted in exchange and 1 unit of utility to verify that money accepted in exchange is not counterfeit.
d. What are the total exchange costs of someone utilizing barter?
e. What are the total exchange costs of someone utilizing money?
Choose two firms from different industrial sectors, e.g. high tech computers, health, customer non durables, cyclical etc.
Provide three examples of organizations that show how Friedman's admonition, above, if taken literally, could be used to legitimate otherwise unethical behavior.
The Following table shows the regression coefficient (B) and the t-statistics (T) for the variables influencing business traveler demand for hotel rooms (including hotel prices and attributes) from the study Business Traveler Demand for Hotel Rooms
determine the two equal deposits the first deposit required now and the second deposit at the end of year 6 so that you
Currently, at a price of $1 each, 100 popcycles are sold per day in the perpetually hot town of Rostin. Consider the elastictiy of supply. In the long run a price increase from $1-$2 has an elastic supply of 1.5
Are earnings functions different for males and females? Using your EAEF data set, regress LGEARN on S, ASVABC, ETHBLACK, and ETHHISP (do not include MALE). Repeat the regression using only the male respondents. Repeat it again using only the femal..
Two equal deposits made 20 and 21 years ago, respectively, willallow a retiree to withdraw $10,000 now and $10,000 per year for 14more years. If the account earned interest at 10% per year,how large was each deposit
The Bank of Turlock has $30,000 in reserves, $100,000 in demand deposits and the reserve requirement is 15%. How much can this bank lend out How much does the money supply increase when it makes that loan
Corporate orders generate an avg. contribution of $100 per coat. Firm K has just recieved and unexpected order for up to 300 coats but has unused capacity to produce only 200. One manager recomends delivering 200 coats.
in 2003 the market price for a 3000 square foot home in south tampa florida was 350000 and 358 new homes were built. in
An oligopoly firm faces a kinked demand curve with segments given by:P=100-Q and P=120-2Q, where P is the price and Q is the quantity demanded. The firm has a constant marginal cost, MC of $45. A. Determine the firm's profix maximizing level of ou..
This bank can safely expand its loans by what amount c.by expanding its loans by this amount in part (b), its checkable deposits would expand to what amount (if all loans were made to ch3ecking account customers)
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