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Paying for Information. You are willing to pay $7,000 for a high-quality car a plum. The current price of used cars is $4,000, and 4 of 5 cars in the market are lemons, meaning that 1 in 5 is a plum.
a. Suppose you could pay a finders fee to a personal shopper/mechanic who will find you a plum at a price of $4,000. What is the maximum you are willing to pay as a finders fee?
b. As you shop for a used car, you will bring each car you consider to your mechanic, who will thoroughly inspect the car and tell you for certain whether it is a plum or a lemon. If the price per inspection is $400, is it worth the money?
c. How would your answer to part (b) change if only 1 out of 10 used cars was a plum?
Suppose that worker skills can be measured in efficiency units, and that efficiency units are distributed in the population such that worker 1 has 1 efficiency unit, worker 2 has 2 efficiency units, etc.
Assume the current prices in the market are challenged by the regulatory agency, resulting in a new maximum price of $2,000. How will this change the industry output and market share for each company
The price of the stock is $48 and the risk-free rate of interest is still 8% per annum. What is the value of the short position in the forward contract
You are to write a paper, convincing the president of the company of your conclusion and explaining what the company's pricing strategy should be.
Estimate simple linear regression models for both the raw data and the logs, estimating both the intercept and the slope.
For a two-tailed test with a 0.05 significance level, what is the rejection region when n is large and the population standard deviation is known Greater than +1.65 and less than -1.65 Greater than +1.96 and less than -1.96 Between ±1.65 Between ±..
The economic analysis division of Mapco Industries has estimated the demand function for its lone of weed trimmers to be : Qd=18,000+0.4N-350Pm+90Ps where N=number of new homes completed in the primary market area Pm=price of the mapco trimmer.
a. Is the assumption that more is better satisfied for both goods b. What is the MRS for this utility function c. Is the MRS increasing, decreasing, or staying concstant as the consumer substitutes X for Y along an indifference curve
Consider a monopolistically competitive -market with N firms. Each firm's business opportunities are described by the following equations: Demand: = - Marginal Revenue: = - 2 Total Cost: = 50 + Marginal Cost: = 2 a. Ho..
What point on the curve would you select?
A sample of 35 observations is selected from a normal population. The sample mean is 30, and the population standard deviation is 4. Conduct the following test of hypothesis using the .05 significance level. H0 : 29 H1 : > 29 (a) Is this a one-..
Suppose the demand curve for a monopolist is QD = 500- P, and the marginal revenue function is MR = 500 - 2Q. The monopolist has a constant marginal and average total cost of $50 per unit. A. Find the monopolist's profit - maximizing output and pri..
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